《大行報告》匯豐研究降舜宇(02382.HK)目標價至89.7元 智能手機光學規格升級推動定價及毛利復甦
匯豐環球研究發表報告指,舜宇(02382.HK)股價自上季起已累升約16%,而同期恆指則累跌約6%。該行認爲,這主要是受到集團的智能手機鏡頭及相機模組(CCM)的出貨量和定價反彈所推動。展望今年,該行預計在光學規格升級的背景下,集團智能手機業務的毛利和定價上升將帶動盈利復甦。
該行表示,由於光學規格升級及華爲迴歸後零部件製造商議價能力增強,對今年起智能手機鏡頭及CCM的平均售價復甦持更樂觀的態度,又預計潛望式相機的升級和廣泛採用及摺疊式手機的強勁增長將成爲光學元件供應商的主要增長動力。該行預期,華爲將於今年首季推出的P70系列機型,這將成爲舜宇的催化劑。此外,蘋果計劃今年升級其新iPhone Pro機型的超廣角相機,相信可令集團處於有利位置,並從中受惠。該行將集團今年的智能手機鏡頭和CCM平均售價預測各上調9%,並將2025年的預測分別上調7%和8%。
匯豐環球研究認爲,汽車半導體去庫存可能會影響舜宇今年的汽車鏡頭出貨量,因此預計集團2024及2025年的汽車鏡頭出貨量將按年增長約12%及10%,又預期2023至25年汽車攝影機模組銷售額複合年增長率將達到43%。該行將集團目標價由96.4元下調至89.7元,維持「買入」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.