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匯證:降舜宇光學(2382.HK)評級至持有 升目標至149.9港元
格隆匯 08-04 16:36

匯證發表研究報告指,舜宇光學(2382.HK)由於下半年需求不確定及競爭激烈,短期前景具有挑戰性,但長期增長潛力維持穩健。該行將其評級由買入下調至持有,惟將目標價由127.4港元上調至149.9港元。

該行指,智能手機相機規格升級速度放慢,以及對代工生產嚴格的成本控制,或對舜宇造成價格或利潤壓力。又指,中國主要安卓智能手機客户銷售存不確定性。

該行指,光學模組行業的競爭加劇,瑞聲科技(2018.HK)和歐菲光正在改善其光學業務水平及提高產能,當中瑞聲的產能已非常接近舜宇。該行將2020-22年預測盈利下調12%、4%及3%,主要是因為降低出貨量預測,又將2019-21年的淨利潤複合年增長率預測由25%下調至22%。

舜宇光學將於本月17日公佈中期業績,該行估計其純利按年增長28%至18.35億元人民幣,收入按年增長21%至188億元人民幣,而毛利率則由去年上半年的18.4%,提高至今年上半年的19%。

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