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《大行報告》瑞銀下調舜宇(02382.HK)目標價至135元 評級「中性」
瑞銀發表研究報告指出,舜宇光學科技(02382.HK)管理層於電話會議中透露,公司今年手機攝像模組出貨量預期按年增長10%至15%,主要受三星份額推動;而受惠於iPhone份額增長,料手機鏡頭出貨量按年增長5%至10%;考慮到零件短缺,估計車載鏡頭出貨量按年增長20%至30%。 不過,該行引述舜宇管理層預期,因為手機鏡頭規格降級,使產品均價受壓,估計公司今年毛利率仍然受壓。雖然存在各種不確定性風險,但公司預期今年下半年將有所改善。 瑞銀維持對舜宇「中性」評級,以現金流折現率計,目標價由200元下調至135元,相當於今年預測市盈率24倍,並將其2022及2023財年每股盈利預測分別下調16%及19%,以反映手機鏡頭銷售均價及毛利率壓力。
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