《大行報告》麥格理:舜宇(02382.HK)可受惠手機鏡頭升級周期 料今明兩年盈利複合增長74%
麥格理發表報告指出,舜宇(02382.HK)年初至今股價累跌32%,相對於同期恆指累跌4.8%,主要由於1月份中國智能手機銷售按年跌幅達雙位數,以及公司發布去年盈警拖累。該行認為,基於產品均價、毛利復甦及競爭的不確定性,投資者對舜宇的前景持謹慎態度。
該行認為,IDC數據顯示Android高端化趨勢正在顯現,1月份內地高端智能手機出貨量按年增長1.8倍。媒體報道亦顯示內地2月份智能手機銷量按年增長雙位數。在經過兩年的去規格化,高階手機的相機升級已恢復,推動供應鏈的結構性產品均價及毛利復甦。在高端市場方面,大立光今年首兩月銷量按年增長35%,證實升級趨勢。低端市場方面,瑞聲科技(02018.HK)由於產品均價提高,去年第四季毛利率轉正,反映競爭有所緩和。該行預計舜宇的產品均價及毛利也將恢復。
該行預期舜宇今年手機鏡頭出貨量增長10%,手機相機模組增長10%,車載鏡頭增長15%至20%。另估計公司可受惠手機鏡頭升級周期,料今明兩年盈利複合增長率74%。予以「跑贏大市」評級,目標價維持80.1元。
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