摩通:降舜宇(2382.HK)評級至“中性” 目標價升至125港元
摩通發表報告指,舜宇(02382.HK)股價今年至今累升超過82%,表現跑贏大市,相信現價已反映其市佔率上升及毛利率復甦,因此將其評級由“增持”降至“中性”。
報告補充,自從舜宇將業務重心放在高端手機攝像模組(CCM)方面後,華為智能手機的不確定性和不利的高端相機模組設計更改應引起市場對競爭的擔憂,從而限制舜宇的相機模組毛利率的增長,且會抑制股份被重估的機會。
不過,該行上調舜宇2019及2020年銷售預測10%及17%,盈利預測上調11%及4%,以反映第三季表現強勁及10月出貨量,目標價因而由110港元上調至125港元。

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