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舜宇光學科技(02382.HK):鏡頭業務逐步恢復,維持“收集“評級,目標價156.00港元
格隆匯 07-22 09:49

機構:國泰君安

評級:收集

目標價:156.00港元

我們預計2020財年下半年的全球智能手機出貨量仍將承受壓力,但將逐步恢復。由於新冠肺炎疫情繼續影響消費支出,尤其是海外市場,我們預計2020財年下半年全球智能手機市場仍將承受壓力。然而,隨着中國經濟逐漸趨於正常,以及許多海外市場的經濟活動逐漸復甦,我們預計智能手機市場和汽車市場將逐步復甦。

我們預計2020財年下半年鏡頭的出貨量將逐漸恢復。由於疫情對智能手機市場的影響逐漸減少,以及智能手機單機的鏡頭數量增加,我們預計手機鏡頭的出貨量增長將逐步恢復。隨着車載鏡頭業務客户的復工復產以及ADAS、車聯網和自動駕駛的巨大潛力,我們預計車載鏡頭的出貨量將逐漸恢復,同時出貨量的同比下降將繼續縮窄。

我們預計手機攝像模組的出貨量將保持強勁。由於向一個主要客户的出貨預計會受到美國禁令的影響,我們預計手機攝像模組的出貨量增長率將在短期內受到影響。然而,由於智能手機市場的逐步復甦以及智能手機光學規格的升級趨勢,我們預計手機攝像模組的出貨量將保持強勁。

由於鏡頭業務的逐步恢復,我們將目標價從118.00港元上調至156.00港元,並維持公司“收集”的投資評級。目標價相當於34.9倍、25.0倍和18.8倍2020-2022財年市盈率。

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