舜宇光學科技(02382.HK):巨大的市場空間,給予“收集“評級,目標價128.00港元
機構:國泰君安
評級:收集
目標價:128.00港元
我們預計學舜宇光學2019第四季度將維持強勁的出貨量增長。由於智能手機在光學方面的規格升級趨勢顯著(包括多攝,3D感應,潛望式變焦技術),我們預計手機鏡頭和光電產品將在2019年第四季度保持強勁的出貨量增長。由於車載成像領域的巨大市場空間,我們預計車載鏡頭在2019年第四季度將保持強勁的出貨量增長。
我們預計5G將從2020年開始推動智能手機市場。若干款5G智能手機已經發放市場。由於相對較高的售價和5G網絡覆蓋不足,我們預計2019年第四季度5G智能手機的出貨量將較少。但是,隨着5G智能手機售價的下降以及網絡覆蓋的不斷完善,我們預計5G智能手機的出貨量將從2020年開始實現快速的增長。
我們認為蘋果將來很有可能將舜宇光學納入其供應鏈。由於舜宇光學在光學鏡頭市場的領先地位,我們預計蘋果未來會將舜宇光學納入鏡頭的供應商名單,以降低供應風險並提高議價能力。
我們將目標價從112.00港元上調至128.00港元,但將公司的投資評級由“買入”下調至“收集”。我們上調2019-2021財年的每股盈利預測1.4%/1.8%/5.6%。目標價相當於37.0倍、26.3倍和20.5倍2019-2021財年市盈率。

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