《大行報告》高盛下調舜宇(02382.HK)目標價至90元 評級「中性」
高盛發表研究報告指出,雖然5月份智能手機出貨量表明智能手機市場在今年上半年出現積極信號,但該行維持對舜宇(02382.HK)「中性」評級,主要因智能手機市場增長放緩以及手機攝像頭競爭日益激烈,料將限制公司的毛利擴張。
該行認為,儘管今年首五個月中國智能手機出貨量僅錄低單位數下跌,意味著全年市場增長持平,但因考慮到市場需求不確定性及新iPhone將於第三季推出情況下,該行認為內地品牌於下半年推出的型號數量將較上半年有所減少。舜宇去年6P及以上中高端鏡頭出貨量貢獻增至32%,但產品均價及毛利下跌,反映價格競爭的影響大於產品結構升級的影響。
因此,該行下調舜宇2023至2025財年盈利預測9%至10%,目標價由103元降至90元。
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