金吾财讯 | 招银国际发研报指，舜宇光学(02382)发布盈利预告，其中2024年净利润为26.4亿至27.5亿元，同比增长140-150%，中值比该行/彭博一致预期高出10%/10%，主要因智能手机市场复苏、高端/AI智能手机需求、新能源汽车强劲需求以及智能驾驶采用率不断提高所驱动。展望2025年，该行认为公司将继续受益于中国补贴政策和AI规格升级、智能驾驶加速以及蓬勃发展的边缘AI设备（如AI智能眼镜）。该行预计盈利提升周期将持续到2025年上半年，该行将FY25/26E每股收益上调了17%/14%，以反映AI智能手机的升级、智能驾驶趋势和边缘AI的普及。该行新的FY25/26E每股收益比一致预期高出12%/12%，该行将新的基于分部估值法的目标价上调至102.9港元（前值：72.52港元），对应2025年市盈率30.3倍（与历史10年平均市盈率一致）。未来股价催化剂包括AI智能手机推出、AI智能眼镜和ADAS采用率提升。予“买入”评级。
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