金吾财讯 | 民生证券发研报指，舜宇光学科技(02382)24H1实现总营收188.60亿元，YoY+32.1%；归母净利润10.79亿元，YoY+147.1%。分业务来看，光电产品/光学零件/光学仪器分别贡献营收131.91/54.80/1.89亿元；分下游应用场景来看，手机/车载/XR相关产品分别贡献营收130.29/28.77/9.92亿元。公司产品下游应用场景不断拓宽，车载和XR等新兴光学领域持续推动公司业务多元化发展，随着新一轮光学创新周期开启，公司盈利能力有望迎来改善。该行表示，近年来，智能手机多摄趋势放缓，镜头组合优化与功能创新成为新趋势，在全球智能手机市场需求复苏和高端化趋势加速的背景下，公司聚焦中高端市场的业务布局有望进一步释放增长潜力。舜宇已于21年切入苹果供应链，且在主流安卓厂商的供应链中持续占据关键位置，其手机镜头及模组业务有望受益于主流厂商光学创新所带来的需求增加。该行认为随着潜望式长焦及玻塑混合镜头等技术渗透率提升，手机光学市场有望迎来新一轮增长高峰，而舜宇是核心受益方之一。该行预计公司24-26年将分别实现营收388.86/433.66/476.64亿元，归母净利润26.93/34.85/42.50亿元，对应现价PE分别为32/25/20倍。该行看好公司在新一轮光学创新周期中迎来业绩修复，首次覆盖，给予“推荐”评级。
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