舜宇光学科技 （02382.HK） 2025 年 03 月 25 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(港元) | 76.950 | | 一年最高最低(港元) | 96.150/33.300 | | 总市值(亿港元) | 842.45 | | 流通市值(亿港元) | 842.45 | | 总股本(亿股) | 10.95 | | 流通港股(亿股) | 10.95 | | 近 3 个月换手率(%) | 79.0 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-03 2024-07 2024-11 2025-03 舜宇光学科技 恒生指数 相关研究报告 2024 年归母净利润 27 亿同比增长 146%处在此前盈利预告 26.4-27.5 亿元区间中 值，整体收入及毛利率符合我们预期、经营费用投入超出我们预期（由于信息化 建设带来的行政费用增加）、但被公司分占联营公司收益、非经营性收入超预期 抵消。分拆来看：（1）手机模组业务产品结构调整驱动 ASP 和毛利率如期改善， 我们测算 2024 年毛利率接近 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表明概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED 舜 宇 光 學 科 技（ 集 團 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2382.HK） 截至二零二四年十二月三十一日止年度 全年業績公告 業績摘要 截至二零二四年十二月三十一日止年度，本集團的收入約人民幣（「人民幣」） 38,294,500,000元，較去年上升約20.9%。 截至二零二四年十二月三十一日止年度，本集團的毛利約人民幣7,006,000,000 元，較去年上升約52.6%。毛利率則約18.3%，較去年上升約3.8個百分點。 截至二零二四年十二月三十一日止年度，本公司股東應佔年內溢利約人民幣 2,699,200,000元，較去年上升約145.5%。 董事會建議派發截至二零二四年十二月三十一日止年度之末期股息本公司每股 股份（「股份」）0.532港元（「港元」）（相等於每 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Sunny Optical Technology (2382.HK) [5][7]. Core Views - Sunny Optical Technology has established itself as a global leader in the optical components and products manufacturing sector, with a diversified business model serving multiple industries including mobile phones, automotive, and security [3][11]. - The company reported a significant revenue increase of 32.1% year-on-year, reaching 18.86 billion RMB in the first half of 2024, alongside a remarkable net profit growth of 147.1% year-on-year, amounting to 1.08 billion RMB [3][17]. - The report highlights the recovery in smartphone demand and the acceleration of AI-driven optical innovations as key growth drivers for the company [4][52]. Summary by Sections 1. Company Overview - Sunny Optical Technology has over 30 years of experience in the optical field and has maintained a strong growth trajectory, ranking among the top 500 companies in China for nine consecutive years [11]. - The company has a comprehensive industrial layout covering design, R&D, production, and sales of optical and related products, with a leading market share in automotive and mobile phone lenses [11][19]. 2. Smartphone Market Recovery - The report notes a recovery in global smartphone demand, with a shift towards high-end models driving growth in optical system requirements [4][38]. - The company has positioned itself well within the Apple supply chain and continues to hold a critical role among mainstream Android manufacturers, benefiting from optical innovations [4][46]. 3. Automotive Optical Market - Sunny Optical's automotive optical business has seen rapid growth, with revenues increasing from 1.56 billion RMB in 2018 to 5.28 billion RMB in 2023, reflecting a CAGR of 27.7% [65]. - The report emphasizes the importance of advanced driver-assistance systems (ADAS) and the increasing demand for high-precision sensors as key factors driving the automotive optical market [65][73]. 4. XR Product Development - The company is expanding its product matrix in the XR (AR/VR) space, which is expected to become a significant growth driver as the market matures [5][30]. - Continuous R&D efforts in AR/VR lenses and optical modules are aimed at enhancing user experience and reducing costs [5][56]. 5. Financial Forecast and Valuation - The report projects revenues of 38.89 billion RMB, 43.37 billion RMB, and 47.66 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.69 billion RMB, 3.49 billion RMB, and 4.25 billion RMB [5][6]. - The expected price-to-earnings ratios for the years 2024, 2025, and 2026 are 32, 25, and 20 respectively, indicating a favorable valuation outlook [5][6].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 104.05 per share, indicating a potential upside of 20.8% from the current price of HKD 86.1 [1][5]. Core Insights - The company's product structure improvement and the growth in downstream industry demand are expected to significantly enhance profitability in 2024, with projected net profit for shareholders ranging from RMB 2.639 billion to RMB 2.749 billion, representing an increase of approximately 140% to 150% compared to 2023 [3][9]. - The recovery of the global smartphone market, driven by high-end model sales and the integration of AI in hardware, is anticipated to lead to a year-on-year increase in smartphone shipments of about 6% to 7% in 2024 [4][9]. - The automotive market is also showing steady growth, particularly in the demand for electric vehicles and advanced driver-assistance systems, which is expected to increase the adoption rate of in-vehicle lenses [3][12]. Summary by Sections Financial Projections - Revenue forecasts for 2024 to 2026 are RMB 390.9 billion (+22.8%), RMB 440.8 billion (+12.8%), and RMB 487.2 billion (+10.5%) respectively. Net profit for the same period is projected to be RMB 27.05 billion (+146.1%), RMB 36.53 billion (+35%), and RMB 42.14 billion (+15.3%) [5][15]. - The average price-to-earnings (PE) ratio for comparable companies in the Hong Kong consumer electronics sector is projected at 24.6 times for 2025, while the report suggests a PE of 29 times for the company, leading to a target price of HKD 104.05 [5][15]. Market Trends - The report highlights that the average selling price of global smartphones is expected to increase by 3% in 2024, reaching USD 365, with further growth anticipated in 2025 [4][13]. - The penetration of AI applications in smartphones is projected to drive demand for higher specifications and features, which will positively impact the average selling price of components [4][13]. Product Performance - The company expects to deliver 1.324 billion smartphone lenses in 2024, marking a year-on-year increase of approximately 13.1%. However, the delivery of smartphone camera modules is projected to decline by 5.9% [9][12]. - In the automotive sector, the company maintains a leading position with an expected shipment of 102 million vehicle lenses in 2024, reflecting a year-on-year growth of about 12.7% [3][12].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 26.4 to 27.5 billion yuan in 2024, representing a year-on-year increase of 140% to 150%, exceeding market consensus expectations [2] Summary by Relevant Sections Mobile Segment - The company anticipates a shipment of 1.32 billion mobile camera lenses in 2024, a year-on-year increase of 13.1%. The average selling price (ASP) and gross margin are expected to improve due to the high-end product strategy, with a gross margin of around 20% for mobile lenses [3] - The shipment of mobile camera modules is projected to be 530 million units, a decrease of 5.9% year-on-year. The gross margin for mobile modules is expected to be between 6% to 8% in the first half of 2024, with an annual target of 6% to 10% [3] Automotive Segment - The company expects to ship 100 million vehicle-mounted lenses in 2024, a year-on-year increase of 12.7%. The gross margin for this segment is stable at around 40% [4] - The company is well-positioned to benefit from the penetration of intelligent driving systems in vehicles, as major manufacturers are integrating these features into more affordable models [4] Financial Forecasts - The company's projected net profits for 2024, 2025, and 2026 have been revised upwards to 26.9 billion, 33.2 billion, and 42.4 billion yuan respectively. The corresponding price-to-earnings (P/E) ratios are 35.6, 28.8, and 22.6 times [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of RMB 2.64-2.75 billion in 2024, representing a year-on-year increase of 140% to 150%, exceeding market consensus expectations [2] Summary by Relevant Sections Mobile Segment - The company anticipates a shipment of 1.32 billion mobile camera lenses in 2024, a year-on-year increase of 13.1%. The average selling price (ASP) is expected to grow over 20% due to product structure improvements, with the gross margin for mobile lenses reaching around 20% [3] - The shipment of mobile camera modules is projected to be 530 million units, a decrease of 5.9% year-on-year. The gross margin for mobile modules is expected to improve to 6-10% for the year [3] Automotive Segment - The company forecasts a shipment of 100 million automotive lenses in 2024, a year-on-year increase of 12.7%. The gross margin for automotive products is expected to remain stable at around 40% [4] - The company is well-positioned to benefit from the penetration of intelligent driving solutions in the automotive sector, which is expected to enhance its profitability [4] Financial Forecasts - The company's projected net profits for 2024, 2025, and 2026 have been revised upwards to RMB 2.69 billion, RMB 3.32 billion, and RMB 4.24 billion, respectively. The latest closing price corresponds to a price-to-earnings (P/E) ratio of 35.6, 28.8, and 22.6 times for the respective years [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding market benchmarks by more than 15% over the next 6-12 months [15]. Core Insights - The company is expected to achieve a net profit of RMB 26.39-27.49 billion for 2024, representing a year-on-year growth of 140%-150% compared to RMB 10.99 billion in 2023, slightly exceeding market expectations [1]. - Key growth drivers include the recovery of the global smartphone market, which is expected to boost the average selling price (ASP) and gross margin