一文了解券商參與舜宇(02382.HK)分析員會議後最新目標價及觀點(更新)
舜宇光學(02382.HK)今日股價捱沽，券商指雖然公司去年下半年業績勝預期，但舜宇管理層在分析員會議上預料公司今年旗下手機鏡頭組(HLS)、攝像模組(CCM)及車載鏡頭(VLS)的出貨量將按年各升10%、15%及20%，手機鏡頭付運指引遜預期，花旗更決定下調對舜宇投資評級，由「買入」降至「中性」，將目標價由160元大降至115元。
該公司近日公布去年業績，錄得純利39.91億元人民幣，按年增長60.2%，高於本網早前綜合21間券商預測上限的37.94億元人民幣，每股盈利364.81分人民幣，每股派末期息72.8分人民幣，上年同期派56.8分人民幣。去年收入378.49億元人民幣，按年增加46%。
【業績勝預期 憂前景挑戰】
花旗下調對舜宇投資評級，由「買入」降至「中性」，將目標價由160元降至114元，此按綜合方式作估值，相信公司對今年管理層指引會令市場失望，券商同業將會下調全球智能手機付運預測。
凱基證券指，舜宇出貨展望不佳，高端智能手機需求疲弱將抑制多鏡頭產品的出貨量，公司30億人民幣的資本開支配置(手機鏡頭投入10億人民幣、攝像模組投入8億人民幣)調整，支出主要在產品線的自動化升級，而非擴充產能，而手機鏡頭及攝像模組將各持在目前1.6億及7,500萬夥水平，但料其毛利率可能承壓，因同業競爭加劇。
本網綜合18間券商於舜宇公布去年業績及參與分析員會議後的最新投資評級、目標價及觀點，有9間券商下調了目標價：
券商│投資評級│目標價(港元)
中信証券│買入│171.85元
野村│買入│150元
瑞信│跑贏大市│149元
瑞銀│買入│145元
招商證券國際│買入│145元
建銀國際│跑贏大市│140.5元
中金│跑贏同業│140元
大和│買入│163->133元
高盛│買入│150->130元
星展│買入│180->130元
大華繼顯│買入│161->126.1元
摩根大通│中性│125->120元
花旗│買入->中性│160->115元
美銀證券│中性│135->115元
招銀國際│持有│131->115元
凱基證券│持有│107.3->112元
摩根士丹利│減持│98元
中銀國際│持有│104.9->89元
-------------------------
券商│觀點
中信証券│疫情令今年需求承壓，但看好戰略布局
野村│手機鏡頭付運指引遜預期
瑞信│去年下半年業績勝預期，受收入增加及毛利率推動
瑞銀│去年下半年毛利率改善為正面驚喜
招商證券國際│關注今年下半年需求復甦情況
建銀國際│長期行業周期仍穩固
中金│手機鏡頭模組毛利率有正面驚喜
大和│短期受疫情影響，但看好明年前景
高盛│下調今明兩年每股盈利預測各20%及23%
星展│料今年純利增長放緩至7%
大華繼顯│去年業績勝預期，但疫情令今年指引保守
摩根大通│今年管理層指引遜色
花旗│疫情拖累今年前景指引
美銀證券│疫情拖低需求，降今年股盈預測4%
招銀國際│疫情令盈利能見度降，削今年股盈預測9%
凱基證券│出貨展望不佳，料毛利率潛在承壓
摩根士丹利│管理層因疫情對前景指引趨保守
中銀國際│疫情將對需求及供應鏈構成風險
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