《大行報告》高盛:舜宇光學(02382.HK)2月手機鏡頭付運強勁
高盛發表報告指,在新型肺炎疫情影響下,中國智能手機2月份出貨量按年下跌55%,但舜宇光學(02382.HK)表現卻跑贏大市,期內手機鏡頭出貨量按年增加48%,與該行早前預期舜宇市場份額提升吻合。報告指,舜宇光學首兩個月手機鏡頭出貨量已達到其估算上半年出貨總量的37%,較過去三年表現都要好。車載鏡頭2月份出貨量按年增長15%,首兩個月增長14%,該行認為增幅較預期中平穩,但在高級駕駛輔助系統(ADAS)及內地汽車鏡頭使用量提高的大環境下,舜宇的領先地位能保支持其出貨量。基於2021年預測市盈率約23倍,高盛給予舜宇目標價150元及「買入」評級,相信該公司可通過升級相機模組及手機鏡頭產品組合,從而提升毛利水平,估計毛利率可由2019年的19%提升至2022年的23.3%。
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