《大行報告》中金下調舜宇(02382.HK)目標價12%至95.5元 評級「跑贏行業」
中金發表報告指,舜宇(02382.HK)公布6月出貨量數據,當月手機類產品出貨水平與4、5月基本持平,反映手機終端渠道庫存或逐步回歸正常水位,供應鏈拉貨動能趨於正常水平,手機產業鏈底部信號正逐漸顯現,建議投資人密切關注下半年傳統手機拉貨旺季中的潛在需求拐點。
車載相關產品方面,中金指,舜宇6月車載鏡頭出貨738.9 萬片,按年增長19.2%,按月下滑2.6%,上半年車載鏡頭合計出貨量按年增長 25%。該行認為公司達成車載鏡頭全年出貨按年增長15%的目標值得期待。
考慮到上半年公司手機類產品產能稼動率承壓,中金分別下調今明兩年純利預測19.5%/19.4%至 25.7億/30.8億元。維持「跑贏行業」評級,看好公司在車載及ARVR領域的長期戰略佈局,但考慮到手機終端需求恢復節奏仍需觀察,審慎下調目標價12%至95.5港元,對應今明兩預測年市盈率34.5倍和27.8倍。
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