金吾财讯 | 招银国际研报指，舜宇光学科技(02382)公布2025年盈喜，预计净利润同比增长70-75%，主要受益于高端摄像头规格升级、产品组合改善及从歌尔光学交易中的投资收益。剔除9.19亿元的一次性收益，净利润中值符合该机构的预测/彭博一致预期。展望2026年，该机构预计智能驾驶趋势（车载镜头/车载摄像头模组）、AI/AR眼镜的快速普及以及高端摄像头规格升级将推动收入增长，抵消因内存成本压力导致的智能手机业务疲软。
该机构将2026-27年EPS下调1-4%，以反映内存成本上涨导致的智能手机出货量承压、手机镜头/摄像头模组出货量/平均售价的疲软。该机构基于SOTP的新目标价为91.38港元（前值：101.47港元），对应23.4倍2026年预测市盈率。重申“买入”评级，催化剂包括公司2026年展望/指引、高端手机规格升级、AI眼镜发布以及ADAS渗透率提升。
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