金吾财讯 | 国信证券发研报指，舜宇光学科技(02382)发布2024年全年业绩公告，2024年实现收入382.94亿元(YoY20.87%)，实现归母净利润26.99亿元(YoY145.51%)。其中，光学零件收入117.08亿元(YoY22.53%)，占比30.6%；光电产品收入261.57亿元(YoY21.10%)，占比68.3%；光学仪器收入4.30亿元(YoY-18.44%)，占比1.1%。该行表示，2024年公司整体毛利率18.3%(YoY3.8pct)，增长主要受益于产品结构改善，手机镜头和手机摄像模组毛利率得到提升。其中，光学零件毛利率31.9%(YoY3.5pct)，光电产品毛利率9.0%(YoY3.5pct)，光学仪器毛利率46.2%(YoY5.0pct)。该行看好智能手机摄像头配置升级带来的镜头/模组盈利提升，看好车载光学和新兴光学领域的快速发展。基于公司超预期的业绩增长和毛利率明显回升，该行上调盈利预期，预计2025-2027年归母净利润34.62/41.24/48.69亿元(前值2025-2026年27.93/33.13亿元)，当前股价对应PE分别为21.4/18.0/15.2倍，维持“优于大市”评级。
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