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《大行報告》高盛:舜宇(02382.HK)去年下半年毛利率遜預期 攝像頭模組業務迎挑戰
舜宇(02382.HK)今日股價捱沽,最新報47.35元挫12.2%。高盛發表報告指,雖然舜宇收入和出貨量按季均恢復至正增長,但去年下半年毛利率降至14.1%遜預期,低於2023年上半年的14.9%,反映手機鏡頭和相機模組市場的激烈競爭。 報告指,舜宇去年下半年淨利潤為6.63億元人民幣,比指引中值低6%,比該行和市場預測各低6%和18%。舜宇管理層認為,手機鏡頭和相機模組的定價壓力來自於競爭和智能手機相機規格的下調。 高盛指,由於基數較低,預計今年將對舜宇而言是復甦的一年,智能手機市場需求將有所改善,相機規格也將有所提高,尤其是高端產品。但該行仍然擔心鏡頭和相機模組的激烈競爭會限制公司的長期增長潛力和毛利率復甦。維持對該股「中性」評級。目標價69元,相當於預測今年市盈率25倍。
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