---
title: "《大行》招银国际降舜宇目标价至 91.38 元  维持「买入」评级"
description: "招银国际将舜宇光学目标价下调至 91.38 元，维持「买入」评级。舜宇预计 2025 财年净利润年增 70% 至 75%，受高端规格升级及收购歌尔光学股权影响。尽管智能手机业务疲弱，预计智能驾驶趋势及 AI/AR 眼镜量产将推动收入增长。每股盈利预测下调 1% 至 4%。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/274484663.md"
published_at: "2026-02-02T08:27:59.000Z"
---

# 《大行》招银国际降舜宇目标价至 91.38 元  维持「买入」评级

> 招银国际将舜宇光学目标价下调至 91.38 元，维持「买入」评级。舜宇预计 2025 财年净利润年增 70% 至 75%，受高端规格升级及收购歌尔光学股权影响。尽管智能手机业务疲弱，预计智能驾驶趋势及 AI/AR 眼镜量产将推动收入增长。每股盈利预测下调 1% 至 4%。

招银国际研报指出，舜宇光学 (02382.HK) 发布 2025 财年盈喜，料净利润年增 70% 至 75%，主要受到高端规格升级、产品组合优化及收购歌尔光学股权的投资收益驱动。展望今年，该行预测集团智能驾驶趋势、AI/AR 眼镜量产及高端镜头规格升级，将推动收入增长，足以抵销因记忆体成本压力导致的智能手机业务疲弱。

招银国际下调集团今明两年每股盈利预测 1% 至 4%，以反映智能手机行业的逆风；使用分类加总估值 (SOTP) 将目标价从 101.47 港元降至 91.38 港元，相当於预测 2026 财年 23.4 倍市盈率；维持「买入」评级。

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