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《大行報告》大和下調舜宇(02382.HK)目標價至225元 評級「買入」
阿思達克 05-14 09:47
大和發表的研究報告指,舜宇光學科技(02382.HK)短期手機方面的出貨量受壓,主要因為受零部件短缺及庫存調整,近期訂單現下行,故該行將其2021-22年盈利預測降6%,以反映相關風險,重申「買入」評級,認為投資者可趁短期波動較高、市場氣氛較弱時逐步囤貨,相信長遠公司將受惠汽車及手機方面的趨勢,維持為行業首選,目標價由256元降至225元。

該行指出在手機方面短期公司不能免疫於訂單調整,早前其市場調查反映安卓智能手機訂單下降,主要受上游零部件短缺及內地假期後庫存調整所影響,而印度受疫情因素影響銷量亦存在不確定性,此外該行的調查亦顯示內地手機在「五一黃金周」銷情一般,舜宇作為安卓手機的主要鏡頭模組及手機鏡頭供應商,難免疫於短期的銷量風險,考慮到相關因素後該行料2021年公司手機鏡頭及鏡頭模組收入將分別增15%及20%。

不過大和認為,在車用鏡頭方面儘管受芯片供應緊張影響,認為其出貨量仍在正軌上,料可達到公司的年度目標,主要受惠先進駕駛輔助系統(ADAS)及電動車採納增加。該行估計今年公司汽車鏡頭銷量將按年升28%,料未來公司在行內有領導地位,料可長遠受惠汽車鏡頭的增長。同時該行對下半年鏡頭升級方面看法正面,料公司可受惠,同時亦料可自蘋果(AAPL.US)手上贏得新鏡頭訂單等,估計2021-22年公司經營溢利增長將達21-35%。

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