《大行報告》摩通降舜宇(02382.HK)目標價至55元 基本面改善惟增長動力減弱
摩通發表報告指,舜宇(02382.HK)周四召開分析師會議,管理層預計今年出貨量和利潤率都將放緩。雖然該行認為舜宇基本面最壞時期已經過去,但認為復甦之路將同行更加崎嶇,原因是其手機相關產品的平均銷售價格和利潤率改善較慢;由於良品率問題,市場份額存在損失風險;汽車業務的增長支持微弱。因此,維持對該股「中性」評級。目標價由65元下調至55元。
報告指,舜宇管理層預計,今年智能手機鏡頭出貨量將增長5%,攝像頭模組出貨量持平,但平均售價會上升。指引低於市場對今年出現顯著復甦的預期。
摩通認為,雖然中國高端智能手機的需求尚可,但舜宇今年指引未達到預期,主要原因是其最近在iPhone領域的市場份額輸給台灣同行,因此影響今年利潤率恢復的力度和速度。因此該行將舜宇今年銷售額預測下調3%至330億元人民幣,並將毛利率預測從19%下調至18%,每股盈利預測下調至2元人民幣。
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