《大行報告》大摩升舜宇(02382.HK)評級至「增持」 指已充份反映手機業務近期挑戰
摩根士丹利發表報告表示,認為舜宇光學(02382.HK)目前股價已反映市場以下憂慮,第一是智能手機業務利潤率風險、第二是車載攝像頭增長潛力減弱,第三是來自VR(虛擬實境)/AR(擴增實境)的收入貢獻有限。然而,該行認為舜宇於未來3至5年,這三個領域都將實現令人驚喜的表現,料其股價於未來五年有很大機會倍升。
該行表示,上調舜宇投資評級至「增持」,下調目標價由200元降至190元,此按綜合方式作估值,相當於預測今年市盈率35倍,料今年下半年增長可望復甦。
大摩表示,認為iPhone的相機升級將促使行業規格升級,料舜宇在鏡頭及緊湊型相機模組(CCM)所獲得的市場份額可能會在未來3年至5年有正面驚喜。該行相信大多數投資者都充分意識到智能手機相關業務的近期挑戰。鑑於上述潛在的積極驚喜,認為舜宇當前的風險回報具有吸引力。
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