大和:舜宇(2382.HK)盈利增長仍強勁 續籲買入目標價163港元
大和發表研究報告指,舜宇光學(2382.HK)去年下半年純利及每股盈利分別為26億元(人民幣.下同)及2.34元,優於該行及市場預期18至21%。基於下半年強勁的業績表現,該行重申對公司盈利增長仍強勁的看法,維持其“買入”評級,目標價為163元港元,並續列為該行大中華區智能手機板塊的首選股。
該行指,舜宇去年下半年收入為223億元,較該行及市場預期高10至15%,主要由於手機鏡頭模組及手機鏡頭出貨量較高帶動;毛利率為21.9%,亦優於該行及市場預期的19.9%至20.2%。該行預期,舜宇今、明兩年收入及純利增長將分別達19-25%及27-50%;毛利率料提升至21.5-21.9%,因受產品組合改善及規模效應等帶動。
不過,大和又認為,舜宇出貨量亦無可避免會受新冠肺炎疫情影響,但認為其影響只屬短期而非長遠,估計公司近期股價波動性增加,建議投資者可在股價回調時趁機收集。

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