《大行報告》摩通下調舜宇(02382.HK)目標價至123元 評級「中性」
摩根大通發表研究報告指,舜宇光學(02382.HK)目標今年手機鏡頭及手機攝像模組出貨量可分別增長5%-10%,及10%-15%,但由於預期今年全球手機市場出貨量將下跌5%,因此估計舜宇手機鏡頭產品收入將下降4%。考慮到市場競爭、通脹及外匯問題,預測公司毛利率將下降2.4個百分點。
該行指出,憧憬舜宇擁有領先技術,預期汽車及AR/VR產品收入增加,可抵銷部分手機相關產品收入下降的影響,又指公司可能受惠於2023年手機鏡頭行業潛在復甦,以及汽車及AR/VR的發展加快,建議保持觀望,直到再見到智能手機出貨量恢復或鏡頭規格升級恢復的跡象。
摩通將今明兩年每股盈利預測下調8%及2%,至增長17%及20%,維持對舜宇的「中性」評級,並將目標價由165元降至123元。
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