《大行報告》瑞信下調舜宇(02382.HK)目標價至250元 評級「跑贏大市」
阿思達克 10-12 09:45
瑞信發表報告，指舜宇(02382.HK)9月份手機攝像模組、手機鏡頭、車載鏡頭的出貨量按年分別下跌9%/21%/21%。疲軟表現反映次季節性的安卓智能手機補貨及競爭加劇因素，車載鏡頭出貨量亦因芯片持續緊張而下降，不過VR/AR、物聯網和汽車CCM需求仍然強勁。
瑞信將舜宇2021/2022/2023年的手機攝像模組出貨量增長預測由23%/14%/8%，分別下調至21%/12%/6%。手機鏡頭增長預測由8%/10%/3%，調整爲0%/18%/4%，而車載鏡頭亦由35%/25%/22%調整爲30%/25%/22%。
瑞信同時下調舜宇2021年/2022年/2023年每股盈利預測7%/6%/5%，以反映手機鏡頭的出貨量增長下降和毛利率壓力，因此將目標價由267元下調至250元。由於安卓手機需求前景模糊，該行對近期股價持謹慎態度，但相信iOS和汽車在中長期內仍將成爲業務焦點，維持「跑贏大市」評級。
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