《大行報告》海通國際升舜宇(02382.HK)評級至「跑贏大市」調查顯示安卓手機客戶對CCM提價
舜宇光學(02382.HK)今日股價受追捧,最新報59.35元升12.5%,成交額15.3億元。海通國際表報告表示,舜宇光學(02382.HK)今年以來股價已跑輸大市,主要是產品需求弱及客戶下調配置,然而該行相信舜宇今年上半年已處於低谷,在需求改善和比較基數較低的情況下,隨著攝像頭模組(CCM)及手機鏡頭(HLS)產品提價,料舜宇盈利將可改善。
該行上調舜宇投資評級由「中性」升至「跑贏大市」,上調對其目標價由50元升至68元,此按綜合方式作估值,相當於預測明年市盈率30倍。該行上調對舜宇今年純利預測38%由10.34億人民幣升至14.26億人民幣,並調高舜宇明年純利預測38%,由16.93億人民幣升至23.4億人民幣。
海通國際指從供應鏈調查顯示,大多數攝像頭模組製造商已將針對Android客戶的CCM價格提高了4至6%。於手機鏡頭(HLS)來說,由於更合理的定價環境和新CIS的上市,該行也看到許多中高階鏡頭SKU的價格上漲。同時,在補貨的推動下,海通國際預期 CCM/HLS UTR將在中短期內復甦,料2023年銷售量年增11%及按年跌4%,高於指引及市場共識。
海通國際表示,預計舜宇短期內出貨量將復甦,因為渠道庫存低於正常水平,而近期在華為和榮耀的推動下,中國內地銷售似乎很好於預期。
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