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研報掘金|中金:持續關注舜宇光學產業鏈估值修復機遇 目標價63.4港元
格隆匯 06-12 12:30
中金髮表報吿指出,舜宇5月份手機攝像模組產品出貨4,549萬片,按年跌6.9%;手機鏡頭產品出貨1.04億片,按年升9.6%。考慮到去年同期低基數,公司手機鏡頭產品年初至今按年升25%。在手機光學業務方面,該行持續關注產業鏈估值修復機遇,認為手機光學行業正逐步走出底部。舜宇首五個月手機攝像模組出貨量/手機鏡頭出貨量合計按年增長22%/25%;大立光同期營收合計按年增長25%,龍頭公司均出現不同程度的供給修復。從價格角度看,該行認為手機鏡頭行業在過去兩年較為激烈的價格競爭後,競爭狀態有所短期緩解。考慮到舜宇去年較低的業績基數,在行業整體回暖的背景下,該行預期公司上半年出貨量表現或超出市場預期,建議投資者密切關注對應的盈利與估值修復機遇。該行維持對舜宇今明兩年淨利潤預測於17.4億及20.4億元不變,目標價63.4港元,評級“跑贏行業”。
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