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大和料舜宇今年打入苹果供应链,升目标价至256元评级「买入」
阿思达克 02-05 10:04
大和发表的研究报告指,早前已预计舜宇光学(02382.HK)自2021年起盈利增长将回复强劲,主要受惠汽车及智能手机多镜头趋势,加上今年下半年手机镜头再度升级,同时有机会获新客户。最近该行的研究亦确认了其正面看法,估计公司2021-22年盈利增长回复至35-39%,主要受惠利好趋势和苹果(AAPL.US)订单开始出现,重申「买入」评级,目标价由175元升至256元,维持为行业首选。

该行估计舜宇将於今年打入苹果镜头供应链,而最近的研究亦显示相关进展处於正轨,料公司将在今年首季量产iPad镜头,并在明年上半年量产iPhone镜头,估计2021-22年公司将向苹果出货1,000万及6,000万组镜头,假如iPhone进展加快将有潜在上行空间。而该行的研究亦显示各品牌将在今年下半年进取地升级机型,支持了对舜宇的正面看法。

另外,荣耀回归及华为有机会进一步分拆高端智能手机等亦有望加快升级,故料舜宇在2021-22年手机镜头收入将按年增21-31%,而手机摄像模组收入则升19-22%。

另一方面公司在汽车镜头方面具领先地位,市占率达三成,相信电动车势头将有利舜宇,估计疫情後需求复苏,料公司2021-22年车载镜头销量将重拾23-25%的增长。(el/u) ~

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