---
title: "《大行》招銀國際降舜宇目標價至 91.38 元  維持「買入」評級"
description: "招銀國際將舜宇光學目標價下調至 91.38 元，維持「買入」評級。舜宇預計 2025 財年淨利潤年增 70% 至 75%，受高端規格升級及收購歌爾光學股權影響。儘管智能手機業務疲弱，預計智能駕駛趨勢及 AI/AR 眼鏡量產將推動收入增長。每股盈利預測下調 1% 至 4%。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/274484663.md"
published_at: "2026-02-02T08:27:59.000Z"
---

# 《大行》招銀國際降舜宇目標價至 91.38 元  維持「買入」評級

> 招銀國際將舜宇光學目標價下調至 91.38 元，維持「買入」評級。舜宇預計 2025 財年淨利潤年增 70% 至 75%，受高端規格升級及收購歌爾光學股權影響。儘管智能手機業務疲弱，預計智能駕駛趨勢及 AI/AR 眼鏡量產將推動收入增長。每股盈利預測下調 1% 至 4%。

招銀國際研報指出，舜宇光學 (02382.HK) 發佈 2025 財年盈喜，料淨利潤年增 70% 至 75%，主要受到高端規格升級、產品組合優化及收購歌爾光學股權的投資收益驅動。展望今年，該行預測集團智能駕駛趨勢、AI/AR 眼鏡量產及高端鏡頭規格升級，將推動收入增長，足以抵銷因記憶體成本壓力導致的智能手機業務疲弱。

招銀國際下調集團今明兩年每股盈利預測 1% 至 4%，以反映智能手機行業的逆風；使用分類加總估值 (SOTP) 將目標價從 101.47 港元降至 91.38 港元，相當於預測 2026 財年 23.4 倍市盈率；維持「買入」評級。

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