金吾财讯 | 光大证券发布研报指，舜宇光学科技(02382)发布盈喜预告，预计24年净利润较23年同比增长140%-150%至26.39-27.49亿元。公司业绩超预期的原因为：1）全球智能手机市场复苏，带动手机镜头、手机摄像模组ASP、毛利率上升，公司手机镜头出货量同比增长13.1%；2）新能源汽车需求强劲增长，智能驾驶对于车载镜头需求提升，公司车载镜头出货量同比增长12.7%。该行指，比亚迪于2025年2月智能化战略发布会宣布“开创全民智驾时代”，全系搭载高阶智驾，首批21款车型覆盖7万级到20万级。我们认为，比亚迪推动“智驾平权”促进智能驾驶渗透率持续提升，全球车载镜头需求有望同步提升。车载镜头行业增长提速，公司作为全球车载镜头龙头有望持续受益。该行续指，鉴于公司光学规格升级有望驱动盈利能力修复超预期，智驾平权驱动车载镜头行业增长提速，以及公司在A客户供应链地位上升，我们分别上调24/25/26年归母净利润预测8%/18%/29%至26.85/35.06/45.62亿元人民币。当前市值956亿港币对应25/26年25X/19XP/E，公司短中长期成长逻辑顺畅、估值仍具抬升空间。维持“买入”评级。
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