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研報掘金|中金:維持舜宇光學科技“跑贏行業”評級 車用鏡頭受惠智駕方案
格隆匯 03-12 13:37
中金髮表研究報吿指,舜宇光學科技首兩個月的手機相機模組及鏡頭出貨量分別較去年同期跌37%及2%,相信主要是由於高基數與顧客拉貨節奏等短期因素影響。該行考慮到過去一年高端產品佔比增加帶來的均價上升,認為首兩個月的收入端表現或相對穩定。隨着高基數影響逐步淡化,該行預計後續月份手機光學產品的出貨量跌幅可望收窄。中金表示,車載方面,根據高工智能汽車,隨着智駕滲透率提升,2024年12月國內車載攝影機的單車搭載量上升至平均4.7顆,其中8MP滲透率接近15%。該行認為趨勢有望推動車載攝影機行業的需求量和規格提高,同時車企預計在此趨勢下積極搭載更高階的智駕方案,公司作為全球車用鏡頭龍頭和攝影模組供應商或將充分受惠。該行維持集團2024至26年的淨利潤預測26.9億、33.08億、及39.99億元,續予“跑贏行業”評級,目標價99.2港元。
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