2017-08-18

舜宇光學(2382.HK)上調全年出貨量目標,前景繼續看俏

iPhone供應商、光學設備行業龍頭企業舜宇光學公佈半年業績,純利同比飆升1.49倍至11.59億元(人民幣,下同),收入同比增長69.8%,勝於市場預期,主要由於智能手機和車載鏡頭市場高速發展,帶動出貨量大幅上升。加上受惠智能手機組件升級潮,毛利率按年擴大4個百分點至20.6%。鑒於市場環境利好,集團管理層將全年手機鏡頭出貨量目標由30%~35%上升至45%~50%。舜宇光學今年以來累漲逾兩倍,早已突破本部今年年初給予的目標價HK$65,已建倉的投資者建議持有,暫上望HK$128。

受惠於手機鏡頭及車載鏡頭出貨量大幅上升,舜宇光學上半年出貨量超預期。下半年是智能手機行業的傳統旺季,加上iPhone 8即將面世,將刺激出貨量進一步提升,故集團上調全年出貨量增長預期,將全年手機鏡頭出貨量增幅由30~35%上調至45%~50%,手機照相模組出貨量增幅由15%~20%增加至20%~25%,車載鏡頭出貨量增幅由30%~35%上調至35%~40%。

此外,由於市場對高品質光學零件的需求大增,千萬像素以上手機鏡頭出貨量佔比由去年同期的17.1%上升至約42.9%,千萬像素以上手機照相模組出貨量佔比由去年同期的59.6%上升至64.1%。這帶動集團產品售價及毛利上升,其中光學零件毛利率由38.2%上升至43.7%,光電產品毛利率由8.7%上升至12.7%,光學儀器毛利率由38.4%上升至42.2%。集團目前在技術領域居行業領先地位,潛望式超小光學變焦模組和一千六百萬像素FNo.1.65手機照相模組均已完成研發,360º全景相機模塊實現量產,且飛行時間(「TOF」)模塊產品亦開始量產。我們相信下半年iPhone 8的推出,將引領行業技術升級,有利於舜宇光學毛利率水平進一步上升。

舜宇光學早前炒作染藍,帶動股價一度升至HK$111.8,創歷史新高,此後因未納入恆指成分股股價回落。該股現價相當於2017年預測PEG值0.6左右,由於行業正處在高速增長且產品升級時期,市場供不應求,故上望目標價HK$128,估值相當於2017預測PEG值約0.7的水平,投資者不妨趁低吸納。

日期 大市分析
2017-08-18
2017-08-11
2017-08-04
2017-07-28
2017-07-21
2017-07-14
2017-06-30
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2017-04-28
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2017-04-13
2017-03-31
2017-03-24
2017-03-17
2017-03-10
2017-03-03
2017-02-24
2017-02-17
2017-02-10
2017-02-03
2017-01-27
2017-01-20
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2016-12-30
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2016-11-25
2016-11-18
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2016-10-28
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2016-09-30
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2016-09-09
2016-09-02
2016-08-26
2016-08-19
2016-08-12
2016-08-05
2016-07-29
2016-07-22
2016-07-15
2016-06-30
2016-06-24
2016-06-17
2016-06-10
2016-06-03
2016-05-27
2016-05-20
2016-05-13
2016-05-06
2016-04-29
2016-04-22
2016-04-15
2016-04-07
2016-04-01
2016-03-24
2016-03-18
2016-03-11
2016-03-04
2016-02-26
2016-02-19
2016-02-12
2016-02-05
2016-01-29
2016-01-22
2016-01-15
2015-12-31
2015-12-24
2015-12-18
2015-12-11
2015-12-04
2015-11-27
2015-11-20
2015-11-13
2015-11-06
2015-10-30
2015-10-23
2015-10-16
2015-10-02
2015-09-25
2015-09-18
2015-09-11
2015-09-04
2015-08-28
2015-08-14
2015-08-07
2015-07-31
2015-07-24
2015-07-17
2015-07-03
2015-06-26
2015-06-19
2015-06-12
2015-06-05
2015-05-29
2015-05-22
2015-05-15
2015-05-08
2015-04-30
2015-04-24
2015-04-17
2015-04-10
2015-03-27
2015-03-20
2015-03-13
2015-03-06
2015-02-27
2015-02-13
2015-02-06
2015-01-30
2015-01-23
2015-01-16
2015-01-02
2014-12-24
2014-12-19
2014-12-12
2014-12-05
2014-11-28
2014-11-21
2014-11-14
2014-11-07
2014-10-31
2014-10-24
2014-10-17
2014-10-10
2014-09-26
2014-09-12
2014-09-05
2014-08-29
2014-08-22
2014-08-15
2014-08-08
2014-08-01
2014-07-25
2014-07-18
2014-07-11
2014-06-27
2014-06-20
2014-06-13
2014-06-06
2014-05-30
2014-05-23
2014-05-16
2014-05-09
2014-05-02
2014-04-25
2014-04-17
2014-04-11
2014-03-28
2014-03-21
2014-03-14
2014-03-07
2014-02-28
2014-02-21
2014-02-14
2014-02-07
2014-01-30
2014-01-24
2014-01-17
2014-01-10
2014-01-03
2013-12-27
2013-12-20
2013-12-13
2013-12-06
2013-11-29
2013-11-22
2013-11-08
2013-11-01
2013-10-25
2013-10-18
2013-10-11
2013-10-04
2013-09-27
2013-09-19
2013-09-13
2013-09-06
2013-08-30
2013-08-23
2013-08-16
2013-08-09
2013-08-02
2013-07-26
2013-07-19
2013-07-12
2013-06-14
2013-05-31
2013-05-03
2013-04-26
2013-04-19
2013-04-05
2013-03-15
2013-03-08
2013-03-01
2013-02-22
2013-02-15
2013-02-08
2013-02-01
2013-01-25
2013-01-11
2013-01-04
2012-12-28
2012-12-21
2012-12-14
2012-12-02
2012-11-23
2012-11-16
2012-11-09
2012-11-02
2012-10-12
2012-10-05
2012-09-21
2012-09-14
2012-09-07
2012-08-31
2012-08-24
2012-08-10
2012-08-03
2012-07-27
2012-07-20
2012-07-13
2012-07-06
2012-06-29
2012-06-22
2012-06-15
2012-06-08
2012-06-01
2012-05-25
2012-05-18
2012-05-17
2012-05-11
2012-05-04
2012-04-27
2012-04-20
2012-04-13
2012-03-23
2012-03-20
2012-03-16
2012-03-09
2012-03-02
2012-02-24
2012-02-17
2012-02-10
2012-02-03
2012-01-27
2012-01-20
2012-01-13
2012-01-06
2011-12-30
2011-12-23
2011-12-19
2011-12-09
2011-12-05
2011-11-25
2011-11-18
2011-11-11
2011-11-04
2011-10-28
2011-10-21
2011-10-14
2011-10-07
2011-09-30
2011-09-23
2011-09-16
2011-09-09
2011-09-02
2011-08-26
2011-08-19
2011-08-15
2011-08-05
2011-08-05
2011-08-01
2011-07-22
2011-07-18
2011-07-11
2011-07-06
2011-07-04
2011-06-27
2011-06-17
2011-06-10
2011-06-03
2011-05-27
2011-05-20
2011-05-13
2011-04-29