2024年3月25日 公司研究 23 年净利润大幅下降，24 年有望筑底回升 ——舜宇光学科技（2382.HK）2023 年度业绩点评报告 要点 买入（维持） 事件：23年公司收入316.81亿元，同比下降4.6%；毛利率同比下降5.4pct 当前价：43.0港元 至 14.5%；归母净利润同比下降 53.5%至 10.99 亿元，介于盈利预警 10.84~12.04亿元人民币区间下限，符合市场预期。归母净利润同比大幅下降， 由于智能手机需求疲弱及光学降规降配，致手机镜头、手机摄像模组出货量、 作者 ASP、及毛利率下降。 分析师：付天姿 2023年安卓手机需求疲弱，手机光学盈利能力显著下滑：23年安卓手机需 执业证书编号：S0930517040002 求疲弱背景下，手机镜头/手机摄像模组出货量分别同比下降1.8%/同比上升 021-52523692 9.8%，超23年中期指引同比下降10%/同比持平或小幅略有上升，表现分化， futz@ebscn.com 分析由于：1）A客户手机镜头2H23拉货贡献手机镜头增长；2）手机摄像模 组接受更多中低端规格产品订单。盈利能力方面，由于：1）手机摄像模组产 分析师：王 ...

电子/光学光电子 公 司 研 舜宇光学科技 等待安卓手机光学重启升级、以及 XR 业务放量 究 （02382.HK） ——港股公司信息更新报告 2024年03月23日 吴柳燕（分析师） wuliuyan@kysec.cn 投资评级：增持（维持） 证 书编号：S0790521110001  等待安卓光学重启升级、XR业务放量有望驱动其重回快速增长 港 股 日期 2024/3/22 考虑到公司对 2024 年业绩指引展望低于市场此前乐观预期，基于非经营性收益 公 司 当前股价(港元) 43.700 回落至 5 亿的假设，我们将 2024-2025 年归母净利润预测由 16.79/21.39 下调至 信 一年最高最低(港元) 99.400/41.350 13.58/17.81 亿元，新增 2026 年归母净利润预测 22.08 亿元，对应同比增速分别 息 总市值(亿港元) 479.29 为 23.5%/31.2%/23.9%，当前股价 43.7 港币对应 2024-2026 年 31.9/24.3/19.6 倍 更 新 流通市值(亿港元) 479.29 PE，等待安卓光学重启升级、XR放量有望驱动其快速增长，维持 ...

M N 22 Mar 2024 CMB International Global Markets | Equity Research | Company Update Sunny Optical (2382 HK) Expectations reset on conservative guidance; Maintain HOLD Target Price HK$47.31 Sunny Optical (Sunny)’s FY23 net profit was largely in-line with profit warning, but (Previous TP HK$50.71) 2H23 GPM of 14.1% (vs 19% in 2H22) was below expectations due to more intense Up/Downside 1.0% competition despite spec upgrade and more high-end models in 2H23. For 2024 Current Price HK$46.85 guidance, while mgmt. ...

业绩简评 2024 年 3月 20日，公司发布 2023 年业绩公告。公司2023年收入 为 317 亿元、同减 5%，归母净利为 11 亿元、同减 54%；2023 年 H2收入为175亿元、同增 7%，归母净利为6.6 亿元、同减49%。 净利下降主要系手机需求疲软、降规降配。 经营分析 分下游来看，2023年手机、汽车、ARVR 相关产品收入为 209、53、 19亿元，同比-10%、29%、-9%，占比为66%、17%、6%；分产品来 看，2023 年光学零件、光电产品收入占比为30%、68%，毛利率为 28%、6%，均下降5pct，溢利率为11%、2%，下降7pct、2pct。 港币(元) 成交金额(百万元) 手机业务：2023 年手机镜头、摄像头出货量为 12、5.7 亿件，同 105.00 2,000 比-2%、10%，尽管智能手机需求疲软且仍处于降规降配阶段、但 95.00 11 ,, 68 00 00 是受益华为手机回归、产业链补库，手机业务逐步改善，2024 年 85.00 1,400 1,200 75.00 1,000 1~2 月手机镜头、摄像头同增 41%、61%，中国智能手机产量同增 ...

Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately RMB 31,681,300,000, a decrease of about 4.6% compared to the previous year[1]. - Gross profit for the same period was approximately RMB 4,590,400,000, down approximately 30.5%, with a gross margin of about 14.5%, a decline of approximately 5.4 percentage points year-on-year[1]. - Profit attributable to shareholders for the year was approximately RMB 1,099,400,000, representing a decrease of about 54.3% compared to the previous year[1]. - Total comprehensive income for the year was RMB 1,123,097,000, down from RMB 2,474,317,000 in the previous year[3]. - The net profit for the year ended December 31, 2023, was approximately RMB 1,150,300,000, a decrease of about 53.5% compared to the previous year[82]. - The net profit margin for the year ended December 31, 2023, was approximately 3.6%, down from about 7.5% in 2022[82]. - Basic and diluted earnings per share for 2023 were RMB 1,099,415, a decrease from RMB 2,407,796 in 2022[39]. Revenue Breakdown - Total revenue for the year ended December 31, 2023, was RMB 31,681,261,000, with contributions from optical components, optoelectronic products, and optical instruments being RMB 9,555,109,000, RMB 21,599,398,000, and RMB 526,754,000 respectively[12][18]. - Revenue from the Chinese market amounted to RMB 21,073,990,000, representing approximately 66.5% of total revenue[13][18]. - Revenue from optical components business was approximately RMB 9.56 billion, a slight increase of about 0.9%, driven by growth in automotive lens sales as supply constraints eased[76]. - Revenue from the optical instruments business increased by approximately 30.5% to RMB 526.8 million, attributed to rising demand in domestic industrial and medical sectors[76]. - Revenue from optoelectronic products decreased from RMB 23,325,866,000 in 2022 to RMB 21,599,398,000 in 2023, indicating a decline of about 7.4%[15][12]. Expenses and Costs - Research and development expenses for the year were RMB 2,566,475,000, compared to RMB 2,803,398,000 in the previous year[2]. - The cost of raw materials recognized as expenses was RMB 21,907,801,000 in 2023, compared to RMB 21,451,988,000 in 2022, showing an increase of about 2.1%[37]. - Sales and distribution expenses increased by approximately 17.7% to RMB 415.1 million, representing about 1.3% of total revenue[78]. - The company's depreciation and amortization expenses for 2023 were RMB 2,067,231,000, an increase from RMB 1,940,579,000 in 2022, representing a rise of approximately 6.5%[26]. Assets and Liabilities - The company's total assets as of December 31, 2023, were RMB 35,143,960,000, compared to RMB 30,645,596,000 in the previous year[4]. - Total assets as of December 31, 2023, amounted to RMB 50,297,076 thousand, an increase from RMB 43,001,288 thousand in 2022, reflecting a growth of approximately 17.5%[25]. - The total liabilities as of December 31, 2023, were RMB 27,415,446 thousand, up from RMB 20,818,902 thousand in 2022, representing an increase of about 31.5%[25]. - The company's net asset value increased to RMB 22,881,630,000 from RMB 22,182,386,000 year-on-year[5]. Cash Flow and Financing - The cash flow from operating activities for the year ended December 31, 2023, was approximately RMB 2,664,500,000, down from RMB 7,377,300,000 in 2022[86]. - The financing activities generated a net cash inflow of approximately RMB 4,857,700,000 for the year ended December 31, 2023[88]. - The company’s bank borrowings totaled RMB 2,664,313,000 as of December 31, 2023, compared to RMB 2,019,981,000 in the previous year[64]. - Interest income from bank deposits and short-term deposits rose to RMB 568,258,000 in 2023 from RMB 198,203,000 in 2022, reflecting a growth of approximately 187%[32]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.219 per share, equivalent to approximately RMB 0.200 per share[1]. - The company declared a proposed final dividend of HKD 0.219 per share for 2023, totaling approximately HKD 240,194,000, compared to HKD 0.500 per share in 2022, which totaled about HKD 548,425,000[38]. Market and Strategic Developments - The company is focusing on the development of optical components, optoelectronic products, and optical instruments, targeting applications in automotive, VR/AR, robotics, and mobile phones[68]. - The company plans to explore new market potential in smartphone-related businesses and improve operational quality while enhancing product delivery standards[75]. - The company aims to strengthen its competitive position in automotive, XR, and robotic vision-related businesses by enhancing technical capabilities and expanding market share[75]. Employee and Corporate Governance - The total employee compensation, including salaries and bonuses, was RMB 3,858,051,000 in 2023, slightly down from RMB 3,864,463,000 in 2022[37]. - As of December 31, 2023, the group had 29,524 full-time employees and has established a competitive compensation and benefits system to attract and retain talent[107]. - The group has established a fair and competitive compensation system, including basic annual salary, year-end bonuses, and share rewards, to align responsibility with benefits and performance with returns[107]. - The audit committee has reviewed the group's audited annual performance for the year ended December 31, 2023[113]. Risk Management and Compliance - The company has established a financial risk management policy to ensure all payables are settled within the credit period[63]. - The group has significantly reduced credit risk by diversifying trade receivables across numerous counterparties and clients, with no major credit concentration risk identified[103]. - The group has implemented measures to mitigate cash flow interest rate risk associated with variable-rate bank borrowings, ensuring that any future interest rate changes will not significantly impact performance[104]. - The group has committed capital expenditures of approximately RMB 690,800,000 for the acquisition of properties, machinery, and equipment, down from RMB 1,257,500,000 in 2022[94].

