金吾财讯 | 招银国际发研报指，舜宇光学科技(02382)2024年收入/净利润同比增长21%/146%，与此前盈喜基本一致，受益于所有细分业务强劲增长以及更好的产品结构带来毛利率改善。但昨日股价跟随大盘回调了10%，该行认为是由于公司的手机模组HCM/手机镜头HLS/车载镜头VLS的出货量指引低于市场预期（同比+5-10%/+5%/+15-20%），但该行认为出货量增长较慢原因是公司从去年起增长策略调整为更关注整体盈利能力而非市场份额的提升，同时，公司正在加速向汽车/XR/机器人领域扩张，从而继续推动2025/2026年利润增长。长远来看，该行相信公司将受益于AI手机升级、ADAS普及、AI眼镜产品周期和嵌入式智能机器人方面的业务增长机会。该行略微调整了FY25-26每股收益预测，以反映FY24的业绩、出货量指引和更好的利润水平。该行基于分部估值法的新目标价为101.47港元（前值：102.89港元），对应2025年市盈率为30.3倍。短期股价催化剂包括规格升级、AI眼镜推出和ADAS采用率提升。维持买入评级。
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