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《大行报告》大和下调舜宇(02382.HK)目标价至225元 评级「买入」
阿思达克 05-14 09:47
大和发表的研究报告指,舜宇光学科技(02382.HK)短期手机方面的出货量受压,主要因为受零部件短缺及库存调整,近期订单现下行,故该行将其2021-22年盈利预测降6%,以反映相关风险,重申「买入」评级,认为投资者可趁短期波动较高、市场气氛较弱时逐步囤货,相信长远公司将受惠汽车及手机方面的趋势,维持为行业首选,目标价由256元降至225元。

该行指出在手机方面短期公司不能免疫於订单调整,早前其市场调查反映安卓智能手机订单下降,主要受上游零部件短缺及内地假期後库存调整所影响,而印度受疫情因素影响销量亦存在不确定性,此外该行的调查亦显示内地手机在「五一黄金周」销情一般,舜宇作为安卓手机的主要镜头模组及手机镜头供应商,难免疫於短期的销量风险,考虑到相关因素後该行料2021年公司手机镜头及镜头模组收入将分别增15%及20%。

不过大和认为,在车用镜头方面尽管受芯片供应紧张影响,认为其出货量仍在正轨上,料可达到公司的年度目标,主要受惠先进驾驶辅助系统(ADAS)及电动车采纳增加。该行估计今年公司汽车镜头销量将按年升28%,料未来公司在行内有领导地位,料可长远受惠汽车镜头的增长。同时该行对下半年镜头升级方面看法正面,料公司可受惠,同时亦料可自苹果(AAPL.US)手上赢得新镜头订单等,估计2021-22年公司经营溢利增长将达21-35%。

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