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《大行報告》野村上調丘鈦科技(01478.HK)目標價至19元 評級「買入」
阿思達克 03-29 11:10
野村發表的研究報告指,丘鈦科技(01478.HK)去年下半年銷售86億元人民幣,較該行及市場預測低8-11%,不過毛利率達12.1%則高於該行及市場預期,主要受惠產能利用率提升、產品組合改善及自動化生產能力,而公司淨利亦較該行及市場預測高4-6%,予「買入」評級,目標價由16元升至19元,認為其估值較舜宇光學科技(02382.HK)仍有很大折讓。

公司指引今年手機鏡頭模組出貨量將按年升30%,而指紋模組業務也按年升30%,好於該行原先的預測,主要受惠智能手機市場復甦及公司市場份額提升,同時公司亦期望將兩者的產能提升。

去年下半年公司手機鏡頭模組的平均銷售單價下跌,估計情況在今年將持續,不過該行料公司毛利率將維持相對較高,主要因為行內未有新參與者,加上智能手機客戶競爭加劇,而光學升級趨勢將在今年下半年重現。在指紋業務方面,受惠指紋側按鈕採納比例提升,其盈利能力正逐步改善,同時歐菲光被美國制裁,公司估計今年將受惠指紋業務市場份額提升。不過上游晶片短缺問題估計會持續一至兩季,該行將密切留意手機鏡頭模組及指紋業務出貨量增長目標能否達到。

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