研報掘金|華泰證券:上調舜宇目標價至109.9港元 產品結構改善帶動盈利能力復甦
華泰證券發表報吿指,舜宇光學科技發佈正面盈利預吿,2024年淨利潤26.39至27.49億元,同比增長140至150%,高於市場和該行預期的24.42億/23.43億元。該行認為公司盈利能力的強勁覆蘇主要有以下三個原因,包括公司手機鏡頭和模塊業務的產品結構改善帶來的公司出貨量、平均售價、毛利率的提升;公司車載鏡頭業務繼續保持全球領先地位,出貨量穩定增長;智能電動化加速推動公司車載模塊業務出貨量快速增長。
展望2025年,該行預計公司手機業務毛利率或繼續改善3個百分點,車載業務收入按年增27%,驅動公司淨利潤增長41%。該行維持對其“買入”評級,目標價由60港元上調至109.9港元。考慮公司手機業務在競爭趨緩及產品組合改善下盈利能力好轉,該行上調公司2024至2026年毛利率預測各0.8、2.1及2.5個百分點,由此上調淨利潤預測分別至27億、37.5億及44.8億元,前值預測為23.4億、29.8億及35億元。
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