2022年11月舜宇光学（“公司”）的出货量数据反映出来自智能手机市场的需求仍然疲弱。手机镜头和手机摄像模组的出货量分别同比下滑了26.4%和23.4%。尤其是手机摄像模组出现了相对较大的21.0%环比下滑，这主要是由于10月份个别客户出现临时性的备货需求而导致的高基数。虽然近期中国对疫情防控政策的调整有可能刺激国内对消费电子产品的需求，但我们预计智能手机需求和规格升级趋势的明显修复仍需时日。2022年已进入尾声，我们相信12月的手机镜头业务应当不会有任何惊喜。考虑到与北美和韩国大客户的稳定合作，我们预计公司2023年的手机镜头出货量对于全球消费电子市场的恢复将会非常敏感。
　　 2022年11月车载镜头出货量同比上升47.4%，主要是由于去年同期汽车芯片短缺造成的低基数。我们预计公司车载镜头业务将维持较强的增长动能，考虑到（1）汽车供应链中关键零部件缺货问题逐步缓解，以及（2）新能源汽车和智能化汽车发展加速。
　　公司短期业绩承压，但中长期增长逻辑仍然存在。据路透社报道，苹果的重要供应商富士康预计其郑州工厂的产能在2022年12月底至2023年1月初之间有望全部恢复。这将有助于公司稳定其手机镜头业务。我们预计2023年将是苹果的创新大年，一些主力新品的性能将得到显著提高，而其革命性的混合现实（MR）设备也已经呼之欲出。因此，中长期来看，整个苹果供应链有望深度受益于需求恢复与产品升级。我们目前对公司的投资评级为“收集”，每股目标价为131.00港元，目标价相当于24.0倍2024年市盈率。

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus13December2022TableSummaryTableofContents目录Focus今IndustryandCompanyFocus行业和公司焦点晨Nil焦Research点LatestReports最新报告摘要MorningCompanyEPSCodeTitleTPChgRatingChgNameEstChange代码标题目标价z评级变动公司名称盈利预测是否改变FlashNoteNov2022ShipmentReviewItWillStillTakeTimetoSunnyOptical02382HKHK13100--Accumulate--NWitnessRecoveryinHandsetLensBusiness快讯2022年11月出货量点评手机镜舜宇光学02382HKHK13100--收集--否头业务恢复仍需时日证SectorReportTheDataFactorTelecommunic告MarketIsAdvancingRapidly--Outperform--N券ationsSectorOutperform研报行业报告数据要素市场快速推进跑赢通信行业--跑赢大市--否大市究究报研NewlyPublishedKeyEconomicDataforChinaUSandEurope告券中美欧最新公布的重要经济数据EquityResearchReport证AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版HSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Dec21Mar22Jun22Sep22Dec22Dec21Mar22Jun22Sep22Dec22SourceBloombergSourceBloombergPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndex1946363-220DailyTurnover158751MainlandChinaDailyTurnover913602Seethelastpagefordisclaimer1of6MorningResearchFocus恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE662830-301636841437100国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE419267-4053578400033663778科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEwasrecordedasatDec11PleasesubscribeGTJAIResearchandanalystsWechatsubscriptionaccount国泰君安国际研究部戴清策略研究PleasescantheQRcodesontheright-handsideResearchReportDatabase1wwwgtjaicomResearchFocusCompanyResearchHighlights2BloombergReportPageRESPGJIRorNHGTJ欢迎订阅国泰君安国际研究部和策略团队的微信公众号公众号账号国泰君安国际研究部戴清策略研究研究报告库1wwwgtjaicom研究报告公司点评专题研究2Bloomberg报告页面RESPGJIR或NHGTJIndustryandCompanyFocusNil无TableLatestLatestReportsFlashNoteSunnyOptical02382HKNov2022ShipmentReviewItWillStillTakeTimetoWitnessRecoveryinHandsetLensBusinessRatingAccumulate6-18mTPHK13100AnalystJackLiuReportDate2022-12-12SummaryShipmentstatisticsofSunnyOpticaltheCompanyinNov2022reflectedthatdemandfromsmartphonemarketremainedweakShipmentvolumeforhandsetlenssetsandhandsetcameramodulesdeclinedby264YoYand234YoYrespectivelySpecificallyhandsetcameramodulesregisteredrelativelylargeMoMdeclineof210inNov2022whichwasmainlyduetothehighbaseasaresultofsuddendemandfromacustomerinOct2022AlthoughrecentadjustmentsintheCovidpreventionpolicyinChinamightstimulatedomesticdemandforconsumerelectronicproductsweanticipatethatitwilltakesometimeforthemarkettowitnessnotablerecoveryinsmartphonedemandandthespecificationupgradetrendAstheyeardrawstoaclosewedonotexpectanysurpriseinhandsetlensbusinessinDec2022ConsideringstablecooperationwithitsmajorcustomersinNorthAmericaandKoreaweexpecttheCompanyshandsetlensshipmentsin2023tobehighlysensitiveagainstrecoveryintheglobalconsumerelectronicsmarketShipmentsforvehiclelenssetsgrewby474YoYinNov2022mainlyduetothelowbaseasaresultofchipshortagesintheautomobilessupplychaininthesameperiodlastyearWeexpecttheCompanysvehiclelenssetsbusinesstomaintainrelativelystronggrowthmomentumconsideringishortageofkeycomponentsintheautosupplychainwillgraduallyalleviateandiiaccelerateddevelopmentofnewenergyvehiclesandintelligentvehiclesTheCompanysshort-termresultsareunderpressurebutmid-tolong-termgrowthlogicstillstandsAccordingtoReutersAppleskeysupplierFoxconnisexpectingitsCovid-hitZhengzhouplantinChinatoresumefullproductioncapacityaroundlateDecembertoearlyJanuaryThiswillhelpstabilizetheCompanyshandsetlensbusinessWeanticipatethat2023willbeavitalyearforApplesinnovationasseveralmajornewproductswillhavesignificantperformanceimprovementandarevolutionarymixedrealityMRproductisonthehorizonThereforethewholeApplesupplychainwillbenefitmassivelyfromdemandresumptionandproductupgradeinthemid-to-longtermOurcurrentinvestmentratingfortheCompanyisAccumulatewithatargetpriceofHK13100persharerepresenting240x2024FPERSeethelastpagefordisclaimer2of6MorningResearchFocusTableFocusSectorReportTelecommunicationsSectorTheDataFactorMarketIsAdvancingRapidlyOutperformRatingOutperform6-18mTPnaAnalystGinYuReportDate2022-12-12SummaryPoliciesbenefitingthedatafactormarketarebeingpromotedleadingtorapiddevelopmentofthedatafactormarketThe14thFive-YearPlanonthedevelopmentofthedigitaleconomyproposedthegoalofpreliminarilyestablishingamarketsystemfordatafactorsTheOpinionsoftheCentralCommitteeoftheCommunistPartyofChinaandtheStateCouncilonAcceleratingtheConstructionofaNationalUnifiedMarketproposedtospeedupthecultivationofthedatafactormarketThe26thmeetingoftheCentralComprehensivelyDeepeningReformsCommissionpointedoutthatitisnecessarytoestablishanefficientdatapropertyrightssystemacirculationandtransactionsystemandamarket-orientedallocationmechanismfordataTheMinistryofFinancealsosolicitedopinionsfromrelatedindustrycompaniesMeanwhilethepaceofdevelopmentofdataexchangeshassignificantlyacceleratedIn2022manydataexchangeshavebeenestablishedThescaleofChinasdatafactormarketreachedRMB815billionin2021whilethecontributionrateandcontributiondegreetotheGDPgrowthin2021was147and083pptrespectivelyThedevelopmentandutilizationofthedatafactorwillbefurtherintegratedintoallaspectsofeconomicandsocialdevelopmentandwillenterarapiddevelopmentstageandbreakthroughsAsanimportantinformationchanneltelecomoperatorshaveuniqueadvantagesindatafactormarketThevalueofthedatafactorliesinthemultipliereffectthedatafactorcanaccuratelymatchsupplywithdemandamplifyingthevalueofotherproductionfactorsAtthesametimethedatafactorcanbeeffectivelyutilizedthroughdataminingandanalysisIntermsofdatacollectionandstoragewithmassiveinformationinfrastructuretelecomoperatorscanutilizeallocatedfrequencybandwidthresourcesandexistingconnectionsinboththeconsumermarketandIoTdomainIntermsofdataprocessingandanalysisrelyingonpowerfulcomputingpowertelecomoperatorscanmoreeffectivelyprocessdataAccordingtodatafromtheMinistryofIndustryandInformationTechnologyinJan-Oct2022thecumulativegrowthrateofbigdatarevenueoftelecomoperatorsexceeded593WegiveanOutperformratingWerecommendChinaMobile00941HKChinaTelecom00728HKChinaUnicom00762HKandZTE00763HKRiskWarningSlower-than-expectedconstructionofEast-to-WestComputingResourceTransferProject5GdevelopmentandcloudcomputingNewlyPublishedKeyEconomicDataforChinaUSandEuropeTableNewlyPublished中美欧最新公布的重要经济数据AnalystJackWu分析员吴狄CurrentMarketCountryIndicatorDataPeriodMoMQoQYoYValueConsensus国家指标名称数据期间环比变动同比变动当期值市场一致预期ChinaManufacturingPMINov48012ppts21ppts490中国制造业采购经理人指数11月SourceBloomberg数据来源彭博ChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无Seethelastpagefordisclaimer3of6MorningResearchFocusTableLatestchi最新报告快讯舜宇光学02382HK2022年11月出货量点评手机镜头业务恢复仍需时日评级收集6-18m目标价HK13100分析员柳晨报告日期2022-12-12报告摘要2022年11月舜宇光学公司的出货量数据反映出来自智能手机市场的需求仍然疲弱手机镜头和手机摄像模组的出货量分别同比下滑了264和234尤其是手机摄像模组出现了相对较大的210环比下滑这主要是由于10月份个别客户出现临时性的备货需求而导致的高基数虽然近期中国对疫情防控政策的调整有可能刺激国内对消费电子产品的需求但我们预计智能手机需求和规格升级趋势的明显修复仍需时日2022年已进入尾声我们相信12月的手机镜头业务应当不会有任何惊喜考虑到与北美和韩国大客户的稳定合作我们预计公司2023年的手机镜头出货量对于全球消费电子市场的恢复将会非常敏感2022年11月车载镜头出货量同比上升474主要是由于去年同期汽车芯片短缺造成的低基数我们预计公司车载镜头业务将维持较强的增长动能考虑到1汽车供应链中关键零部件缺货问题逐步缓解以及2新能源汽车和智能化汽车发展加速公司短期业绩承压但中长期增长逻辑仍然存在据路透社报道苹果的重要供应商富士康预计其郑州工厂的产能在2022年12月底至2023年1月初之间有望全部恢复这将有助于公司稳定其手机镜头业务我们预计2023年将是苹果的创新大年一些主力新品的性能将得到显著提高而其革命性的混合现实MR设备也已经呼之欲出因此中长期来看整个苹果供应链有望深度受益于需求恢复与产品升级我们目前对公司的投资评级为收集每股目标价为13100港元目标价相当于240倍2024年市盈率行业报告通信行业数据要素市场快速推进跑赢大市评级跑赢大市6-18m目标价na分析员余劲同报告日期2022-12-12报告摘要数据要素政策推进行业快速发展十四五数字经济发展规划提出数据要素市场体系初步建立的目标中共中央国务院关于加快建设全国统一大市场的意见提出加快培育数据要素市场中央全面深化改革委员会第二十