《大行》匯豐研究升舜宇(02382.HK)目標價至105.4元 上調盈測
匯豐研究發表報告指,舜宇光學科技(02382.HK)受惠產品組合優化,上半年業績勝預期。維持「買入」評級,並上調2025至27年盈測介乎3.8%至11.3%,以反映手機鏡頭及模組銷售均價趨勢較佳,以及車載鏡頭付運增加;目標價由98.3元上調至105.4元。
報告指,舜宇上半年淨利潤為16.5億元人民幣(下同),高於市場預期的14億元。前景展望樂觀,管理層指引上半年智能手機鏡頭毛利率為25%,相對於2024年介乎20%至25%,預期今年下半年為25%至30%。混合鏡頭的營收在上半年按年激增100%,由於部署趨勢持續增長,應仍是集團營收的推動力。另外,公司預期智慧型手機相機模組毛利率將穩定在8%至10%。
該行料舜宇持續受惠於汽車智能化加速,以及手機光學業務在規格升級下的高端化趨勢。
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