舜宇光学科技(02382.HK)：继续享受手机光学创新的红利，维持“增持”评级
机构：国信证券
评级：增持
手机光学创新成为现阶段的主要创新
智能手机经历了两个阶段，正在向第三阶段发展。2009-2013低价走量，能用就行；2014-2018比拼丰富的应用软服务，好玩有趣；2019开始，比拼高技术高投入的创新——创新要品质。光学创新是用户体验最明显的切入点，一是人获取信息量大小和重要性依次为视觉、听觉、味觉、触觉。二是拍照的差别体验明显，拍照是现阶段用户的主流追求。手机光学以外的差别越来越小，光学创新成为现阶段手机厂商的主要创新点。安卓手机的三摄、四摄、潜望式模组正在快速渗透，IOS手机的多摄也将成为主流。
智能光学系统方案解决商；公司治理优秀，差异化战略正确
公司从手机镜头摄像模组产品，发展未来的智能光学系统方案商，是国内摄像模组龙头，定位高端产品，继续享受多摄和新品红利。手机镜头坐二望一，享受大光圈高像素多摄红利。公司坚持创新驱动的聚焦光学的差异化战略，双摄、三摄等都是首家推出产品。四次大规模践行钱散人聚的理念凝聚优人才。
盈利波动无碍股东回报率，可持续才是现在关注点
市场习惯稳定高增长，但每个公司业绩都有波动，苹果、微软，现市值1万亿美元左右，但盈利增速一直有波动。因为企业有自身生命周期，盈利波动是正常现象，业务可持续发展是关键。公司2B商业模式可持续，铁打的2B流水的2C，中游供应商有望基业长青，例如汽车领域的博世。大客户需要大供应商，公司镜头模组垂直一体化模式满足大客户一站式采购需求。产业发展中后期研发投入加大壁垒提升公司ROE较高且稳定，作为行业领先者强者恒强。
?风险提示
详细风险提示见正文。
手机光学龙头引领行业创新，维持“增持”评级
预计2019~2021年公司收入分别为350.7亿元/435.6亿元/522.8亿元，增速分别为35.3%/24.2%/20%，2019~2021年利润分别为34.7亿元/46.3亿元/50亿元，增速为39.7%/33.1%/23.3%。公司是手机光学龙头引领手机摄像模组创新，ROE/ROIC远高于行业均值，合理估值在125~132港元之间，2019年动态市盈率分别为36倍和38倍，维持“增持”评级。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