Investment Rating - The report assigns a "Buy" rating for the company with a target price range of HKD 56.90 to 60.82 [1][2]. Core Insights - The company is a global leader in the manufacturing of comprehensive optical components and products, established in 1984, and has a strong presence in various sectors including mobile phones, automotive, security, microscopy, robotics, AR/VR, industrial inspection, and medical testing [1][7]. - In 2022, the company's revenue was CNY 33.197 billion, a year-on-year decrease of 11.47%, with a net profit of CNY 2.408 billion, down 51.73% year-on-year, primarily due to a decline in smartphone demand [1][11]. - The company holds a 28.1% share of the global smartphone lens shipment market as of 2021, ranking first worldwide [1][11]. - The automotive sector is experiencing growth, with revenue from automotive-related products reaching CNY 4.108 billion in 2022, a year-on-year increase of 38.74% [1][11]. - The AR/VR market is rapidly developing, with significant growth expected in the coming years, and the company is actively expanding its product offerings in this area [1][11]. Summary by Sections Company Overview - The company has transitioned from a manufacturer of optical products to a provider of intelligent optical system solutions, with a focus on integrating optics, electronics, algorithms, and mechanics [7][9]. Business Segments - The company operates in eight major sectors: mobile phones, automotive, security, microscopy, robotics, AR/VR, industrial inspection, and medical testing, with a diverse product range [8][9]. Financial Performance - The company's revenue from optical components has shown significant growth, with a CAGR of 28.8% from 2004 to 2019, although growth has slowed due to external factors since 2020 [11][12]. - The revenue breakdown for 2022 indicated that optical components accounted for 28.52%, while optical products made up 70.27% of total revenue [11]. Market Position - The company maintains a leading position in the smartphone lens and automotive lens markets, with ongoing innovations in product development to meet evolving market demands [1][11]. Future Outlook - The report anticipates continued growth in the automotive and AR/VR sectors, driven by advancements in technology and increasing market demand [1][11].

证券研究报告 2024.03.10 公司研报 舜宇光学科技 2 月数据点评：拉货动能优于行业整体表现 贾顺鹤 分析员 黄天擎 分析员 彭虎 分析员 科技硬件 科技硬件 科技硬件 SAC 执证编号：S0080522060002 SAC 执证编号：S0080523060005 SAC 执证编号：S0080521020001 SFC CE Ref：BTN002 SFC CE Ref：BTL932 SFC CE Ref：BRE806 shunhe.jia@cicc.com.cn tianqing.huang@cicc.com.cn hu.peng@cicc.com.cn 维 持跑赢行业 公司动态 股票代码 股票评级 目标价 公司近况 02382.HK → 跑赢行业 港币81.90 3月8日，舜宇光学科技公布了2月出货量数据：1）手机光学：公司手机 摄像模组产品出货5206.7万片，同比增长72.1%/环比下滑16.4%；手机镜 股票代码 02382.HK 头产品出货1.04亿片，同比增长29.4%/环比增长1.1%。考虑到2023年 同期相对疲弱的拉货动能导致的低基数，公司2024年1-2月均呈现出较快 最新收盘价 ...

