《大行報告》高盛降舜宇(02382.HK)目標價至86元 評級「中性」
高盛發表研究報告指出,舜宇(02382.HK)發盈警預期上半年溢利按年跌65%至70%,至4.07億至4.75億元人民幣,中間值為4.41億元人民幣,按年跌67%,按季跌58%,較該行及市場預測分別低67%及60%。
舜宇管理層將下滑歸因於全球智能手機需求疲弱、智能手機相機規格降級和競爭激烈,導致手機鏡頭及手機攝像模組出貨量下降,並加大平均售價及毛利率壓力。此外,上半年公司的美元債券存在未變現外匯虧損約1.62億元人民幣,進一步加劇利潤下降。
根據公司指引,該行預期舜宇上半年收入按年跌24%至130億元人民幣,相對於去年下半年按年跌8%;毛利率由上半年的20.8%下跌至16.6%。展望下半年,該行預期在季節性改善、車載攝像頭以及蘋果(AAPL.US)新產品推出的支持下,舜宇收入將連續復甦。不過,該行維持對公司「中性」評級,認為智能手機需求飽和、相機規格升級見頂,以及競爭加劇,料將限制公司收入增長及毛利復甦。該行將其目標價由90元下調至86元。
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