You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
丘鈦科技(1478.HK):攝像頭模組出貨量穩定增加,維持“買入”評級,目標價14.5港元
格隆匯 12-09 15:01

機構:國元證券

評級:買入

目標價:14.5港元

投資要點

攝像頭模組出貨量同比快速增加,結構改善:

公司11月份攝像頭模組產品銷售數量為42KK,環比和同比分別增加約7.0%和約66.0%,其中1000萬像素及以上攝像頭模組產品的銷售數量為25.9KK,環比和同比分別增加約6.8%和約141.5%。1~11月,攝像頭模組產品累計銷售數量3.68億顆,同比增加58.7%。

攝像頭模組產品銷售數量同比增加反映出公司的市場佔有率以較快的速度上升;1000萬像素及以上攝像頭模組產品的銷售數量同比及環比增加反映出公司優化產品規格的戰略逐步得以實現,整個三季度,1000萬像素及以上攝像頭模組產品出貨量佔比超過60%。

按照年底50KK月產能計算,攝像頭模組的產能利用率已超過八成。充足的產能利用率和良好的產品結構有利於毛利率提升。

指紋識別模組出貨量降幅收窄:

指紋識別模組產品11月銷售數量為12KK,環比和同比分別增加約22.6%和約21.0%。1~11月,指紋識別模組累計銷售數量為9226萬顆,同比下降7.5%,降幅比10月份的-10.7%收窄了3.2個百分點。

手機鏡頭市場將持續快速增長:2020年,手機三攝和多攝的滲透率將進一步提升,TOF的應用也會越來越普及。根據當前主流手機廠商新機型的配置判斷,2020年手機鏡頭市場將繼續增長約20%。

提高目標價至14.5港元,維持“買入”評級:

我們提高公司2019、2020和2021年EPS預測至0.46(+7.6%)、0.59(+6.3%)和0.69(+3.9%),按照2020年24.5倍PE,提高目標價至14.5港元,維持“買入”評級。

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.
uSMART
Wealth Growth Made Easy
Open Account