研報掘金|開源證券:維持舜宇光學“增持”評級 2023H2手機光學業務或見底回升
開源證券發佈研究報吿稱,考慮到舜宇光學非經營性收益或超預期,將2023年淨利潤預測由10.56億元上調至11.48億元,考慮到手機品牌存量競爭或導致手機光學業務毛利率不復從前,維持2024-2025年淨利潤預測分別為16.79/21.39億元,同比增速分別為-52.3%/46.2%/27.4%,EPS分別為1.0/1.5/2元,維持“增持”評級。
該行預期公司2023H2安卓手機鏡頭及模組ASP未見環比顯著改善,因此手機攝像模組業務毛利率或低於該行此前預期,2023H2報價環境改善帶來的ASP及毛利率改善或將集中在2024年體現。考慮到手機需求弱復甦、手機光學鏡頭及模組行業仍處在供給過剩狀態、手機品牌商或將延續對供應鏈的強勢議價能力,該行預計2024年手機攝像模組毛利率5.5%、手機攝像鏡頭毛利率20%。該行預期,車載鏡頭及車載模組業務穩健增長。VR業務方面,2023年表現或不及此前指引,主要由於其海外大客户銷量不及預期;展望2024年VR業務主要取決於海外大客户新品銷售、以及公司自身整機組裝業務拓展情況。
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