《大行报告》瑞信:舜宇(02382.HK)订单改善 料与美国目标客户合作不止於平板镜头
瑞信发表报告表示,与舜宇光学(02382.HK)投资者关系代表会面,公司重申业务指引,包括预料今年手机镜头及手机镜头模组付运按年增长均为10%,今年下半年毛利率与上半年持平,而车载镜头付运上升5%;舜宇管理层指今年首九个月手机镜头及手机镜头模组按年各升18%及20%,对达成指引似更有信心。该行维持对其「跑赢大市」评级及目标价168元。
该行指,虽然来自客户华为的订单将减少,但其他客户(来自韩国和其他国内智能手机客户)正在积极增加订单,而今年下半年为旺季,公司目前产能利用率仍然很高,订单呈改善。
瑞信表示,舜宇自今年上半年客户组合已见到更为均衡,受益於多元化的客户,而韩国客户是手机镜头业务的最大客户。对於目标美国客户,舜宇增强了与该客户合作的兴趣,公司看到相关项目洽商进展顺利,并无受到新冠疫情的影响,并且项目不仅限於平板电脑。公司指集团生产灵活,可根据要求快速扩展,并仅需两个月的交货时间。
瑞信引述舜宇管理层料今年下半年高端镜头比例,会低於或只接近以往下半年的水平,但预计2021年产品升级趋势将持续,并相信明年智能手机相机市场将恢复两位数的增长。舜宇打算在技术、产量、制造工艺改进的推动下继续获得份额,料与客户的粘性也将比以前更好。
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