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《大行报告》汇丰研究:舜宇(02382.HK)复工进度优预期 2月使用率已回复至80%
阿思达克 03-03 11:20
汇丰环球研究发表报告表示,舜宇光学(02382.HK)自2月10日起已恢复生产,目前产能已回复至平均较高水平,指原材料供应充足可支持日常生产应用,即使1月存在接近农历新年效应影响,舜宇光学1月手机镜头及模组付运按年各升33.2%及37.6%,表现巩固。该行维持对舜宇「买入」评级,将目标价由176.2元降至165.2元。该行料舜宇2月手机镜头及模组设备使用率回复至80%、至4月可提升至90%,复工进度优预期,料可令今年首季手机镜头及模组付运量按年各升9%及7%,旗下红外线镜头侦测仪订明显上升,公司已额外生产以应付相关额外需求,而红外线镜头仅占去年总体镜头付运4%。汇丰环球研究指,舜宇中长期前景仍然稳固,公司目前正跟Tesla进行认证程序,料公司车载镜头於今年可从Tesla旗下上海厂房的市场份额有所提升。该行指,下调对舜宇今明两年纯利预测各6%及2%,以反映付运预测降低,但仍料公司於2019年至2021年纯利复合增长率达到28%(此前预测为29%)。该行估计舜宇去年纯利可按年升44%至35.92亿元,此大致与市场同业预期一致,受惠於镜头及镜头模组付运增长、去年下半年毛利率呈复苏,相信市场会关注公司今年付运及毛利率前景指引。
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