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《大行報告》瑞銀升舜宇(02382.HK)目標價至135元 續受惠鏡頭升級
阿思達克 06-12 09:38
瑞銀發表研究報告指,舜宇(02382.HK)管理層對手機鏡頭升級趨勢維持正面,認為有更多手機採用多鏡頭的設計,及選用6P以上的鏡頭。雖然受疫情影響,令短期訂單下跌,但公司相信國內市場正逐漸復甦,維持對今年鏡頭模組和鏡頭付運量分別增長15%及10%預期,但車載鏡頭的預期則較低,因歐美目前生產仍然受影響。

該行引述管理層指,目前首要工作是改善手機鏡頭的產品組合。對手歐菲光(002456.SZ)積極擴充產能,對瑞聲(02018.HK)造成最大負面影響,對舜宇影響較少。公司去年已經和瑞聲展開價格競爭,今年目標是提升產品組合,相信6P以上的鏡頭入場門檻仍然較高,隨著6P以上的鏡頭貢獻增加,歐菲光對公司的影響有限。

公司指訂單無減少,而新產品的時間亦不變,該行認為華為事件未有對其生產採購程序有明顯影響,同時亦相信其他客源可以抵銷華為潛在減少訂單的影響,維持「買入」評級,目標價由130元升至135元。

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