《大行報告》摩通下調舜宇(02382.HK)目標價至78元 評級「中性」
摩根大通發表報告指,舜宇光學(02382.HK)管理層在分析員會議上,將三個生產線 : 手機鏡頭及模組、汽車鏡頭模組及延展實境(XR)今年業務指引下調,以反映下半年需求疲弱。雖然下半年智能手機客戶的訂單復甦,但該行預期公司的復甦路徑較同業困難,因為手機產品平均售價及利潤率壓力較大,汽車及XR業務亦缺少基本因素支持,維持「中性」評級,該行下調集團今明兩年每股盈測30%及19%,目標價由97元下調至78元。
該行將公司下半年銷售額預測下調7%至180億元人民幣,較上半年有26%增長、按年有11%增長,以反映智能手機市場復甦緩慢,下半年毛利率預測由19.3%下調至18.5%,對比上半年為14.9%,以反映價格競爭加劇。
公司管理層將全年手機鏡頭出貨量預測,由原先估計按年增長5%,下調至按年跌10%。汽車及XR業務增長步伐亦較原先預期為慢。
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