《大行報告》中金:舜宇(02382.HK)北美大客「拉貨」啟動鏡頭業務增長
手機設備股今早(11日)受追捧,瑞聲科技(02018.HK)及丘鈦科技(01478.HK)股價各上揚3.7%及13.6%,舜宇光學科技(02382.HK)股價彈高6.5%報118.5元。
中金表報告表示,舜宇近日公布7月出貨量數據,手機類產品方面,公司手機鏡頭產品出貨8,900萬片,按月增長23.2%(按年下滑14.9%),該行認為按月的邊際改善主因北美大客戶傳統拉貨周期開啟,公司鏡頭產品導入較為順利;手機攝像模組產品出貨3,679.3萬片,按月下滑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。而車載相關產品方面,舜宇車載鏡頭出貨644萬片,按年增長25.7%(按月增長3.9%),連續第二個月實現按年及按月正增長,該行依然看好下半年汽車市場新車的密集發布推升車載鏡頭市場整體需求擴容,公司作為龍頭車載鏡頭廠商有望持續受益。
該行指,舜宇的北美大客戶拉貨開啟帶動公司鏡頭業務線增長,從手機鏡頭端,看到舜宇7月鏡頭出貨按月增長23.2%、同業大立光7月營收按月亦增長15%,共同反映北美大客戶傳統拉貨周期正式開啟;同時公司較優的月增長幅度也體現北美客戶的導入進度相對順利。伴隨北美客戶的新機發布以及傳統手機銷售旺季的到來,該行看好公司三季度鏡頭出貨量表現將逐步好轉。
中金維持對舜宇「跑贏行業」評級及目標價150.8元,相當預測明年市盈率34.9倍。
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