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《大行報告》大摩:舜宇(02382.HK)首季付運如預期疲弱 封城過後料復甦
摩根士丹利發表研究報告,指舜宇光學科技(02382.HK)3月份的攝像頭模組出貨量達4,800萬件,按月跌4%,按年跌20%。手機鏡頭出貨量達1.2億件,按月升10%,按年跌8%。首季攝像頭模組出貨量按年跌23%,手機鏡頭出貨量跌12%,與同業大立光首季收入跌14%一致。 該行指出,舜宇3月份車載鏡頭出貨量爲580萬件,按年跌10%,按月升3%,而首季則按年跌3%,主要由於去年同期基數較高。該行相信,增長乏力主要反映汽車供應緊張,而不是市佔被蠶食,並預期車載鏡頭出貨量將因汽車產量上升而有所改善。 摩根士丹利指出,舜宇首季付運如預期疲弱,可能減弱投資者對其2022年的期望。而目前疫情封城措施或成爲公司4月份的不利因素,惟其後的潛在復甦或有助於對該股估值重評。該行對舜宇評級「增持」,目標價190元。
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