Investment Rating - Buy (maintained) [2] Core Views - The company's mobile phone business has significantly recovered, and the automotive and AR/VR businesses are driving further growth momentum [4] - The company's 24H1 revenue reached 18.86 billion yuan, a year-on-year increase of 32.1%, with net profit attributable to the parent company reaching 1.079 billion yuan, a year-on-year increase of 147.1% [3] - The company's gross profit margin improved significantly, with a 24H1 gross profit of 3.247 billion yuan, a year-on-year increase of 52.4%, and a gross profit margin of 17.2%, an increase of 2.3 percentage points year-on-year [3] - The company's mobile phone lens and module businesses maintain the top global market share, with product premiumization driving profitability improvements [4] - The company's automotive business continues to advance, and its AR business collaborates with industry-leading customers to create benchmarks [4] Market Performance - The company's stock price has shown significant volatility, with a 52-week range of 34.450-75.900 HKD [5] - The Hang Seng Index has shown mixed performance over the past 3 months, with an absolute increase of 3.59% and a relative increase of 14.41% [1] Financial Performance and Forecast - The company's revenue is expected to grow from 38.617 billion yuan in 2024E to 47.667 billion yuan in 2026E, with a compound annual growth rate (CAGR) of 11.1% [5] - Net profit attributable to the parent company is expected to grow from 2.331 billion yuan in 2024E to 3.320 billion yuan in 2026E, with a CAGR of 19.3% [5] - The company's gross profit margin is expected to improve from 17.7% in 2024E to 18.6% in 2026E [5] - The company's return on equity (ROE) is expected to increase from 9.57% in 2024E to 11.22% in 2026E [5] Business Segments - Mobile phone-related business: Revenue of 13.029 billion yuan in 24H1, a year-on-year increase of 34% [3] - Automotive-related business: Revenue of 2.877 billion yuan in 24H1, a year-on-year increase of 16% [3] - AR/VR business: Revenue of 992 million yuan in 24H1, a year-on-year increase of 111% [3] - Optical components business: Revenue of 5.48 billion yuan in 24H1, a year-on-year increase of 26.9% [3] - Optoelectronic products business: Revenue of 13.191 billion yuan in 24H1, a year-on-year increase of 35.5% [3] Valuation - The company's P/E ratio is expected to decrease from 20x in 2024E to 14x in 2026E [4] - The company's P/B ratio is expected to decrease from 1.90x in 2024E to 1.56x in 2026E [6] - The company's P/S ratio is expected to decrease from 1.20x in 2024E to 0.97x in 2026E [6] Industry Outlook - The industry is expected to deliver returns between -10% and 10% relative to the benchmark index [8]

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） 截至二零二四年六月三十日止六個月 中期業績公告 業績摘要 截至二零二四年六月三十日止六個月，本集團未經審核的收入約人民幣（「人民 幣」）18,860,200,000元，較去年同期增加約32.1%。 截至二零二四年六月三十日止六個月，本集團的毛利約人民幣3,246,500,000 元，較去年同期增加約52.4%。毛利率則約17.2%，較去年同期增加約2.3個百分 點。 截至二零二四年六月三十日止六個月，本集團的本公司股東應佔期內溢利約人 民幣1,079,000,000元，較去年同期增加約147.1%。 財務業績 舜宇光學科技（集團）有限公司（「本公司」）董事（「董事」，各為一名「董事」）會 （「董 ...

the content of the cont 证券所充报告 鼻宇光学科技 (2382 HK) 7月：产品组合变化影响模组出货重 牟 养 研究 2024 年８月 12 日 | 中国香港 是新娘各 电子无件 核心观点：手机线线线线线，手机模组由货量下滑 牵宇光学科技（牵宇）千８月９日公布了７月由貨童數据。手机摄像模组 网比下降 19.5%/环比增长 5.5%，手机钱头出货量网比增长 20.7%/环比增 长 6.1%。管理层在公告中表示，手机钱头出货查增长主委得益于去年的低 基数，而手机摄像模组出货查下降主因产品组合的改变，低端手机摄像模组 由貨臺域少。汽車援像头樸组同比增长 9%，环比增长 15.3%，主固客户端 宽未有所增加。我们认为支优的产品组合有望提振毛利率，3Q24 开始苹果 链客户逐渐扫货，4Q24 安卓链客户扫货，建议关注节奏。我们维持公司 2024/25/26 年归寻净利润人民币 23.17/27.67/33.57 亿元，以及基于 SOTP 目标价 60 港币。 手机镜头： 由覚量环比增长 6.1%，网比增长 20.7% 公司 7 月手机钱头出货查为 1.15 亿件： 网比增长 20.7%，环比增 ...

