《大行报告》大摩:舜宇(02382.HK)纯利符预期 但忧车载镜头指引有下调风险
摩根士丹利发表报告表示,舜宇光学(02382.HK)今年上半年纯利大致符合该行预期,基於公司旗下客户多元化,维持对其「增持」投资评级及目标价170元,但关注中美关系紧张,对公司营运潜在带来风险。
该行指,舜宇光学旗下手机摄像模组(CCM)业务客户组合多元化,相信华为於该业务客户占比可由原来40%至50%,降至20%至25%,料公司可提升来自小米(01810.HK)及OPPO等订单,公司与三星订单维持良好。
大摩透露据其了解,华为在舜宇光学旗下手机占比已经有限,明年智能手机镜头将会聚焦不同型号,将更重视光学变焦功能、在拍摄影片时的防震功能等。
大摩表示,舜宇光学将在今早10时半召开分析员会议,投资者将关注公司会否下调全年营运指引,但该行认为公司在智能手机业务上正如期推展,但料车载镜头指引潜在有下调风险。该行指,下调对舜宇於2020年至2022年纯利预测各2%、5%及5%,以反映手机摄像模组平均售价增长逊预期。
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