《大行報告》大華繼顯降舜宇(02382.HK)目標價至77.1元 去年盈利指引遜預期
大華繼顯發表報告指出,舜宇(02382.HK)發盈警,預期去年盈利按年少50%至55%,以中位數計較該行及市場普遍預期低25%及20%。
該行提及,考慮到舜宇去年出貨量後,微調今明兩年的手機鏡頭(HLS)及手機鏡頭模組(HCM)出貨量預測,估計手機鏡頭出貨量按年跌0.6%及2.5%,至12.53億及13.53億件,手機鏡頭模組出貨量增長2.2%及0.3%,至5.96億及6.43億件。至於對公司車載鏡頭出貨量預測則大致不變。
此外,該行將舜宇2023至2025年盈利預測各下調21.9%、11.4%及9.5%,至11.96億、24.47億及35.55億元人民幣,以反映該行新的出貨量預期、毛利率較低的預測及去年較高的營運費用。目標價由87元下調至77.1元,維持「買入」評級,仍預期公司將是智能手機出貨量復甦及規格升級的主要受惠者。
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