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《大行報告》匯豐研究下調舜宇(02382.HK)目標價至242.2元 評級「買入」
阿思達克 02-17 10:29
匯豐研究發表研究報告指出,舜宇(02382.HK)於2021年的手機鏡頭、手機攝像模組及車載鏡頭分別按年增長6%、14%及21%,均低過預期,但與該行預測相符。根據IDC數據,Android智能手機出貨量於去年下半年按年跌7%。該行預期,短期內光學業務挑戰持續。 該行認為,舜宇長期增長前景保持不變。對於塑膠鏡頭,iPhone在中國的銷售旺盛,加上2022年蘋果公司對iPhone的生產目標,可能會抵銷國內智能手機廠商的疲弱。該行料公司的iPhone鏡頭出貨量將從去年的700萬美元,增至今年的1.35億美元,總份額飆升至低雙位數。對於智能手機攝像頭模組,估計舜宇由於其頂級相機模組市場定位,以及三星高端產品的訂單,其今年的市場份額將有所上升。另外,車載鏡頭業務將於2022至2023年保持長期增長勢頭。而公司的光學雷達及VR光學產品將成為公司的潛在催化劑。 匯豐研究將舜宇的2021至2023財年的盈利預測分別下調約9%、8%及2%,以反映光學產品平均售價及毛利率較低的假設。目標價由269.5元下調至242.2元,維持「買入」評級。
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