智通财经APP获悉，3月2日，深圳市工信局、深圳市政务服务和数据管理局联合印发《深圳市支持开源鸿蒙原生应用发展2024年行动计划》。《行动计划》提出：在2024年内实现深圳市鸿蒙原生应用数量占全国总量10%以上；深圳市主要垂域实现鸿蒙原生应用全覆盖；鸿蒙开发课程进入深圳市主要高校和培训机构，取得资质的鸿蒙开发者数量占全国总量15%以上；建成2家以上以鸿蒙原生应用软件开发、应用企业为主的专业产业园；拥有鸿蒙开发人才资质的软件企业超千家等。相关标的：舜宇光学科技(02382)、中国移动(00941)、中国电信(00728)、中软国际(00354)。 截至2023年底，开源鸿蒙开源社区已有250多家生态伙伴加入，开源鸿蒙项目捐赠人达35家，通过开源鸿蒙兼容性测评的伙伴达173个，累计落地230余款商用设备，涵盖金融、教育、智能家居、交通、数字政府、工业、医疗等各个领域。 目前，HarmonyOS NEXT鸿蒙星河版已于2024年1月份面向开发者开放申请，今年秋天鸿蒙系统将迎来大版本更新。鸿蒙星河版将实现原生精致、原生易用、原生流畅、原生安全、原生智能、原生互联六大极致原生体验。 华为终端云总裁朱勇刚在1月的鸿蒙生态 ...

深度报告 买入 AI 助力手机行业回暖，光学龙头受益确定性高 舜宇光学科技（2382.HK） 2024-2-29 星期四 投资要点 目标价： 68.85  全球手机行业逐步触底，2023年Q4同比首现正增长 现 价： 51.2 由于过去几年智能手机技术创新缓慢，消费者换机需求不足，换机周期从2 预计升幅: 34.5% 年被拉长到3年以上。现今距2016年的出货高峰已经过去 7年多，当年的 机型老化现象日益严重，换机需求不断提升。根据Canalys数据，2023年前 3 季度全球智能手机出货量跌幅不断收窄，第四季度更是同比增长 8%，显 重要数据 现出较强的企稳复苏信号。2023全年出货量为11.4亿台，跌幅收窄至4%。 日期 2024.2.280  AI或为手机交互带来革命性影响，进而推动行业增长 收盘价（港元） 51.26 随着AI大模型在端侧的应用逐步增多和成熟，AI将对手机的交互模式带来 总股本（亿股） 111 革命性影响，从而创新将创造新的市场。三星电子推出的Galaxy S24系列， 总市值（亿港元） 5689 其搭载的 AI 技术为用户带来了通话实时翻译、即圈即搜等具有创新性的功 净资产（亿港 ...

