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大行評級丨高盛:舜宇6月出貨量符合預期 維持中性評級及60港元目標價

舜宇光學(2382.HK)公佈6月主要產品出貨量,其中手機鏡頭出貨量同比增長19.6%,至約1.09億件,環比亦提升5.1%。高盛發表報吿指,舜宇上月手機鏡頭、手機攝像模組及車載鏡頭的出貨量均大致符合預期,維持予“中性”評級,12個月目標價60港元不變。

高盛對舜宇的手機鏡頭業務看法維持審慎,而公司的產品組合升級已見頂,車載鏡頭表現料較好。該行預期公司綜合毛利率於2024至2026年可穩定於17%至18%。報吿指,該行給予60港元的目標價相當於2025年預測市盈率22倍估值,低於過去26倍均值,以反映未來幾年激烈競爭下,毛利率受壓的憂慮,不過認為現價下跌空間有限,主要是不利因素已大致反映在股價上。

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