《大行報告》花旗:舜宇(02382.HK)去年業績符預期 但毛利率遜預期
花旗發表研究報告指,舜宇光學(02382.HK)去年業績符合預期,但去年下半年毛利率按年下跌4.9個百分點至14.1%,低於市場預期,相信年是由於低端手機鏡頭模組(HCM)貢獻提升所致。
展望2024年,該行認為舜宇光學的HCM市場份額增長、手機鏡頭(HLS)業務蘋果產品佔比提高,以及手機相關產品毛利率與產品均價上升,都將支持公司市場份額顯著提升,維持「買入」評級。
花旗指出,舜宇光學是中國智能手機品牌HCM的主要供應商,預計公司將受惠於HLS利潤率提升、高端手機鏡頭解像度的提升及先進功能的遷移、現有技術優勢,以及在車載鏡頭(VLS)等方面的快速擴張,利潤率長遠有提算空間,給予目標價79元,對應2024年預測市盈率30倍。
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