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花旗:予舜宇光學(2382.HK)買入評級 目標價280港元
格隆匯 11-10 12:52

花旗發表研究報吿指,舜宇光學(2382.HK)10月的出貨量表現疲弱,其中,手機鏡頭以及手機攝像模組的出貨表現或短線拖累股價,但相信市場對此早有預期;又預料車載鏡頭以及VR/AR相關的鏡頭產品將帶動集團中期增長。該行給予舜宇光學“買入”評級,目標價280港元。

報吿指出,舜宇的手機鏡頭出貨量按年跌約28%、按月跌13%至1.15億件;年初至今相關出貨量僅達到12億件,按年跌6%,低於全年5%-10%的增長目標,相信10月主要受Android手機出貨量下跌及去年的高基數所拖累;然而,儘管蘋果的手機鏡頭出貨表現良好,但只為舜宇帶來低單位數的貢獻。

報吿又提到,舜宇10的手機攝像模組出貨量雖然按年跌11%、按月跌5%,但首10月出貨卻按年升15%至5.77億件。該行認為手機攝像模組表現較手機鏡頭為好,主要由於前者的去年基數相對較低,以及來自三星的貢獻增加,但仍預料受客户需求和晶片短缺影響,集團下半年的平均銷售價格和利潤率將承受一定壓力。而隨着VR/AR的相關需求增加,相信舜宇在這方面的供應將引領同業如Oculus,提升其行業地位。

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