《大行報告》中金下調舜宇(02382.HK)目標價至138元 料攝像鏡頭規格升級或有所放緩
中金發表研究報告,將舜宇(02382.HK)2020年淨利潤預測下調7%,以反映疫情或影響今年產品提價。
報告指,舜宇預計今年下半年光學零件升級趨勢將有所放緩,料今年全球、中國以及印度市場智能手機出貨量將分別下滑12.5%、11%和22.1%。受疫情阻礙,5G滲透率增長放緩,下半年新機款鏡頭升級速度亦有所減慢。
該行指出,高端的安卓手機銷情疲弱,主要是由於中美貿易摩擦背景下,華為出貨量及鏡頭規格升級速度都放緩,同時蘋果以較低定價推出iPhone SE2,亦打擊高端安卓機型銷售,因此下調舜宇ToF鏡頭模組出貨量預測約65%,並將2020年手機鏡頭模組和鏡頭單價預測分別下調1%和5%,全年收入及淨利潤預測下調5%和7%,但維持2021年每股盈利預測基本不變。中金維持舜宇的「跑贏大市」評級,目標價下調1.4%至138港元,以反映2020年市盈率約32倍。
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