大摩舜宇(2382.HK)7月付运符预期评级“与大市同步”
摩根士丹利发表的报告指,舜宇光学(02382.HK)7月份紧凑型摄像模组(CCM)出货增长强劲,按月升12%、按年则升82%,相信主要是受惠去年基数较低及来自华为的订单提升带动,而在下半年相信CCM月出货量可达5万组,达全年出货量按年增20%的指引,该行相信公司7月CCM的出货量是受惠华为及三星份额提升带动。该行估计利润将在7月复苏,但担心复苏情况是否可持续,因为华为产品组合有机会转向中价位,而汇率层面亦有波动,人民币贬值或会影响公司生产或美元债成本。该行予舜宇目标价75港元,评级“与大市同步”。

该行指出7月份CCM出货量为4,800万组,与丘钛(01478.HK)7月份CCM出货量亦吻合,今年以来CCM出货量已按年提升29%,高於该行提出2019年增长20-25%的指引,而手机镜头出货量则达月度新高,按月升8%、按年升23%,提升至1.09亿组,今年以来手机镜头出货量已按年增长35%,高於指引的25-30%增长。另外车载镜头出货量则按月跌2%、按年增20%至410万组,今年以来出货量升24%,大致符合指引的增长25%。
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