of mobile camera modules, alongside strong demand for automotive lenses driven by the rise of intelligent driving technologies [1][3]. - The company anticipates a continued upward trend in mobile optics specifications and a stable competitive landscape in the industry, leading to further improvements in profitability for mobile camera modules and lenses in 2025 [2][3]. Summary by Sections Financial Performance - The company forecasts a revenue increase from RMB 31.68 billion in 2023 to RMB 37.30 billion in 2024, reflecting a growth rate of 17.7% [4]. - Net profit is projected to rise from RMB 1.10 billion in 2023 to RMB 2.69 billion in 2024, with an EPS increase from RMB 1.01 to RMB 2.45 [4][9]. Market Dynamics - The smartphone camera module and lens shipments are expected to diverge, with lens shipments projected to grow by 13.1% to 1.32 billion units in 2024, while camera module shipments are expected to decline by 5.9% to 534 million units [2]. - The company is focusing on high-end products, which is anticipated to enhance the ASP of mobile camera modules and improve profitability [2]. Automotive Sector - The automotive lens shipments are projected to reach 102 million units in 2024, marking a 12.7% increase, aligning with the company's guidance [3]. - The introduction of intelligent driving technologies by major automotive players is expected to drive demand for automotive lenses, benefiting the company as a leading supplier in this segment [3]. Profitability Forecast - The report revises the net profit forecasts for 2024, 2025, and 2026 upwards by 8%, 18%, and 29% respectively, reflecting the anticipated recovery in profitability driven by optical specification upgrades and intelligent driving trends [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes that 2025 will be a year of high prosperity for the optical industry, driven by the upgrade of mobile phone optics, accelerated growth in automotive optical business, and the ramp-up of XR optics. The company is expected to see significant profit improvements in the second half of 2024, confirming the trend of mobile optical upgrades and breakthroughs with overseas major clients [5][6] - The forecast for net profit attributable to the parent company for 2024-2026 has been revised upwards to 2.7 billion, 3.7 billion, and 4.2 billion CNY, representing year-on-year growth of 146%, 37%, and 15% respectively [5] - The current stock price of 88.6 HKD corresponds to a PE ratio of 24.1 and 21.0 for 2025-2026 [5] Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: - 2024E: 37.941 billion CNY (YoY growth of 19.8%) - 2025E: 43.485 billion CNY (YoY growth of 14.6%) - 2026E: 48.584 billion CNY (YoY growth of 11.7%) [8] - Net profit projections are as follows: - 2024E: 2.7 billion CNY (YoY growth of 145.6%) - 2025E: 3.695 billion CNY (YoY growth of 36.8%) - 2026E: 4.236 billion CNY (YoY growth of 14.6%) [8] - The gross margin is expected to improve to 20.6% in 2025, with net margin at 8.5% and ROE at 12.8% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][14] Core Views - The report emphasizes that 2025 will be a year of high prosperity for the optical industry, driven by the upgrade of mobile phone optics, accelerated growth in automotive optical business, and the ramp-up of XR optical products. The company is expected to see significant profit improvements in the second half of 2024, confirming the trend of mobile optical upgrades and breakthroughs with overseas major clients [5][6]. Financial Summary and Valuation Metrics - The company's projected net profit for 2024 is revised upwards to a range of 2.64-2.75 billion, representing a year-on-year growth of 140%-150%. The estimated gross margin for mobile modules in 2024 is around 8%, with an expected increase to approximately 9% in the second half of 2024 [5][8]. - Revenue projections for the company are as follows: - 2022: 33,197 million - 2023: 31,681 million - 2024: 37,941 million (19.8% YoY growth) - 2025: 43,485 million (14.6% YoY growth) - 2026: 48,584 million (11.7% YoY growth) [8]. - The net profit estimates for 2025 and 2026 are 3.695 billion and 4.236 billion respectively, with year-on-year growth rates of 36.8% and 14.6% [8]. - The projected P/E ratios for 2025 and 2026 are 24.1 and 21.0 respectively, indicating a favorable valuation outlook [8].

Core Viewpoint - Sunny Optical Technology expects a significant increase in net profit attributable to shareholders for the year 2024, projecting a year-on-year growth of approximately 140% to 150% [1] Financial Performance - The company anticipates net profit attributable to shareholders to be between RMB 26.39 billion and RMB 27.49 billion for 2024 [1]