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蘋果概念+港版納指  舜宇光學應該長線持有?

舜宇光學(SEHK:2382)仍受惠於手機設備升級及車載鏡頭需求,近日更晉身恒生科技指數,值得長揸收息? –

恒生公司正式推出「港版納指」,蘋果概念股——舜宇光學(SEHK:2382)成功晉身恒生科技指數,成為「雙料」藍籌,同時是恒指公司兩大旗艦指數的成份股,值得長揸收息?

舜宇光學主要從事光學元件的開發、設計及生產業務。集團被市場視為蘋果概念股,但其實過去一直未獲正式認可成蘋果供應商。不過,最近市傳舜宇將真正成為蘋果(NASDAQ:AAPL)供應鏈的一員,投資價值勢必倍升。以下先回顧舜宇光學的增長往績:

過去1年 5年平均
收入增長(%)* 46 35
經營溢利增長(%)* 52 51
毛利率(%) 20.5 19.2
經營溢利率(%) 12.5 11.5
淨利潤率(%) 10.6 9.8
股本回報率 36.6% 32.8%

備註:*複式增長率;數據來源:morningstar.com

收入增長加速

智能手機市場持續擴張,手機設備需求隨之而增長,舜宇光學的核心產品包括為智能手機開發的鏡頭,過去持續受惠於產業順風。過去幾年業務增速強勁,收入複式增長達35%,經營溢利的增速更強。近年手機鏡頭市場的需求受惠於「多鏡頭」潮流而擴張,趨勢更有望常態化,舜宇因而受惠,過去1年增速顯著提升。

盈利能力穩定

手機元件供應的市場競爭相當激烈,過去曾經出現聲學元件供應商瑞聲科技(SEHK:2018)因訂單流失而造成利潤率急速惡化。舜宇光學目前未有受到競爭惡化的負面影響。以手機鏡頭出貨量計,其在中國地區排第一,並在全球市場排第二,而且集團具有生產高端6P鏡頭,16M及以上高像素超薄鏡頭,及雙攝鏡頭的能力,保持領先優勢。集團的盈利能力亦相對穩定。

業務前景樂觀

光學元件市場的前景在多鏡頭趨勢下越趨明朗,領先智能手機品牌均為新款產品加入多鏡頭設計,隨著設計進一步大眾化,鏡頭設備的需求可望倍增。行業順風之中,擁有領先市場的開發及生產能力的舜宇光學有望成為贏家,短中期內保持強勁訂單收入增長的確定性高。若然舜宇獲納入蘋果供應鏈的憧憬實現,中長線增長力更有望顯著加強。

結語

舜宇光學晉身恒生科技指數,核心業務可受惠於產業順風,惟市場競爭環境變化難測,投資部署不宜過於進取。

編輯:Yan

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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