金吾财讯 | 新华汇富发布研报指，舜宇光学(02382)五月手机镜头出货量按年跌5.2%，手机摄像模块出货3,770万颗，按年跌17.1%。但高价值模块占比提升支撑ASP。公司加速转向车载光学及XR领域，该业务贡献近30%收入，现交易于15.8倍2025年预测市盈率。
丘钛科技(01478)五月摄像模块出货3,240万颗，按年跌17.5%，但按月微升1.9%。高端模块占比提升至51%，支持向高毛利产品转型战略。显示产品结构向高阶转移。
报告指出，手机元件行业竞争加剧，低端市场供应链成熟化导致头部厂商出货量增长受限。2024年全球智能手机出货量回升约7%，2025年首季增速放缓至1.5%。中国需求受政府补贴支撑，美国经销商因潜在关税提前备货。
报告强调，AI手机、折叠机及潜望式镜头升级周期将支撑先进光学模块需求，舜宇光学在高阶模块领域的定位具结构性优势。
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