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《大行報告》中信証券:舜宇(02382.HK)全年手機業務承壓 汽車板塊穩健增長
中信証券發表研究報告指出,舜宇光學科技(02382.HK)去年12月手機鏡頭出貨7,240.1萬件,按年跌40.1%;車載鏡頭出貨491.5萬件,按年增長1.4%;手機攝像模組出貨3,692.1萬件,按年跌28.9%。手機鏡頭和手機攝像模組出貨承壓主要為現階段手機終端庫存偏高,對於零件需求相對疲弱。 該行認為,舜宇全年手機業務承壓,汽車板塊穩健增長。短期來看,行業仍然處於去庫存階段,需求恢復情況需要跟蹤,但公司有望進一步受益於大客戶端份額提升,同時亦面臨鏡頭行業格局變化導致的部分產品的產品均價波動風險,該行將持續跟蹤。 中長期來看,該行認為光學市場需求向好,預計智能手機光學規格穩步升級的趨勢不改,看好公司光學龍頭地位,預計公司2022至2024財年淨利潤各為30億元、45億元及58億元,每股盈利預測由原來的3.53元、4.48元及5.66元,下調至2.76元、4.08元及5.25元,維持對其「買入」評級,目標價122元。
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