金吾财讯 | 野村表示，舜宇光学科技(02382)发布盈利预喜，预计2024财年股东应占溢利约为26.386亿元至27.485亿元，同比增长约140%-150%，高于该行此前约25亿元的预期。该行认为，盈利超预期可能主要得益于手机摄像头模组（CCM）和手机镜头（HLS）的毛利率环比提升了几个百分点，尽管其出货量增长未超出公司此前指引。该行预计2025财年，受智能手机和汽车业务推动，盈利将持续改善。
鉴于新首席执行官或许有更强动力改善运营，假设2025财年盈利继续保持上升势头，该行将2025财年盈利预期上调20%，目标价从68港元上调至102港元，基于2025财年每股收益4.1港元的25倍市盈率（此前基于2025财年每股收益3.4港元的20倍市盈率；25倍市盈率处于舜宇光学历史交易区间10-30倍市盈率的中高端）。该股目前的交易市盈率为2025财年每股收益的21.6倍。维持买入评级。
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