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《大行報告》麥格理下調舜宇(02382.HK)目標價至168元 評級「中性」
阿思達克 03-04 10:41
麥格理髮表研究報告指,中國中端Android智能手機的規格升級不再,相機規格及數量持續下降,相信主要是由於零部件短缺阻礙規格升級,以及消費情緒疲軟令品牌較專注發展大衆中端機型,預期今年情況持續,智能手機相機行業仍面臨巨大的挑戰,平均售價及毛利率均受壓力。 該行預計,舜宇可通過三星相機模組、蘋果鏡頭及低端組件的市場份額提升來實現銷量增長,但預測智能手機相機模組及鏡頭的平均售價與毛利率都將錄得按年下跌。 至於車載鏡頭方面,麥格理指出汽車鏡頭數量增加及新車型推出,將有效推動公司汽車鏡頭及模組業務盈利增長,加上舜宇在HUD、激光雷達和智能車頭燈等領域處於領先地位,預期汽車相關業務於2022至2023年爲收入貢獻超過10%。 由於智能手機鏡頭及模組出貨量、平均售價及毛利率預測下降,麥格理將舜宇2021至2023年淨利潤預測下調1%、11%及11%,目標價下調11%至168元,維持「中性」評級。
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