舜宇出貨平平 中銀升目標價

很快補充一下舜宇十月份出貨數據，應該說數據平平：手機鏡頭出貨量同比增長38.9%但環比下降5.7%；手機模組有所復甦，同比增長11.9%，環比增長5.3%；車載鏡頭幾乎與上月持平，同比增長33.5%。

另外，中銀國際將舜宇目標價由原來142調高到應該是street-high的188。

Sunny will cooperate with ams AG (AMS SW, NR) to develop smart device and vehicle 3D sensing module, which opens a huge new market for Sunny. Reiterate STRONG BUY with higher TP at HK$188.00. 

Key Factors for Rating 

 Cooperation with ams paves a solid path into the 3D sensing market. 

Sunny and ams announced they will jointly develop and market 3D sensing cameras for mobile device and automotive use, which will enable a faster time-to-market for high-performance 3D camera. Sunny will offer its expertise in advanced semiconductor packaging, optical system design, mass production abilities as well as precise active alignment and optical calibration technologies. ams will mainly be responsible for key optical components, as well related software and algorithms. ams is a leading worldwide supplier of high-performance sensor solutions and a supplier of key components for iPhone X 3D sensing module. The cooperation paves the path for Sunny to accelerate the launch of 3D products for both mobile and vehicle use.

 Maintain STRONG BUY with higher TP of HK$188.00. 

We added 20m and 100m 3D module shipment to our 2018E and 2019E assumptions, which boosts 2018E and 2019E earnings by 2% and 13%, respectively. We roll over half a year and lift our target price to HK$188.00 based on average of 2018E and 2019E SOTP.