《大行报告》野村上调丘钛科技(01478.HK)目标价至19元 评级「买入」
野村发表的研究报告指,丘钛科技(01478.HK)去年下半年销售86亿元人民币,较该行及市场预测低8-11%,不过毛利率达12.1%则高於该行及市场预期,主要受惠产能利用率提升、产品组合改善及自动化生产能力,而公司净利亦较该行及市场预测高4-6%,予「买入」评级,目标价由16元升至19元,认为其估值较舜宇光学科技(02382.HK)仍有很大折让。
公司指引今年手机镜头模组出货量将按年升30%,而指纹模组业务也按年升30%,好於该行原先的预测,主要受惠智能手机市场复苏及公司市场份额提升,同时公司亦期望将两者的产能提升。
去年下半年公司手机镜头模组的平均销售单价下跌,估计情况在今年将持续,不过该行料公司毛利率将维持相对较高,主要因为行内未有新参与者,加上智能手机客户竞争加剧,而光学升级趋势将在今年下半年重现。在指纹业务方面,受惠指纹侧按钮采纳比例提升,其盈利能力正逐步改善,同时欧菲光被美国制裁,公司估计今年将受惠指纹业务市场份额提升。不过上游晶片短缺问题估计会持续一至两季,该行将密切留意手机镜头模组及指纹业务出货量增长目标能否达到。
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