《大行報告》花旗下調舜宇(02382.HK)目標價至275元 評級「買入」
花旗發表研究報告指出,相信舜宇(02382.HK)近期股價回落很大程度上反映投資者對公司2021財年業績的憂慮,但該行仍然看好2022財年的公司前景,以及由車載產品/蘋果鏡頭份額增長和「元宇宙」的貢獻。
該行指出,舜宇去年手機鏡頭出貨量按年跌6%至14億件,手機攝像模組出貨量增長14%至6.74億件,車載鏡頭出貨量增長21%至6,800萬件。而受累於智能手機產品需求疲弱、供應鏈短缺,及產品均價下跌,該行預測舜宇2021財年收入預測增長2%至390億元人民幣,料盈利增長9%至53億元人民幣。
展望2022年,花旗預測全球智能手機出貨量將下跌2%,需求疲軟及去庫存等問題無可避免會影響舜宇,但估計公司對蘋果鏡頭份額潛在增加、車載鏡頭及模組需求反彈,與元宇宙組件將成爲舜宇的增長動力,料爲今年收入貢獻約20%。
花旗認爲,監於舜宇2021財年下半年的收入及利潤表現疲軟,且對智能手機產品更爲謹慎的預測,將其2021財年盈利下調16%,但基於汽車相關產品的貢獻上升,僅將2022至2023財年的盈利預測微調約6%。該行將舜宇目標價由280元降至275元,維持「買入」評級。
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