一文了解券商於舜宇(02382.HK)公布业绩後最新目标价及观点
舜宇光学(02382.HK)今早股价波动，曾抽升逾11%一度高见115.2元，券商普遍指其去年下半年业绩胜预期，毛利率改善带来惊喜，但同时关注今年前景，担心需求会受新冠疫情所拖累。该公司昨日(16日)收市後公布去年业绩，录得纯利39.91亿元人民币，按年增长60.2%，高於本网早前综合21间券商预测上限的37.94亿元人民币，每股盈利364.81分人民币，每股派末期息72.8分人民币，上年同期派56.8分人民币。
公司去年收入378.49亿元人民币，按年增加46%，接近本网早前综合22间券商预测上限的383.77亿元人民币。毛利77.51亿元人民币，按年上升57.8%；毛利率由上年度18.9%升至20.5%，高於本网早前综合17间券商预测上限的19.7%，主要是光学零件事业及光电产品事业的毛利率有所提升。
【业绩胜预期 忧前景挑战】
大和证券认为，舜宇光学去年下半年纯利胜预期，强劲业绩再度确认该行对公司的正面看法，认为公司应达到强劲盈利增长，受惠於增加使用多镜头及产品升级的有利行业环境。该行认为公司在新型冠状病毒疫情下，付货量不会有即时风险，短期影响不碍长期正面处境。该行称在疫情下股价将会波动，建议投资者趁机收集。该行维持对舜宇光学「买入」投资评级及目标价163港元。
摩根士丹利指，舜宇光学去年下半年业绩胜预期，但近期股价下跌反映毛利率前景下行风险，与及今年上半年智能手机及汽车需求放缓。该行大致维持对该股预测，基於近期的不确定性，与预期今年上半年经营溢利仅按年升一成，受累於需求放缓及供应链对毛利率的影响。该行又指，舜宇光学目前处2020年预测市盈率23倍，仅为过去5年平约20至30倍的接近中间部分。该行维持对舜宇光学的「减持」投资评级，目标价98港元。
本网综合9间券商於舜宇公布去年业绩後最新投资评级、目标价及观点：
券商│投资评级│目标价(港元)
大和│买入│163元
花旗│买入│160元
高盛│买入│150元
野村│买入│150元
瑞信│跑赢大市│149元
瑞银│买入│145元
中金│跑赢同业│140元
摩根大通│中性│125元
摩根士丹利│减持│98元
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券商│观点
大和│去年下半年业绩强劲，维持大中华智能手机股首选
花旗│对手机镜头、手机镜头模组及汽车镜头业绩超预期感欣喜
高盛│去年下半年毛利率如预期般改善
野村│业绩超预期，光学产品毛利率去年下半年见改善
瑞信│去年下半年业绩胜预期，受收入增加及毛利率推动
瑞银│去年下半年毛利率改善为正面惊喜
中金│手机镜头模组毛利率有正面惊喜
摩根大通│关注今年业绩指引及对中国智能手机市场看法
摩根士丹利│去年下半年业绩亮眼，惟关注上半年业务状况
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