六次会议指出要建立高效的数据产权制度流通和交易制度数据要素市场化配置机制财政部也发函向有关单位征求意见同时数据交易所建设步伐明显加快2022年以来多个数据交易所先后揭牌成立2021年中国数据要素市场规模达到人民币815亿元对当年GDP增长的贡献率和贡献度分别为147和083个百分点数据要素的开发利用将进一步渗透到经济社会发展的方方面面整体将进入突破的快速发展阶段运营商作为重要的信息管道在数据要素方面拥有独特的优势数据要素的利用价值在于其具备乘数作用能够通过数据精准对接供需放大其他要素价值同时通过数据挖掘和分析可以有效地利用数据要素在数据采集与储存上凭借海量信息基础设施运营商能够利用其分配的频率资源和既有消费者市场以及IoT连接在数据加工与分析上依托其强大的算力运营商能够更有效地进行数据处理根据工信部数据2022年1-10月运营商大数据收入累计增速达593我们给予跑赢大市评级推荐中国移动00941HK中国电信00728HK中国联通00762HK和中兴通讯00763HK风险提示东数西算和5G落地进程不及预期云计算发展不及预期Seethelastpagefordisclaimer4of6MorningResearchFocusResearchDepartment研究部NoahHudsonHeadofResearch主管noahhudsongtjascomhk8675523976684HaoZhou周浩ChiefEconomist首席经济学家haozhougtjascomhk85225097582BillySun孙英超Macro宏观billysungtjascomhk85225092603JakeWang汪昌江Strategy策略changjiangwanggtjascomhk8675523976675AndyHuang黄凯鸿Strategy策略kaihonghuanggtjascomhk8675523976702JackWu吴狄Strategy策略diwugtjascomhk8675523976718EvanLi李少金Strategy策略evanligtjascomhk85225095375GaryWong黄家玮ConstructionEngineering建筑工程garywonggtjascomhk85225092616KevinGuo郭勇NonferrousMetals有色金属yongguogtjascomhk8675523976671RichardCao曹柱Banking银行zhucaogtjascomhk8675523976870JunZhu朱俊杰NewEnergy新能源junjiezhugtjascomhk85225097592DannyLaw罗沛达WholesaleRetail批发零售含教育dannylawgtjascomhk85225097768GinYu余劲同Telecommunications通信ginyugtjascomhk8675523976686JackLiu柳晨Electronics电子chenliugtjascomhk85225092149PeterShao邵俊樨EnergyOperations能源运营petershaogtjascomhk85225095464TeddyLin林荣叶MediaCulture传播文化含体育rongyelingtjascomhk8675523976692ChunliZhan詹春立Property房地产jameszhangtjascomhk85225097745AndyChen陈思超FoodBeverages食品饮料含化妆品andychengtjascomhk85225092665AlexBai白舸Machinery机械gebaigtjascomhk85225097202VincentLiu刘健威MediaCulture传播文化含体育jianweiliugtjascomhk8675523976680IvanWu吴凱翔Automobiles汽车ivanwugtjascomhk85225092649HansenTang汤瀚森TextilesApparel纺织服装hansentanggtjascomhk8675523976884FrancoLi李炜Non-BankFinance非银行金融francoligtjascomhk85225097204DanielTao陶选Computer计算机danieltaogtjascomhk8675523976885EsabellaZhao赵舒蔓ComprehensiveSupport综合支持shumanzhaogtjascomhk8675523976681PennyPan潘凌蕾ComprehensiveSupport综合支持pennypangtjascomhk85225092632Seethelastpagefordisclaimer5of6MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKPOWERLONGREALESTATE01238HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKCHINASUNTIEN00956HKJINKESERVICES09666HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKGREENTOWNCHINA03900HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKCHERVON02285HKKINGSOFT03888HKASYMCHEM-HSHARES06821HKJIANGSUEXPRESSWAY00177HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKCITICSEC-HSHARES06030HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2022GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer6of6