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《大行报告》大摩引述舜宇(02382.HK)料五大客户收入贡献更均衡 争提高三星CCM份额
阿思达克 09-02 12:15
摩根士丹利发表报告,近日该行举行科技通讯行业投资者会议,就投资者关注舜宇光学(02382.HK)数个方面的问题,就客户风险上,该行引述舜宇光学管理料今年来自首五大客户的收入贡献将会更为均衡,除了提升内地代工的市场份额外,公司亦计划藉越南新厂房,提高客户三星手机摄像模组(CCM)的份额,公司长远的目标是成为三星旗下两大手机摄像模组的供应商之一。

就产能转换方面,舜宇管理层提到这两个生产线手机镜头和CCM并非仅针对特定客户,因此容量切换的时间可能存在数天的差距。

至於摄头业务转换,舜宇管理层认为摄头业务仍然是关键,即使没有华为的情况下,相信代工销售模型的差异化因素和规格升级趋势持续,并指客户之间规范迁移差异越来越大,包括更高的光学变焦,像素迁移和超广角。大摩予舜宇「增持」评级,目标价150元。

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