一文了解券商於舜宇(02382.HK)公布业绩後最新观点及目标价
舜宇光学科技(02382.HK)公布中期业绩後今早股价捱沽，盘中曾低见131.1元一度挫11.5%，市场担心公司於今早10点半召开的分析员会议上会否下调对今年营运指引，及关注美国加强限制华为获取美技术措施，会否对舜宇构成负面影响。公司昨收市後公布截至今年中期业绩，营业额188.64亿元人民币按年升21.1%，纯利17.49亿人民币按年升22.2%(本网早前综合5间券商预期舜宇上半年纯利介乎17.14亿元至18.35亿人民币，中位数17.32亿人民币)，每股盈利159.84分。维持不派中期息。
舜宇今年上半年毛利升28.4%至36.76亿人民币。毛利率约19.5%，较去年同期上升约1.1个百分点。毛利率的上升主要是由於光电产品事业下的手机摄像模组的毛利率较去年同期有所上升。
【绩後股价挫 忧下调指引】
中金指，舜宇今年上半年业绩最大的负面因素，是旗下光学零件事业的毛利率按年跌2.6个百分点，主要是智能手机镜头，令投资者关注相关业务是否面临同业瑞声(02018.HK)的竞烈竞争，而正面因素包括手机镜头模组收入及毛利维持强劲，维持对舜宇「跑赢行业」评级及目标价138元。
摩根士丹利发表报告表示，舜宇光学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。该行认为，该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，故下调对舜宇於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。
麦格理表示，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。
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本网综合9间券商予其最新评级及目标价：
券商│评级│目标价(港元)
瑞信│跑赢大市│207元
摩根士丹利│增持│170元
摩根大通│增持│165元
花旗│买入│160元
麦格理│跑赢大市(正检讨)│152元(正检讨)
大和│买入│142元
中金│跑赢行业│138元
野村│中性│135元
高盛│买入│120元
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券商│观点
瑞信│手机镜头模组出货量增加，毛利率改善提升
摩根士丹利│下调纯利预期，料车载镜头指引潜在下调风险
摩根大通│业绩符预期，手机镜头模组毛利巩固
花旗│中期业绩符预期，手机摄像模组业务提升
麦格理│相机模块毛利润率胜预期
大和│中期业绩符预期，仍是行业首选
中金│中期业绩表现参差，相机模块出货量增长抵消镜头业务疲弱影响
野村│上半年净利润符预期，镜头业务疲弱利润贡献转移至相机模块
高盛│相机模块出货量增长超预期
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