《大行》大摩升舜宇(02382.HK)評級至「增持」 上調目標價至90元
摩根士丹利報告指,認為舜宇光學科技(02382.HK)負面消息已經反映在股價中。隨著智能手機和新業務部門的新產品推出,新一輪增長週期即將啟動。評級由「與大市同步」升至「增持」,目標價由70元上調至90元。
舜宇今日高開3.52%,最高見76.15元。現報74.55元,升4.85%,成交754.22萬股,涉資5.63億元。
大摩表示,2025年前五個月,舜宇智能手機鏡頭模組(CCM)出貨量按年減25%,智能手機鏡頭出貨量亦下滑5%,導致許多投資者認為其全年出貨量成長目標(分別為5-10%與5%)幾乎確定無法達成,並預期出貨疲弱將使2025年獲利不如預期。然而,該行認為舜宇的產品組合優化與利潤率回升,仍可持續支撐盈利復甦,因此將2025年淨利潤預測從34億元人民幣進一步上調至36億元人民幣。
大摩認為,折疊式智能手機出貨量在2026至2027年有望迎來顯著增長,而舜宇極有可能實現技術突破,從而驅動其智能手機業務收入增長。該行亦預計,舜宇2026至2027年新業務增長將由車用鏡頭與混合實境(MR)/智慧眼鏡雙引擎驅動,2025至2027年營收年複合增長率將超過25%,增速高於智能手機相關部門。因此,這些新興業務的營收佔比有望在2027年達到約40%。憑藉這個強勁的第二成長引擎,該行認為舜宇極可能迎來估值重評。
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