证券研究报告 | 2024年07月24日 证券分析师：胡剑 证券分析师：胡慧 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn S0980521080001 S0980521080002 证券分析师：叶子 证券分析师：詹浏洋 0755-81982153 010-88005307 yezi3@guosen.com.cn zhanliuyang@guosen.com.cn S0980522100003 S0980524060001 联系人：李书颖 0755-81982362 lishuying@guosen.com.cn 基础数据 收盘价 46.75 港元 总市值/流通市值 51182/51182 百万港元 52 周最高价/最低价 77.60/33.13 港元 近 3 个月日均成交额 650.93 百万港元 | --- | --- | |----------|----------------| | 投资评级 | 优于大市(维持) | | 合理估值 | | | 市场走势 | | | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 60.00 [1][5][10] Core Views - The company is expected to achieve a strong recovery in profits, primarily driven by improvements in product mix, particularly in mobile camera lenses and modules, as well as growth in automotive-related businesses [2][3][4] - The forecast for net profit for 2024, 2025, and 2026 has been raised by 42%, 37%, and 38% respectively, reaching RMB 23.17 billion, RMB 27.67 billion, and RMB 33.57 billion [2][5] - The report highlights that the mobile business is projected to see a sales increase of 13% in the first half of 2024, with a significant rise in shipment volumes for mobile camera lenses and modules [3][4] Summary by Sections Financial Forecasts - Revenue for 2024 is estimated at RMB 38,433 million, with a year-on-year growth of 21.31% [1][13] - The company's net profit for 2024 is projected to be RMB 2,317 million, reflecting a significant recovery from previous years [1][13] - The report anticipates a gross margin improvement in mobile camera modules due to a better product mix and rising average selling prices [3][4] Business Segments - Mobile Business: Expected sales of RMB 110 billion in the first half of 2024, with a 24% increase in shipment volumes for mobile camera lenses and a 14% increase for modules [3] - Automotive Business: Anticipated sales growth of 22% in the first half of 2024, with total sales projected to reach RMB 64 billion for the year [4] - The report emphasizes the stability of average selling prices and gross margins in the automotive segment [4] Valuation Methodology - The target price of HKD 60 is derived using the Sum-of-the-Parts (SOTP) valuation method, corresponding to a 26x PE ratio for 2024 [5][10] - The valuation breakdown includes HKD 20.8 for automotive business, HKD 10.1 for AR/VR products, HKD 19.9 for mobile business, and HKD 9.3 for other businesses [5][10]

Investment Rating - Reiterated "Buy" rating for Sunny Optical with a target price of HKD 57.0, implying an 18% upside potential [2] Core Views - Sunny Optical is benefiting from the recovery in smartphone demand, driving growth in its core optical business [2] - The company's 1H24 profit guidance exceeded market expectations, with net profit expected to be RMB 1.048-1.092 billion, up 140-150% YoY and 58-65% QoQ [2] - Growth drivers for 2H24 and 2025 include: 1) Recovery in smartphone demand leading to higher shipment volumes, ASPs, and gross margins for camera modules and lenses [2] 2) Increasing penetration of new energy vehicles driving growth in automotive modules and lenses [2] - The target price implies 2024 and 2025 P/E multiples of 23.9x and 20.3x respectively [2] Financial Forecasts - 2024 revenue forecast raised to RMB 36.846 billion, up 16% YoY [5] - 2024 net profit forecast raised to RMB 2.416 billion, up 120% YoY [8] - 2024 gross margin forecast at 17.0%, down 1.2 percentage points from previous forecast [11] - 2024 operating margin forecast at 8.8%, up 3.0 percentage points from previous forecast [11] Valuation - Sum-of-the-parts valuation applied with target P/E multiples of: - 12x for smartphone camera modules [9] - 15x for smartphone lenses [9] - 35x for automotive lenses [9] - 20x for other businesses [9] - This results in a target price of HKD 57.0 [9] Industry Context - Sunny Optical is positioned to benefit from the recovery in smartphone demand and growth in automotive optics [2] - The company's capacity expansion has been restrained, allowing revenue growth to translate into profit growth [2] - The report also covers other technology companies including smartphone brands, automotive companies, and semiconductor firms [13]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of HKD 63.4 [1] Core Views - The company's expected net profit for the first half of 2024 is projected to be between HKD 1.048 billion and HKD 1.092 billion, representing a year-over-year increase of 140% to 150% [1] - The recovery in smartphone demand and improvements in product mix are key drivers for the company's strong performance in H1 2024 [1] - The global smartphone shipment volume is expected to grow by 2.8% in 2024, with the company benefiting as a leading player in the industry [1] - The rise of AI technology is anticipated to drive a new wave of smartphone upgrades, with the company positioned to benefit from this trend [1] - The company is expanding its product offerings in the AR/VR and automotive optical sectors, which are expected to contribute to future growth [1] Financial Summary - Total revenue for 2023 is reported at HKD 31.832 billion, with a projected growth of 12.1% in 2024 [5] - The company's net profit for 2023 is HKD 1.099 billion, with an expected increase to HKD 2.114 billion in 2024, reflecting a growth rate of 92.2% [5] - Earnings per share (EPS) is projected to rise from HKD 1.00 in 2023 to HKD 1.93 in 2024 [5] - The company’s price-to-earnings (P/E) ratio is expected to decrease from 44 times in 2023 to 23 times in 2024 [5]

