公司簡介
舜宇光學科技創立於 1984 年,是全球領先的綜合光學零件及產品製造商。公司專業
從事光學及光電相關產品設計、研發、生產及銷售,主要產品包括三大類:一是光學
零元件,主要包括玻璃/塑膠鏡片、平面光學產品、手機鏡頭、車載鏡頭、安防監控鏡
頭及其他各種鏡頭;二是光電產品,主要包括手機攝像模組、3D 光電模組、車載模組
及其他光電模組;三是光學儀器,主要包括顯微鏡及智慧檢測設備等。
公司發佈 2024 年盈利預告
公司發佈 2024 年盈喜,預計全年淨利潤可達 26.4 億元-27.5 億元(人民幣,下
同),同比增長 140.0%-150.0%,略高於市場預期。主要由於:1)2024 年全球智慧
手機市場逐步復蘇,出貨量增長至 12.2 億部。同時,高端機型的熱銷以及人工智慧在
手機硬體的應用,推動公司的手機鏡頭出貨量同比增長 13.1%。此外,產品組合的改
善提升手機鏡頭和攝像模組的平均售價及毛利率。2)智能輔助駕駛系統的發展,促使
車載鏡頭搭載率提高,公司 2024 年累计出货量 1.02 亿颗,同比增長 12.7%,符合前
期指引。
2024H1 公司實現營收 188.6 億元,同比增長 32.1%;實現歸母淨利 10.8 億元,同比
增長 147.1%。手機/汽車/ARVR 業務齊增長,整體盈利能力顯著提升。按產品品類來
看,24H1 公司光學零件業務收入 54.8 億元,同比增長約 26.9%,主要由於手機鏡
頭、車載鏡頭及 VR 相關產品的收入增加。光電產品收入 131.9 億元,同比增長
35.5%,主要由於手機攝像模組及車載模組的收入增加。
手機:公司聚焦高端產品,產品結構優化
智慧手機市場的復蘇促使 2024 年公司手機鏡頭累計交付 13.2 億顆,同比增長約
13.1%,超出中期指引。而手機攝像模組累計交付 5.3 億顆,同比下降 5.9%,低於中
期指引。產品表現分化主要由於公司採取高端化戰略,逐步優化產品組合,降低低端
產品占比。同時,手機相關產品組合的改善有望進一步提升平均售價和改善毛利率,
因此我們預計 2024 年全年光學零件業務收入可達 121.9 億元,光電產品收入可達
238.4 億元。另外, AI 的加持使得智慧手機更加智慧化和個性化,引領新換機需求,
推動攝像頭升級的多元化,為攝像頭產業鏈帶來了更多發展機會。
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She graduated from the University of New South Wales with a bachelor's degree in accounting and finance and from the University of Hong Kong with a master's degree in finance. He is currently a licensed analyst at Phillip Securities, mainly responsible for research in the TMT and semiconductor sectors, and has worked in securities companies and family offices.