You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》麥格理:舜宇光學(02382.HK)出貨量慢於預期 降目標價至99元
阿思達克 06-20 11:36
麥格理發表研究報告指,舜宇光學(02382.HK)在微型化、模組封裝、鏡片成型和音圈馬達(VCM)整合方面的領先地位,正推動客戶採用更先進的技術,舜宇仍位列該行買入名單。但考慮到舜宇光學的智能手機模組及鏡頭出貨量增長慢於預期,麥格理將其2025至2027年的淨利潤預測下調4%至5%。基於分類加總值(SOTP)的目標價下調12%,由112.7元降至99元,相當於預測2026年市盈率21.5倍,原本目標價為112.7元(基於先前預測隱含2026E市盈率24.5倍),評級「跑贏大市」 報告指出,宇光學科技預計智能眼鏡市場到2035年可達1.5億台,而這些設備中的光學元件佔物料清單成本的40%至70%。而該公司已在光學引擎、波導、VID鏡片及視覺相關軟件算法方面建立了技術能力。此外,汽車領域的攝像頭數量正在增加,從Level 2自動駕駛車輛的6至8個攝像頭增加至Level 3的11至13個。 此外,麥格理也提及,手機攝像頭升級路線圖以客戶追求影像品質提升及電影級攝影體驗為基礎。客戶愈加重視小型化封裝及音圈馬達(VCM)整合技術。大感光元件、潛望式變焦技術、混合鏡頭及可變光圈是未來升級方向;部分功能亦正擴展至中端手機。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account