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一文拆解舜宇光學業績 股價將如何發展?

舜宇光學科技(SEHK:2382)公布中期業績,可否助舜宇股價再破頂? – Smartphone component makers Hong Kong investment

新冠疫情帶來的經濟衝擊相當猛烈,恒生科技指數成份股——舜宇光學科技(SEHK:2382)公布中期業績,疫境表現如何?

疫市守住增長

舜宇光學的核心業務是開發及生產光學零件、光電產品、及光學儀器。今年上半年面臨肺炎帶來的逆風,消費疲弱不利舜宇光學所生產元件的終端需求,但集團的業務表現依然錄得增長。舜宇光學在上半年的收入按年增加約21%至188.6億元(人民幣·下同),毛利則錄得約28%同比增長,更勝營業額增速,淨利潤更較去年同期上升24%。

受惠多鏡頭趨勢

近期「多鏡頭」設計成為主流,每部智能手機由配置一個攝像模組一個鏡頭,變成配置多個模組及多個鏡頭,這為舜宇光學所屬行業帶來龐大的業務需求,集團期內源於移動電話相關產品的銷售收入錄得近24%增長。

按業務劃分,集團的光學零件業務包括生產手機鏡頭,期內手機鏡頭出貨量錄得約16.5%同比增長。光電產品方面,舜宇光學開發及生產的手機攝像模組亦受惠於來自智能手機相關的需求擴張,期內手機攝像模組的出貨量按年增加近25%。

盈利能力持續改善

受惠於市場需求擴張,舜宇光學的盈利能力有所改善,毛利率按年增加1.1個百分點至19.5%。不過,按業務劃分,期內只有收入貢獻最重的光電產品業務的毛利率錄得改善,按年大幅提升5.2個百分點至11.1%。除行業需求急增有利加強舜宇光學的光電產品定價,集團的技術優勢同樣有助改善毛利率。

集團期內完成開發的多款高規格手機攝像模組,包括超大光圈(FNo.1.27)模組,更已為多款新模組實現量產,如一億像素大像面手機攝像模組。技術水平更高的產品的平均售價普遍較高,邊際貢獻較大。生產過程方面,舜宇光學在期內為光電產品生產程序加入了棱鏡主動校準、及主動式鏡面組裝等設備,有助改善產品良率和生產效率,加強分部營運效能,從而改善盈利能力。

結語

舜宇光學在疫市中仍錄得可觀增長,反映智能手機升級帶來的順風強勁,集團的技術優勢有利鞏固市場份額並改善盈利能力,增長前景依然明朗,有機會支持股價。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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