Investment Rating - The report upgrades the investment rating of Sunny Optical to "Buy" with a target price of HK$67.88, reflecting a significant potential upside from the current price [2][8]. Core Insights - The report highlights a positive profit warning for 1H24, projecting a year-on-year profit increase of 140-150%, driven by a recovery in gross profit margin (GPM), increased iPhone market share, and the adoption of hybrid/periscope camera technologies [2]. - Adjustments to FY24 and FY25 earnings per share (EPS) estimates have been made, increasing by 46-82% due to stronger GPM and market share growth [2][5]. - The anticipated launch of AI smartphones is expected to accelerate the upgrade cycle in the second half of 2024 [2]. Financial Summary - Revenue projections for FY24E, FY25E, and FY26E are set at RMB 39,816 million, RMB 44,259 million, and RMB 48,555 million, respectively, indicating a year-on-year growth of 25.7%, 11.2%, and 9.7% [5][11]. - Net profit estimates for FY24E, FY25E, and FY26E are RMB 2,458 million, RMB 2,709 million, and RMB 3,315 million, reflecting year-on-year growth rates of 123.6%, 10.2%, and 22.4% [5][11]. - The report indicates a recovery in GPM, with projections of 16.4% for FY24E, 16.8% for FY25E, and 17.6% for FY26E [7][11]. Market Position and Growth Drivers - Sunny Optical is expected to capture increased demand from iPhone and Android customers, with iPhone market share projected to grow to 18% in 2024 and 25% in 2025 [2]. - The report anticipates significant growth in the automotive lens segment, with a compound annual growth rate (CAGR) of 25% from FY22 to FY24E [8]. - The company is positioned to benefit from the recovery in the smartphone market and the introduction of augmented reality (AR) and virtual reality (VR) products [2][8]. Valuation Metrics - The report assigns a price-to-earnings (P/E) ratio of 25.2x for FY25E, reflecting the company's diversified growth across multiple business segments [8][9]. - The valuation is based on a sum-of-the-parts (SOTP) approach, with different P/E ratios assigned to various business units, including 18x for camera modules and 35x for automotive lenses [8][9].

22 Jul 2024 CMB International Global Markets | Equity Research | Company Update Sunny Optical (2382 HK) Positive profit alert alleviates GPM concerns; Upgrade to BUY We upgrade Sunny Optical to BUY and raise our TP to HK$67.88 following 1H24 positive profit alert of 140-150% YoY growth, as we think Sunny's GPM recovery, iPhone share gain and hybrid/periscope cam adoption are tracking ahead of expectations. We revised up our FY24-25E EPS by 46-82% to reflect stronger GPM, iPhone share gain (18%/25% in 2024/2 ...

Investment Rating - The report maintains a "Hold" rating for the company with a target price of HKD 47.31, reflecting a price-to-earnings ratio of 25.9 times FY25E earnings [8]. Core Insights - The company is expected to benefit from a high-end upgrade cycle driven by AI smartphones, ADAS mixed lenses, and AR Glass opportunities, indicating a positive outlook for growth [2][8]. - The management has raised global and China smartphone shipment forecasts for 2024 by 1.7% and 1.1%, respectively, suggesting a recovery in the smartphone market [2]. - The automotive segment is projected to maintain a gross profit margin (GPM) of over 40%, driven by growth in automotive modules [2]. - The XR business is anticipated to see diffraction waveguides become mainstream, positioning AR Glass as the next computing platform [2]. Financial Summary - Revenue is projected to increase from RMB 31,681 million in FY23A to RMB 36,545 million in FY24E, representing a year-over-year growth of 15.4% [6]. - Net profit is expected to recover from RMB 1,099.4 million in FY23A to RMB 1,351.2 million in FY24E, with a year-over-year growth of 22.9% [6]. - The company's earnings per share (EPS) is forecasted to rise from RMB 1.01 in FY23A to RMB 1.24 in FY24E [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 43.9x in FY23A to 35.7x in FY24E [6]. Market Position and Valuation - The company holds a leading position in the camera module (CCM) market in China, with a target P/E of 18x reflecting its advanced technology capabilities [8]. - The automotive lens business is assigned a P/E of 35x due to its high profitability and growth potential, with a CAGR of 25% from FY20 to FY23E [8]. - The smartphone lens segment is valued at a P/E of 25x, indicating confidence in its growth trajectory amid ongoing upgrades [8].