《大行报告》麦格理:美加强限制华为获取技术 料对舜宇(02382.HK)影响中性至轻微负面
麦格理发表报告表示,就美国商务部工业及安全局加强限制华为及其非美国联属公司获取美国技术,进一步将21个国家中的38个华为联属公司列入实体清单,对清单内所有实体实施根据《出口管理条例》的许可证要求;该行认为事件对舜宇(02382.HK)影响为中性至轻微负面,而舜宇客户覆盖主要安卓平台的智能手机生产商如三星、小米(01810.HK)、Oppo及Vivo,但其并无苹果公司的订单。自华为手机未能使用Google手机服务,海外的高端手机市场份额正流向苹果及三星,料华为因晶片供应紧绌,在中国高端智能手机市场份额将会流失予苹果公司。
该行指,舜宇今年上半年收入优於该行及市场原预期各6%及5%,主要是手机镜头模组增长所推动,毛利率提升1.1个百分点至19.5%,低於该行预期0.5个百分点,但符合市场预期。
麦格理表示,舜宇今早10时半会开分析员会议,将提供最新今年营运指引,而该行目前正检视对舜宇的投资评级及目标价(此前予其「跑赢大市」评级及目标价152元)。
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