《大行報告》富瑞升舜宇(02382.HK)評級至「買入」 上調目標價至77元
富瑞發表報告指,舜宇(02382.HK)9月份手機鏡頭(HLS)交付量按年升17%,而手機鏡頭模組(HCM)按年升41%,其中手機鏡頭年初至今收縮了11%,接近其全年收縮10%的指引,並相信未來數月或有正增長,意味著將超出其指引。至於手機鏡頭模組方面,年初至今錄得3%增長,介乎其指引按年增長0%至5%區間。
該行指,保守估計舜宇全年手機鏡頭及手機鏡頭模組毛利率不會進一步改善,將大幅低於2021年水平。該行表示,將舜宇在2023年至2026年的收入預測上調2%,EBIT則上調5%,並將其目標價由64.3元上調至77元,其評級則由「持有」升至「買入」。
富瑞相信,在安桌手機的推動下,中國智慧型手機銷售的成長將持續表現強勁。華為在5G領域的回歸將使其在高端市場獲得顯著份額,而舜宇作為其鏡頭供應商可望受益。從舜宇9月出貨量顯示手機鏡頭和手機鏡頭模組都有望超過該行和公司的2023財年指引。
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