《大行報告》瑞信:舜宇(02382.HK)訂單改善 料與美國目標客戶合作不止於平板鏡頭
瑞信發表報告表示,與舜宇光學(02382.HK)投資者關係代表會面,公司重申業務指引,包括預料今年手機鏡頭及手機鏡頭模組付運按年增長均為10%,今年下半年毛利率與上半年持平,而車載鏡頭付運上升5%;舜宇管理層指今年首九個月手機鏡頭及手機鏡頭模組按年各升18%及20%,對達成指引似更有信心。該行維持對其「跑贏大市」評級及目標價168元。
該行指,雖然來自客戶華為的訂單將減少,但其他客戶(來自韓國和其他國內智能手機客戶)正在積極增加訂單,而今年下半年為旺季,公司目前產能利用率仍然很高,訂單呈改善。
瑞信表示,舜宇自今年上半年客戶組合已見到更為均衡,受益於多元化的客戶,而韓國客戶是手機鏡頭業務的最大客戶。對於目標美國客戶,舜宇增強了與該客戶合作的興趣,公司看到相關項目洽商進展順利,並無受到新冠疫情的影響,並且項目不僅限於平板電腦。公司指集團生產靈活,可根據要求快速擴展,並僅需兩個月的交貨時間。
瑞信引述舜宇管理層料今年下半年高端鏡頭比例,會低於或只接近以往下半年的水平,但預計2021年產品升級趨勢將持續,並相信明年智能手機相機市場將恢復兩位數的增長。舜宇打算在技術、產量、製造工藝改進的推動下繼續獲得份額,料與客戶的粘性也將比以前更好。
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