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《大行報告》中金:舜宇(02382.HK)現價已部分反映全球手機需求悲觀預期 升目標價至120元
阿思達克 12-12 14:53
中金發表報告指,舜宇光學(02382.HK)公布今年11月出貨量數據,其中手機攝像模組產品出貨3,468.2萬片,按月下滑21%,按年則跌23.4%,該行認為主因「雙11」備貨旺季結束所致。至於手機鏡頭產品出貨0.91億片,按月下滑9.3%,按年跌26.4%,同樣受到「雙11」備貨周期影響,但由於下游客戶結構原因,手機鏡頭跌幅略優於手機模組表現。 該行提到,集團連續多月的良好表現,展現上游缺芯情況已逐步好轉,同時預計集團全年車載鏡頭出貨按年10%至15%增長的目標可達成。 考慮到全球手機需求悲觀預期已部分反映於目前股價,加之近期港股板塊整體估值水平有所修復,中金上調舜宇股份目標價20%至120元,對應今年36.2及明年27.2倍市盈率,評級「跑贏行業」,同時將今明兩年淨利潤預測分別維持32.5億元人民幣(下同)和43.2億元。
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