花旗升舜宇(02382.HK)目标价至126港元评级“买入”
花旗发表的报告指,最近与舜宇光学科技(02382.HK)管理层举行投资者会议,维持对公司“买入”评级,目标价由120港元升至126港元,认为公司在手机镜头及车载镜头上跑赢大市,而手机镜头模组亦见复苏。

该行指出手机镜头方面,舜宇上半年毛利率达45%以上表现不错,管理层预期全年毛利率将介乎45%至50%,主要受惠产品销售单价按年增长达双位数,以及产品组合改善。公司估计2,000万像素以上的手机镜头将占整体手机镜头出货量的10%至20%,而1,000万像素以上的则占50%以上,相关比例较同业大立光逊色,但该行相信舜宇的利润率仍有上行空间。至於公司会否进入苹果供应链现时仍未有更新,该行亦不认为公司有提供任何样本。
在手机镜头模组方面,花旗称舜宇上半年毛利率受压,管理层亦指出今年5月已完成自动化生产线,加上受惠高端手机镜头模组生产收益率改善,以及三星方面的新贡献,估计下半年毛利率将迅速改善,此外旗舰手机均增加采用其TOF 3D模组亦有帮助。
在车载镜头方面,花旗称,毛利率企稳在40%左右的水平,出货量增长约25%亦较稳定,而舜宇亦开始为一些日本客户提供车载镜头模组,相信将有更多款式有机会供应予其他客户。
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