《大行報告》瑞信:舜宇(02382.HK)上半年純利為盈警預測下限 產品平均售價及毛利高於預期
瑞信發表報告,維持舜宇(02382.HK)「跑贏大市」評級及目標價138元。該行指舜宇上半年收入及淨利潤按年跌14%及50%,淨利潤為早前盈警範圍下限。毛利率按年跌4.2個百分點至20.8%,較該行預測高0.8個百分點,符合市場預期。受銷售、一般及行政成本開支上升拖累,經營溢利按年跌52%,低於該行及市場預期。
該行指,舜宇光學電子產品收入按年跌19%,毛利率11.6%,較該行預期高2.6個百分點。平均售價及毛利率下跌情況較該行預期溫和,料與更佳成本控制有關。光學部件中期收入按年跌8%,受惠於成本控制及產品組合,毛利率達35.5%,較該行預期高1個百分點。
該行又指,汽車業務中期收入在交付增長呆滯下按年升7%,擴增及虛擬實境(ARVR)產品收入按年升11%,低於全年增長50%的目標,但虛擬實境(VR)模組已開始量產。另外,半年資本開支達13億元人民幣,全年指引為30億元人民幣。
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