26 Jun 2024 Earnings Summary (YE 31 Dec) FY22A FY23A FY24E FY25E FY26E Revenue (RMB mn) 33,197 31,681 36,545 40,524 43,473 YoY growth (%) (11.5) (4.6) 15.4 10.9 7.3 Net profit (RMB mn) 2,407.8 1,099.4 1,351.2 1,837.9 2,193.6 YoY growth (%) (51.8) (54.3) 22.9 36.0 19.4 EPS (Reported) (RMB) 2.20 1.01 1.24 1.68 2.01 Consensus EPS (RMB) 2.20 1.20 2.21 2.97 4.20 P/E (x) 20.1 43.9 35.7 26.3 22.0 P/B (x) 2.2 2.1 2.0 2.0 1.9 Yield (%) 2.2 1.0 1.2 1.7 2.0 ROE (%) 11.2 4.9 5.8 7.6 8.6 Net gearing (%) (22.6) (45.5) 34 ...

2024 年 6 月 20 日 CMB 国际全球市场 | 股票研究 | 公司更新 阳光光学 （ 2382 香港 ） 投资者日收获 ： 高端升级将在 2H24E 加速 ； 边缘 AI 将推动长期增长 我们在余姚总部参加了 Sy Optical 的投资者日活动。总体而言，虽然出货量指引保持不变，但我们 对 Sy 在 2H24E 对智能手机复苏和高端机型加速升级的积极看法感到鼓舞。主要亮点包括 1 ） 智 目标价 47.31 港元 能手机 HCM / HLS 和汽车镜头组的全球第一位置，2 ） 高端 ADAS / LiDAR / HUD 市场的突破 （ 涨 / 跌 （ 9.0% ） 尤其是混合汽车镜头 ），3 ） 视觉输入和边缘 AI （ AI 电话，机器人 ） 的机会。此外，管理层。 现价 52.00 港元中国技术 从长远来看，共享有关边缘 AI 驱动的组件升级的见解。我们对 Sy 的技术领先地位和产品路线图持 积极态度，我们相信更好的出货量和缓解的竞争将推动 GPM 在 2H24E 的复苏。该股目前的 FY24 亚历克斯 NG / 25E 交易价格为 39 倍 / 29 倍，我们保持基于 SOTP 的 TP 为 ...

M N 20 Jun 2024 CMB International Global Markets | Equity Research | Company Update Sunny Optical (2382 HK) Investor Day takeaways: High-end upgrade to accelerate in 2H24E; Edge AI to drive long-term growth We attended Sunny Optical’s Investor Day at its Yuyao headquarters. Overall, while Target Price HK$47.31 shipment guidance remained unchanged, we are encouraged by Sunny’s positive Up/Downside (9.0%) view on smartphone recovery and accelerated upgrade in high-end models in Current Price HK$52.00 2H24E. K ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in 2023 was under pressure, with revenue decreasing by 4.57% year-on-year to 31.681 billion yuan and net profit down by 54.34% to 1.099 billion yuan [2] - The optical instruments business showed growth, with a 30.5% increase in revenue, driven by demand in industrial and medical sectors [2] - The automotive and VR/AR businesses are expected to contribute positively to future growth, with a 15.1% increase in automotive lens shipments [3] - The company has made progress in AR-HUD products and strengthened partnerships with major VR clients, leading to successful mass production of key projects [6] - The smartphone market is gradually recovering, with a 9.8% increase in smartphone camera module shipments [6] - The company has adjusted its profit forecasts downward but maintains a positive outlook due to potential benefits from new smartphone launches and increasing ADAS penetration [6] Financial Summary - Revenue is projected to grow from 31.681 billion yuan in 2023 to 42.792 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 9.4% [1][8] - Net profit is expected to recover from 1.099 billion yuan in 2023 to 2.820 billion yuan in 2026, reflecting a significant growth trajectory [1][8] - The company's EPS is forecasted to increase from 1.00 yuan in 2023 to 2.58 yuan in 2026, indicating a positive trend in earnings per share [1][8] - The P/E ratio is projected to decrease from 42.8 in 2023 to 16.7 by 2026, suggesting improved valuation metrics over time [1][8]

证券研究报告 | 年报点评报告 2024年04月22日 舜宇光学科技（02382.HK） 手机逐步恢复，车载持续增长 2023 下半年公司收入同比恢复增长。2023H2，公司收入同比/环比增长 买入（维持） 7.3%/21.9%至174亿人民币。按照分部划分，光学零件/光电产品/光学仪器收入 股票信息 分别为52/119/3亿，占比30%/68%/2%。按照终端产品类型划分，手机相关产 品/汽车相关产品/XR相关产品/其他产品收入分别为112/28/14/19亿，占比分别 行业 海外电子 为65%/16%/8%/11%。下半年公司毛利率录得14.1%，环比小幅下降0.8pct， 前次评级 买入 同比下降4.9pct。H2归母净利润录得6.6亿元，同比减少37%，归母净利润率为 4月19日收盘价(港元) 35.65 3.8%，同比/环比-2.7pct/+0.7pct。全年公司归母净利润同比减少54.3%至11亿， 总市值(百万港元) 39,100.02 主要是由于整体市场需求不振、行业竞争激烈、产品降规降配影响下，手机镜头 总股本(百万股) 1,096.77 和手机模组ASP及毛利率承压。 其中自由流通股(%) ...

