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《大行報告》瑞信下調舜宇(02382.HK)目標價至211元 評級「跑贏大市」
阿思達克 03-10 09:59
瑞信發表研報,指由於芯片短缺,預計舜宇光學科技(02382.HK)去年全年及下半年業績料遜預期,下半年收入料按年跌6%,較市場預期低出9%。由於手機鏡頭競爭加劇,預期毛利率將按年下降4.2%,淨利潤料跌30%,較市場預期分別低出1.7個百分點及15%。惟瑞信預期,業績遜於預期或已反映在股價表現上。 報告指出,2月份鏡頭模組及手機鏡頭出貨量按月下跌,需求出現季節性疲軟,車載鏡頭出貨亦由於工作天減少及芯片供應緊張而下降。瑞信預計,由於基數效應及有一定的補貨,第二季整體出貨量按年下降幅度將收窄。 瑞信認爲,智能手機市場疲軟,舜宇今年對鏡頭模組及手機鏡頭出貨量的增長指引將爲按年升5%至10%,車載鏡頭目標增長20%至25%,雖然供應鏈存在不確定性,但預期毛利率可輕微提升至24.4%。 瑞信將舜宇2021至2023年每股盈利預測下調4%至14%,目標價由295元下調至211元,對應預測2023年市盈率約30倍,考慮到在iOS、汽車及ARVR市場長遠發展前景向好,維持「跑贏大市」評級。
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