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《大行報告》野村降丘鈦科技(01478.HK)評級至「中性」 削攝像頭模組出貨目標令上調盈測空間有限
阿思達克 07-19 10:16
野村發表報告指,丘鈦科技(01478.HK)發盈喜,料上半年純利將升40-60%至4.7億至5.37億元人民幣,以範圍中間值5.04億元人民幣來看,淨利表現低於該行預測,但就較市場預期爲高。該行亦下調丘鈦科技2021年手機鏡頭模組出貨量指引,由最少增長30%降至最少增長25%,而上半年出貨量則按年增24.2%,所以即使上半年毛利率較高,影響亦被出貨量弱勢所抵銷,令該行對其盈利預測上行調整空間有限。該行將公司評級由「買入」降至「中性」,主要因爲股價過去兩月已反彈逾40%,目標價維持19元不變。

基於該行估算及丘鈦盈喜,野村料上半年其毛利率將爲11-11.5%,儘管出貨量低於預期,但產品組合及自動化生產改善,加上產能利用率提升等均帶來正面影響,現時在安卓手機鏡頭模組市場方面競爭環境利好,而估計丘鈦科技下半年毛利率將維持類似水平,不過相關影響部分被手機鏡頭模組出貨量指引下降所抵銷。(el/w) ~

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