困境反转，闻泰科技还有多大上涨空间？

虎嗅APP2022-06-19

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王总
2022-06-19
王总
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{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2244480844?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2022-06-19 11:54","share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","id":"2244480844","market":"hk","top_or_hot":-1,"title":"困境反转，闻泰科技还有多大上涨空间？","media":"虎嗅APP","content":"<html><body><div>\n<p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\" visible=\"\"><img helvetica=\"\" neue=\"\" src=\"https://static.tigerbbs.com/61cafb4fb88547dc91d762513c15691e\" visible=\"\"/></p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\" visible=\"\">出品 | 妙投APP</p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\" visible=\"\">作者 | 宋昌浩</p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\" visible=\"\">头图 | <a href=\"https://laohu8.com/S/000681\">视觉中国</a></p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\" visible=\"\"><strong helvetica=\"\" neue=\"\" visible=\"\"><a href=\"https://laohu8.com/S/600745\">闻泰科技</a>可能要迎来困境反转了。</strong></p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\" visible=\"\">开年以来，闻泰科技的股价一路下跌。这家机构重仓的股票短短5个月时间便遭受腰斩，股价刷新近三年低点，机构投资者纷纷被套。</p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\" visible=\"\">公司股价的下跌一方面受到公司的主要收入来源手机ODM业务需求疲软的影响，另一方面也和闻泰面临的传言基金经理调仓、被剔除<a href=\"https://laohu8.com/S/AAPL\">苹果</a>供应链、以及受到英国审查等传言有关。</p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\" visible=\"\">不过和公司手机业务下滑形成鲜明对比的是闻泰科技的核心利润来源半导体业务高景气度依旧，一季度净利率达到了23%，再创近期新高。</p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\">关于闻泰科技究竟该给半导体企业的估值还是ODM厂商的估值，市场充满了争议，那么究竟该如何合理的给予闻泰科技估值？随着三季度消费电子传统旺季即将到来，闻泰科技能否迎来困境反转？又有多大的上涨空间？</p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\"><strong helvetica=\"\" neue=\"\">本文将通过拆解闻泰科技的各部分业务，进行分部估值，以及估算闻泰科技未来的上涨空间。</strong></p><p helvetica=\"\" hidden=\"\" neue=\"\">妙投研究员宋昌浩老师在妙解公司《困境反转，闻泰科技还有多大上涨空间？》中做出了专业解读，<span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">您只需花费8.4元/12元就能解锁全文。</span></p><p arial=\"\" gb=\"\" helvetica=\"\" hidden=\"\" justify=\"\" line=\"2Acq\" linespacing=\"115\" neue=\"\" none=\"\" normal=\"\" ql-global-para=\"true\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><span>妙投会员可以直接在妙投APP免费阅读全文，非会员</span><strong arial=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">也可以</strong></strong></span><strong arial=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">添加妙妙子微信：</strong><strong arial=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">huxiuvip302，备注“文章标题”，免费查看全文。</strong></p><blockquote helvetica=\"\" neue=\"\"><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\"><strong helvetica=\"\" neue=\"\">本文核心看点：</strong></p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\">1、ODM集成业务困难时期已经过去，下半年逐渐好转，保守给予公司此块业务40亿估值，未来具有巨大弹性空间；</p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\">2、下游汽车电子景气，闻泰产能释放有序，未来仍将保持高速增长，给予半导体业务1080亿的估值；</p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\">3、光学模组业务进入苹果供应链，产能正逐渐释放，未来将和闻泰科技发挥协同作用，预计今年将扭亏为盈，保守给予公司此块业务10亿估值；</p><p helvetica=\"\" hidden=\"\" neue=\"\" rgb=\"\">4、综上，妙投认为闻泰科技的合理总市值1130亿元，对应当前840亿的市值，保守预计未来仍有35%的上涨空间。</p></blockquote>\n</div></body></html>","source":"weixin_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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