《大行報告》大和:舜宇(02382.HK)1月出貨量穩定 今年將恢復強勁盈利成長
大和發表研究報告指,舜宇光學(02382.HK)昨(6日)公布今年1月份出貨量數據,手機攝像模組出貨量錄6,225.6萬件,按年升52.9%,手機鏡頭出貨量則按年增長54.8%至1.03億件,公司歸因於去年整體智能手機市場需求疲軟導致的低基數。至於車載鏡頭出貨量按年增長31.2%至1,204.8萬件,則是由於國內新能源品牌汽車的銷量增長。
大和表示,舜宇1月份的手機攝像模組及車載鏡頭出貨量均超出預期,手機鏡頭出貨量亦略微高於預測。展望未來,認為舜宇很可能已度過最壞的時期,預計今明兩年將受惠於相機規格升級復甦,可扭轉過去三年規格降級的趨勢。對於舜宇的汽車相關業務,大和維持長期看好的觀點,指出EV/ADAS規格升級後多鏡頭發展趨勢穩健,同時舜宇正處於市場領先地位。
總體而言,大和預計舜宇今明兩年盈利增長可達54%至76%,毛利率料回升至17.3%至18.8%,重申「買入」評級,目標價70元。
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