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《大行報告》富瑞降舜宇(02382.HK)評級至「持有」 下調目標價至215.61元
阿思達克 01-20 09:41
富瑞發表研究報告指,由於智能手機需求疲軟情況較預期差,舜宇(02382.HK)在高端市場份額有所下跌,加上去規格化的趨勢將推動市場整體利潤提升,因此將下調對其投資評級,由「買入」降至「持有」,目標價由255.58元降至215.61元,相當於預測今年市盈率31倍。 報告指出,舜宇2021財年手機鏡頭(HLS)、手機鏡頭模組(HCM)及車載鏡頭(VLS)出貨量增長均未能達標,其中HLS及HCM受到智能手機需求疲軟所拖累,而VLS銷售遜於預期,則是由於汽車行業芯片持續短缺。該行表示,全球智能手機市場飽和,近年產品缺乏突破性創新,5G吸引力下降,市場出現鏡頭去規格化的趨勢,產品規格降級,將對舜宇未來銷量造成更大壓力。 富瑞相信汽車行業長期前景依然良好,指出舜宇在此方面技術優勢強勁,預計至2025及2030年汽車相關產品對毛利的貢獻將由去年的15%,提升至26%及37%。
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