《大行》摩通升舜宇(02382.HK)目標價至75元 上半年盈利超預期
摩根大通發表報告指出,舜宇光學(02382.HK)上半年業績主要受強勁的智能手機盈利能力改善所驅動。該行認為,更好的智能手機平均售價和毛利率可持續至2025年下半年及以後,因為隨著市場份額分配固化(台灣同業取得領先份額),行業競爭變得更健康,儘管出貨量下滑,這仍對舜宇的長期智能手機業務盈利能力構成利好。
另一方面,公司旗下汽車產品業務前景強於預期,並將繼續成為其2025年增長的主要驅動力,這得益於更高的ADAS滲透率和單車價值增長,以及舜宇在國際市場獲得更多利潤率更高的項目。該行目前維持舜宇「中性」評級,因為該行對其未來智能手機業務的增長潛力持更保守看法,因其在高階項目中的份額較低,而其他新業務(如機器人)需要更長時間才能做出更實質性的貢獻。
該行將舜宇2025年和2026年的每股盈利預測分別上調19%和10%至3.2元和3.4元人民幣,以反映更強勁的智能手機利潤率改善。目標價由65元升至75元。
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