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研報掘金|中金:上調舜宇光學科技目標價至99.2港元 去年盈利預告略超預期
格隆匯 02-14 10:44
中金髮表報告指,舜宇光學科技去年盈利預告略超預期。公司預計2024年淨利潤26.386億至27.485億元,按年增長140至150%。該行認爲公司2024年業績顯著原因爲手機出貨需求復甦,加上競爭格局改善且產品規格升級,以及汽車智能化程度持續提升。展望今年,報告指,公司手機光學產品平均售價和毛利率提升的趨勢有望延續,認爲光學或仍將是手機微創新的主要切入點,包括玻塑混合鏡頭、潛望模塊下沉、像素升級等方面,公司產品組合有望進一步升級。此外,手機補貼政策及端側AI應用拓展或有助於刺激消費者換機需求。中金指,由於公司平均售價和毛利率趨勢良好,上調2024年淨利潤3%至26.9億元,維持2025和2026年淨利潤預測33.08億及39.99億元,維持“跑贏行業”評級,由於端側AI及高階智駕驅動行業估值中樞上移,上調目標價41%至99.2港元。
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