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舜宇光學科技(02382.HK):鏡頭新客户抬升拉貨動能;車載光學產品穩步成長
格隆匯 08-10 00:00
公司近況 8 月9 日,舜宇光學科技公佈了7 月出貨量數據:1)手機類產品:公司手機鏡頭產品出貨0.89 億片,環比增長23.2%/同比下滑14.9%,我們認為環比的邊際改善主因北美大客户傳統拉貨週期開啟,公司鏡頭產品導入較為順利;手機攝像模組產品出貨3679.3 萬片,環比下滑8.8%,仍持續反映安卓手機終端需求較弱,上游零部件拉貨動能承壓。2)車載相關產品:公司車載鏡頭出貨644 萬片,同比增長25.7%/環比增長3.9%,連續第二個月實現同/環比正增長,我們依然看好下半年汽車市場新車的密集發佈推升車載鏡頭市場整體需求擴容,公司作為頭部車載鏡頭廠商有望持續受益。 評論 手機:北美大客户拉貨開啟帶動公司鏡頭業務線增長,模組端預計仍將短期承壓。手機鏡頭端,我們看到舜宇7 月鏡頭出貨環比增長23.2%、大立光7 月營收環比增長15%,共同反映北美大客户傳統拉貨週期正式開啟;同時公司較優的環比增長幅度也體現北美客户的導入進度相對順利。伴隨北美客户的新機發布以及傳統手機銷售旺季的到來,我們看好公司三季度鏡頭出貨量表現將逐步好轉;手機模組端,公司1-7 月模組出貨量同比下滑22%,與整體手機銷量表現趨同,雖然短期內我們認為公司模組出貨仍將承壓,但我們依然建議投資人緊密跟蹤下半年手機市場,尤其是韓系客户的潛在出貨拐點。同時,基於潛望式模組等光學創新仍在持續推進,且公司此前已存相關工藝積累,我們看好公司率先受益該產業發展趨勢。 汽車:行業擴容趨勢明顯,公司有望作為頭部廠商之一率先受益。6 月、7月公司車載鏡頭出貨同比/環比增速均實現正增長。我們認為隨着智能駕駛的滲透率不斷提升,攝像頭作為核心的智能傳感器之一,行業擴容明顯。我們持續看好公司作為車載鏡頭廠商之一,受益於汽車智能化轉型趨勢。 盈利預測與估值 舜宇光學科技目前交易於33.5 倍2022 年和25.3 倍2023 年市盈率。我們維持2022 年和2023 年歸母淨利潤預測分別為32.6 億元和43.2 億元,同時維持跑贏行業評級。我們維持目標價150.8 港元,對應43.6 倍2022 年和34.9 倍2023 年市盈率,較當前股價具備30%的上行空間。 風險 上游缺芯問題持續;疫情蔓延影響全球終端需求。
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