一文综合券商於舜宇(02382.HK)公布去年业绩後最新目标价及观点
舜宇光学(02382.HK)今早股价受捧，盘中曾高见197元一度抽上10.1%，最新报193.2元升8%，野村指舜宇去年下半年盈利胜预期，主要受手机摄像模组毛利率14.3%较高，高於原预期11.1%，及其非营运溢利所推动，而该行估计舜宇在最乐观情况下，或最快於今年下半年有机会进入苹果公司旗下iPhone供应链中。
公司昨日收市後公布去年纯利按年升22.1%至48.72亿元人民币，每股盈利445.78分人民币，每股末期息派88.8分人民币，上年同期派72.8分人民币；毛利按年升12.2%；毛利率上升2.4个百分点至22.9%，主要由於光电产品下的手机摄像模组毛利率由9.3%提升至12.6%，且业务占总收入约75%。舜宇去年收入按年升0.4%至380.02亿人民币，主要因为去年三大主要产品，即手机镜头、车载镜头及手机摄像模组出货量按年增加，且市场份额进一步提升。
【盈利胜预期 毛利率提升】
野村发表报告表示，基於舜宇自1月中表现大幅跑输恒指，上调对舜宇投资评级由「减持」上调至「中性」，目标价由168港元上调至193港元。该行认为，舜宇手机摄像模组去年下半年毛利率胜预期，主要因为有利汇兑及涉华为业务减少推动，逾4亿元人民币非经营溢利则主要由投资及汇兑利润推动。但认为手机镜头业务去年下半年表现仍相对呆滞，业务压力於今年料将因不利竞争环境而持续。该行估计，舜宇正於苹果iPhone手机主要镜头的认证程序，最乐观情况下可取得今年新iPhone小部分市场份额。
摩根士丹利表示，留意到半导体部件供应紧张将持续至今年第二季，但仍见全球智能手机及汽车市场需求强劲复苏，为业务带来短期助力，舜宇在车载镜头的领导地位应视作长期业绩动力。该行给予舜宇「增持」评级，目标价235港元。
摩根大通指出，舜宇去年下半年销售逊预期，但毛利率有正面惊喜，主要因为手机摄像模组毛利扩张、有利汇兑及持续的效能改善。经营开支比率则高於预期，受更高研发及员工薪金所影响。该行认为，业绩反映产品平均单价在今年上升空间有限，基於市场竞争及有限的手机效能升级。该行给予舜宇「增持」评级，目标价155港元。
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本网最新综合8间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
瑞银│买入│285元
瑞信│跑赢大市│273元
大和│买入│256元
摩根士丹利│增持│235元
花旗│买入│230元
野村│减持->中性│168元->193元
摩根大通│增持│155元
高盛│沽售│81元
券商│观点
瑞银│毛利率在收入减少下强劲改善 为正面惊喜
瑞信│去年下半年盈利胜预期，受毛利及汇兑收益推动
大和│去年下半年业绩明显胜预期，维持行业首选股
摩根士丹利│手机摄像模组毛利率上升，推动去年下半年业绩远胜预期
花旗│毛利率推动跑赢同业
野村│下半年盈利胜预期，主要受手机摄像模组毛利率扩张及非经营收益推动
摩根大通│下半年业绩好坏参半，收入逊预期，毛利率改善
高盛│去年下半年收入逊预期，毛利上升因经营开支比率增加
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