《業績前瞻》券商料舜宇(02382.HK)中期多賺21% 關注新指引及行業競爭
舜宇光學(02382.HK)將於本月17日公布中期業績，雖然有新冠疫情的影響，但藉著安卓新產品的周期(料主要受到韓國客戶訂單所驅動)，受惠手機鏡頭(HLS)及手機鏡頭模組(CCM)出貨強勁，料公司上半年業績仍然穩固，本網綜合5間券商，預期舜宇光學今年上半年純利介乎17.14億元至18.35億人民幣，較去年同期14.31億元人民幣，按年上升19.8%至28.2%，中位數17.32億人民幣，按年升21%。
綜合6間券商，預測舜宇光學今年上半年收入介乎168.67億元至198.31億人民幣，較去年同期155.75億元人民幣，按年上升8.3%至27.3%，中位數184.51億人民幣，按年升18.5%。此外，綜合5間券商，預期舜宇今年上半年毛利率介乎16.2%至19.5%，較去年同期18.4%，按年跌2.2個至上升1.1個百分點，中位數19%按年升0.6個百分點。
但券商普遍關注舜宇下半年經營環境或會轉弱，靜候管理層會否更新其出貨量指引，市場對今年第三季智能手機前景趨保守，並關注同業瑞聲(02018.HK)進入光學領域所帶來競爭會令產品價格承壓。
【料中績穩固 觀行業競爭】
匯豐環球研究本周初發表報告，料舜宇今年上半年純利可按年升28%至18.35億人民幣，主要受期內收入按年升21%所推動，並估計毛利率可由去年上半年18.4%，提高至期內9%。但該行料公司今年下半年需面臨需求不明朗及行業競爭，但其長期增長潛力仍然穩固。
摩根大通估計舜宇今年上半年純利可按年升近20%至17.14億人民幣，料收入可按年增8.3%至168.67億人民幣，其中來自鏡頭模組業務收入127.67億人民幣按年升17.4%，估計手機鏡頭業務收入21.2億人民幣按年升16.3%、料車載鏡頭業務收入8.05億人民幣按年跌14.3%，料總體毛利率按年升1個百分點至19.4%。
-----------------------------
綜合5間券商，預期舜宇光學今年上半年純利介乎17.14億元至18.35億人民幣，較去年同期14.31億元人民幣，按年上升19.8%至28.2%，中位數17.32億人民幣，按年升21%。
券商│今年上半年純利預測(人民幣)│按年變幅
匯豐環球研究│18.35億元│+28.2%
麥格理│18.08億元│+26.3%
瑞銀│17.32億元│+21%
招商證券│17.28億元│+20.8%
摩根大通│17.14億元│+19.8%
按舜宇2019年上半年純利14.31億元計
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綜合6間券商，預測舜宇光學今年上半年收入介乎168.67億元至198.31億人民幣，較去年同期155.75億元人民幣，按年上升8.3%至27.3%，中位數184.51億人民幣，按年升18.5%。
券商│今年上半年收入預測(人民幣)│按年變幅
瑞銀│198.31億元│+27.3%
摩根士丹利198億元│+27.1%
匯豐環球研究│188億元│+20.7%
招商證券│181.01億元│+16.2%
麥格理│177.53億元│+14%
摩根大通│168.67億元│+8.3%
按舜宇2019年上半年收入155.75億元計
-----------------------------
綜合5間券商，預期舜宇光學今年上半年毛利率介乎16.2%至19.5%，較去年同期18.4%，按年跌2.2個至上升1.1個百分點，中位數19%，按年升0.6個百分點。
券商│今年上半年毛利率預測│按年變幅
招商證券│19.5%│升1.1個百分點
摩根大通│19.4%│升1個百分點
匯豐環球研究│19%│升0.6個百分點
瑞銀│18%│跌0.4個百分點
摩根士丹利│16.2%│跌2.2個百分點
按舜宇2019年上半年毛利率約18.4%估算
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