《大行报告》瑞信引述舜宇(02382.HK)料手机镜头及模组毛利率改善 受惠三星订单
瑞信发表报告表示,近日与舜宇光学(02382.HK)管理层进行会面,公司计划今年旗下手机镜头务今年付运增长逾30%,并透过产品整合逐步提升毛利率表现,而公司今年上半年镜头付运按年上升38%,产品平均售价按年录双位数字增长,毛利率亦见改善,公司料大光圈、超广角及高像素将成相关业务的主要推动力。
该行指,舜宇光学管理层予手机镜头模组业务今年付运增长指引为20至25%,料今年下半年毛利率明显改善,料相关产品平均售价按年持平。该行亦称,舜宇光学今年车载镜头付运增长目标为25%,上半年产品平均售价稳定,而毛利率维持逾40%。
瑞信表示,舜宇光学管理层料随着客户三星市占率提升推动下,料公司手机镜头付运及产品平均售价、手机镜头模组的付运及毛利可望改善,并估计车载镜头付运可持续录双位数字增长,而舜宇计划今年资本开支其中17亿至18亿人民币用於扩充手机镜头产能、并斥10亿至12人民币提升手机镜头模组产能。而该行予舜宇「跑赢大市」投资评级及目标价103.7元。
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