Financial Performance - Revenue for the first half of 2023 was RMB 14,278.6 million, with a net profit of RMB 459.4 million, reflecting a gross profit margin of 14.9%[5]. - The Group's revenue for the six months ended June 30, 2023, was approximately RMB 14,278.6 million, representing a decrease of approximately 15.9% compared to the same period last year[27]. - The gross profit for the same period was approximately RMB 2,130.6 million, representing a decrease of approximately 39.5%, with a gross profit margin of approximately 14.9%, down 5.9 percentage points year-on-year[31][35]. - The net profit for the six months ended June 30, 2023, was approximately RMB 459.4 million, a decrease of approximately 66.7%, resulting in a net profit margin of approximately 3.2%[40][43]. - Revenue from the Optoelectronic Products business segment was approximately RMB 9,736.5 million, representing a decrease of approximately 21.3% compared to the same period last year[29]. - Revenue generated from the Optical Components business segment was approximately RMB 4,317.9 million, representing a slight decrease of approximately 1.8% compared to the same period last year[28]. - The Group's revenue from the Optical Instruments business segment was approximately RMB 224.2 million, representing an increase of approximately 11.0% compared to the same period last year[29]. - The profit for the period attributable to owners of the Company was RMB 436,714, a decline of 67.8% from RMB 1,357,905 in 2022[176]. - Basic earnings per share decreased to 39.99 RMB cents from 124.13 RMB cents, representing a drop of 67.7%[176]. - Total comprehensive income for the period was RMB 442,877, down 68.1% from RMB 1,386,784 in the same period last year[176]. Market Trends - Global smartphone shipments decreased by approximately 11.1% year-on-year, totaling around 533.9 million units in the first half of 2023[10]. - The sales volume of new energy vehicles in China continued to rise, contributing to an increasing penetration rate in the automotive market[7]. - The market demand for VR/AR products was weak, with a significant decrease in shipments of VR head-mounted display devices in the first half of 2023[8]. - The optical instrument market maintained steady growth due to advancements in industrial inspection and automated medical fields[11]. - The popularity of foldable smartphones is rising, with manufacturers seeking breakthroughs in camera specifications, particularly the resurgence of periscope cameras[10]. Research and Development - The Group is exploring new product developments and market expansions to adapt to changing consumer demands and technological advancements[12]. - R&D efforts in the VR/AR field are being strengthened, focusing on VR near-to-eye display products and full-color AR optical waveguides[17]. - The company has completed the R&D of several LiDAR related products, including scanning modules and 3D Flash transceiver modules[15]. - The company has developed new HUD products with core manufacturers, featuring self-developed display modules with laser beam scanning solutions[15]. - The Group completed the R&D of variable aperture handset camera modules and 200-mega pixel periscope handset camera modules during the review period[23]. - The Group has made significant progress in the development of VR optical component inspection equipment, achieving industry-leading efficiency and accuracy in defect identification[24]. Financial Position - As of June 30, 2023, the Group's current assets were approximately RMB 31,990.4 million, while current liabilities were approximately RMB 18,207.8 million, resulting in a current ratio of approximately 1.8 times[51]. - The Group's total assets as of June 30, 2023, were approximately RMB 46,685.3 million, representing an increase of approximately 8.6% compared to 31 December 2022[51]. - The Group's cash and cash equivalents increased to approximately RMB 11,170.0 million as of June 30, 2023, up from approximately RMB 7,033.2 million at the end of 2022[51]. - Bank borrowings as of June 30, 2023, totaled approximately RMB 2,761.5 million, an increase from approximately RMB 2,020.0 million as of 31 December 2022[55]. - The Group's gearing ratio was approximately 12.2% as of June 30, 2023, indicating a sound financial position[58]. - The Group's investment activities include the purchase and redemption of unlisted financial products, with investment income based on the performance of government debt instruments and treasury bills[66]. Employee and Corporate Governance - The Group had 26,862 full-time employees as of June 30, 2023, and has implemented a competitive remuneration policy to attract and retain talent[103]. - The Group's internal audit department ensures sound internal controls to safeguard Shareholders' investment interests and the Group's assets safety[155]. - The Audit Committee consists of four independent non-executive Directors and has reviewed the interim report and unaudited condensed consolidated financial statements for the six months ended 30 June 2023[159]. - The Company has confirmed compliance with the Model Code regarding Directors' securities transactions throughout the six months ended 30 June 2023[157]. - The Company complied with all mandatory disclosure requirements of the Corporate Governance Code for the six months ended 30 June 2023[150]. Investment Activities - The Group's portfolio of unlisted financial products had a total carrying amount of approximately RMB 8,142.6 million, down from RMB 10,086.4 million as of December 31, 2022[77]. - The unlisted financial products subscribed by the Group represented approximately 17.4% of the Group's total assets as of June 30, 2023, compared to 23.5% as of December 31, 2022[79]. - The investment income from unlisted financial products for the six months ended June 30, 2023, was approximately RMB 227.8 million, an increase from RMB 144.4 million in the corresponding period of 2022[79]. - The Group intends to further diversify its investments among different banks to lower concentration risk and enhance competitiveness in the future[83]. - The Group's investment activities were primarily funded by idle self-owned funds, ensuring a high level of liquidity and low risk[82]. Challenges and Future Outlook - The overall economic recovery in China remains slow, impacted by the lingering effects of the COVID-19 pandemic[6]. - The Group anticipates challenges from slow global economic recovery and intensified competition but sees growth potential in the digital and green economy[108][110]. - The rapid development of autonomous driving and emerging industries like VR/AR and robotic vision presents new market opportunities for the Group[108][110]. - The Group aims to tap new potentials in mature businesses by increasing the supply proportion to major customers and improving the mix of high-end products[111][114].