中金:下調舜宇(2382.HK)目標價至138港元 評級“跑贏行業”
中金髮表研究報告表示,下調舜宇光學科技(2382.HK)目標價1.4%至138港元,相當於32倍2020年市盈率,維持“跑贏行業”評級。
中金稱,該行早前參加了舜宇光學今年的網上投資者日活動。據悉,集團管理層預計,下半年該集團零件升級速度將有所放緩,今年全球、內地及印度市場智能手機出貨量預計分別跌12.5%、11%及22.1%。管理層表示,下半年新機型攝像頭規格升級速度放緩趨勢已突顯,主要由於公共衞生事件之後消費者消費能力下降,同時5G滲透速度因缺乏應用支持而減慢。
該行對供應鏈進行調研,發現公共衞生事件後安卓高端手機銷售表現疲弱,除了上述原因之外, 該行認為主要因為蘋果在 iPhone SE2積極的定價策略影響了安卓高端機型的銷售。因此,該行下調 ToF 攝像模組出貨量預期65%,並分別下調今年手機攝像模組及手機鏡頭單價預期1%及5%。
此外,該集團公佈了一批新的產品線,包括 LiDAR激光雷達、HUD抬頭顯示系統及智能前照燈等產品。該行認為,雖然公共衞生事件將影響其短期業績,但預計以上產品將在明年後為集團貢獻可觀的增長。
考慮到公共衞生事件的影響,該行分別下調對其今年收入及淨利潤預測5%及7%,但維持明年每股盈利預期大致不變,以反映全球市場逐漸回暖。

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.