金吾财讯 | 东吴证券发研报指，舜宇光学科技(02382)发布2024年业绩预告，2024公司预计实现归母净利润26.4-27.5亿元，同比+140%至+150%，超市场一致预期。该行表示，2025M2比亚迪发布“智驾平权”战略，10/15/20万级车型全系标配智驾系统，10万以下车型多数搭配。龙头迈进智能化有望引领行业新一轮配置竞争，吉利、长安、奇瑞等厂商下放智驾功能至10万+价位车型。该行认为公司作为车载镜头龙头有望充分受益智驾方案下沉及高阶智驾渗透，车载镜头及模组保持高盈利能力。该行续指，公司大像面潜望式产品实现量产，多群组潜望式手机镜头完成研发，有望迅速承接潜望式镜头下沉至低端机型的增量需求。该行预计随手机出货复苏、光学环节竞争改善、公司A客户份额提升及产品结构改善，2025年镜头有望量价齐升。该行认为公司手机产品高端化有望持续，同时汽车产品受益于智驾渗透，因此该行将公司2024/2025/2026年预期归母净利润由23.0/29.1/34.5亿元上调至26.9/33.2/42.4亿元，最新收盘价对应PE分别为35.6/28.8/22.6倍，维持“买入”评级。
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