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《大行報告》中金:舜宇(02382.HK)手機鏡頭及模組全年出貨強於指引 光學創新動能可期
阿思達克 01-10 09:26
中金:舜宇(02382.HK)公布了12月出貨量數據。手機攝像模組產品出貨4,708.9萬顆,按月下降9.4%,按年增長27.5%,該行認為按季數據的下滑反映手機銷量季節性的備貨周期;手機鏡頭產品出貨1.07億片,按月下降9.2%,按年增長47.7%,按季數據的下滑同樣反映產業鏈備貨周期的季節變化,然而得益於北美及安卓大客戶的增量,按年增長幅度優於手機攝像模組。 車載相關產品方面,公司12月車載鏡頭出貨471萬片,按月下滑30.6%,按年下滑4.1%,反映聖誕假期對於公司車載鏡頭客戶拉貨動能影響,整體表現符合預期,該行持續看好公司車載鏡頭維持優良的成長動能。 中金認為,舜宇光學2023年下半年手機產品出貨均實現按年正增長,側面反映手機產業鏈經歷了近2年的庫存調整後底部信號明確,手機鏡頭及模組全年出貨強於指引;展望2024年,該行認為潛望式、玻塑混合鏡頭、3D攝像等光學創新的滲透率有望逐步提升。基本維持公司2023年盈利預測於14.5億元人民幣;考慮到手機光學行業競爭態勢短期放緩,加之安卓市場光學創新動能有所修覆,上調公司2024年淨利潤預測5%於23.4億元,同時引入2025年盈利預測28.3億人民幣。維持當前目標價81.9港元,評級「跑嬴行業」。
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