麥格理:維持丘鈦科技(1478.HK)優於大市評級 目標價降至18.95港元
麥格理髮表研究報吿指,由於疫情及零件短缺,丘鈦科技(1478.HK)今年上半年出貨量未達目標,但集團認為下半年訂單前景正在改善。考慮到第三季傳統上是智能手機旺季,該行維持丘鈦科技優於大市評級,惟將目標價下調12.3%至18.95港元。
丘鈦科技上週發盈喜,股東應占綜合溢利料增長約40%至60%。但今年相機鏡頭模組出貨數量目標將面臨較大挑戰,因此將該目標從年增長30%下調至不低於25%。
麥格理亦下調了丘鈦科技相機鏡頭模組的出貨量預測,以更好反映目標及上半年的毛利率;考慮到研發和上市費用,該行料丘鈦的運營支出將上升;將2021及2022年的純利預測分別下調12%和8%。
麥格理指出,丘鈦的管理層對於來自印度訂單回升持謹慎樂觀態度,同時維持整個智能手機行業今年年增長5-8%的預測。集團在印度的廠房在上半年運作正常,雖低於企業平均水平但幅度不大,應該在下半年有所改善。而在車載鏡頭方面,集團一直在與全球一級供應商合作,包括汽車攝像頭模組、激光雷達等產品發展良好。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.