《大行報告》高盛降舜宇(02382.HK)目標價至65元 出貨量及毛利指引仍疲弱
高盛發表研究報告指,舜宇(02382.HK)發布業績後,管理層對旗下業務作出疲弱的指導。該行相應地調整預測並重申「中性」評級,又指過去幾個月公司出貨量穩定,但鏡頭及相機模組市場競爭依然激烈,或會限制長期增長潛力及毛利復甦,因此目標價由69元下調至65元。
報告引述管理層的指引,預計今年手機鏡頭出貨量將按年增長5%,主要是受到高端市場需求復甦的推動;毛利率預計將逐步改善至20%,而去年下半年為15%至20%。
該行分別下調集團今明兩年的盈測6%和9%,主要是反映收入及毛利下降。該行分別下調2024及25年的收入預測2%及5%,又降期內毛利預測1個及0.7個百分點。另外,由於公司現金餘額較高,預計有較高利息收入,因而淨利潤的下調幅度較小,分別為6%和9%。
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