SSuunnnnyy OOppttiiccaall TTeecchhnnoollooggyy ((GGrroouupp)) CCoommppaannyy LLiimmiitteedd 舜宇光學科技（集團) 有限公司 ...

智通财经APP获悉，4月17日，华为副董事长、轮值董事长徐直军在分享华为2024年关键战略举措时表 示，首先是打造鸿蒙原生应用生态，这是华为2024年最关键的事情，此外还将打造鲲鹏生态及昇腾生 态。上海证券认为，随着更多鸿蒙原生应用Beta版开发的完成，鸿蒙生态进展有望继续超预期，四季度 鸿蒙星河版的正式推出是鸿蒙生态的重要拐点，鸿蒙有望成为数字中国的终端底座，建议重视华为线投 资机会。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)。 徐直军称，过去的鸿蒙操作系统更多是在南向适配各种各样的端设备，但是在北向的应用上还是共享安 卓的应用生态。华为希望通过2024年一年的时间，先在中国市场把智能手机上使用超过99%时间的5000 个应用全面迁移到鸿蒙原生操作系统上，真正实现操作系统和应用生态的统一。 徐直军还透露，现在5000多个应用里面，有4000多个应用已经明确了迁移计划，还有不到1000个应用正 在沟通中。当我们把这5000个应用以及其它成千上万的应用，都从安卓生态迁移到鸿蒙操作系统上时， 我们的鸿蒙操作系统就真正完成了打造，并真正成为除了苹果i ...

Investment Rating - The report maintains a BUY rating for Sunny Optical with a target price of HKD 49.37, representing an upside of 31.8% from the current price of HKD 37.45 [1]. Core Insights - Sunny Optical's FY23 results were disappointing, with revenue and net income reported at RMB 31,681 million and RMB 1,099 million, reflecting year-on-year declines of 4.6% and 54.3% respectively. The results were below market consensus and the company's own estimates, primarily due to weak smartphone demand, ASP and GM pressures, and increased interest expenses [1][2]. - The company is focusing on improving its product mix to enhance ASP and GM, with expectations for a gradual recovery in global smartphone shipments in FY24E, driven by flagship models from top-tier clients [3][5]. Company Update - Sunny's high-end product contribution has stabilized, with a notable performance in the 6P+ lens segment, which accounted for 32% of the high-end product mix in FY23. However, overall high-end product shipments declined by 20% year-on-year [2]. - The company provided conservative guidance for FY24E, expecting a 5% year-on-year growth in HLS shipments while HCM shipments are anticipated to remain flat [3]. - Sunny's investment in R&D has increased, with R&D expenses reaching approximately RMB 2.6 billion, accounting for 8.1% of total revenue, and FY24E CAPEX is guided to increase by 20% year-on-year to around RMB 3.0 billion [6][7]. Financial Performance - The report indicates a significant reduction in FY24E-25E EPS estimates by 22.4% and 32.7% respectively, due to lower sales and GM assumptions. Despite this, a mild recovery is expected in FY24E [7][10]. - Revenue for FY24E is projected at RMB 35,823 million, with a gross margin of 22.6%, reflecting a decrease of 590 basis points compared to previous estimates [10]. Market Position and Outlook - Sunny Optical holds a dominant position in the Chinese handset market with approximately 50% market share and is well-positioned to benefit from the increasing adoption of automotive products and non-smartphone segments, which accounted for over 30% of total revenue in FY23 [4][7]. - The automotive segment continues to show strong growth, with vehicle-related product sales increasing by 28.6% year-on-year, and the company expects to reach RMB 2.0 billion in automotive CCM revenue for FY24E, representing a 25% year-on-year growth [6].

舜宇光学（2382） 更新报告 买入 2023年04月09日 盈利能力继续承压，未来手机业务回暖，车载光学和 VR/AR 新曲线 陈晓霞 稳 中 有进 852-25321956  手机业务受挫，盈利能力继续承压：公司 2023 年全年实现收入 316.8 亿人民币，同比减少 4.6%。毛利率为 14.5%，较去年同期下降约 5.4 个 xx.chen@firstshanghai.com.hk 百分点。归母净利润 11.0 亿元，同比减少 54.3%，符合此前公司盈利 预警中净利润减少约 50%-55%的预期，主要是全球智能手机需求继续疲 主要数据 软和光学降规降配趋势延续导致公司手机相关产品 ASP 和毛利同比下 行业 TMT 滑。 股价 38.55港元  未来手机业务回暖，车载光学和 VR/AR 新曲线稳中有进：光学零件业务 目标价 45.00港元 收入同比略微增长 0.9%至 95.6 亿，分部毛利率由 33.4%下滑至 28.4%，其中手机镜头出货量达 11.7 亿件，同比小幅下降 1.8%，高端 （+ 16.73%） 市场依旧低迷，6P 及以上镜头出货量同比下降 20.0%。随着智能手机市 股票代 ...

车载业务稳步增长，手机有望受益光学升级&AI发展 舜宇光学科技（2382.HK ）/ 证券研究报告/公司点评 2024年4月2日 电子 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：40.30港元/股 指标 2022A 2023A 2024E 2025E 2026E 分析师：王芳 营业收入（百万元） 33,197 31,681 34,615 38,208 41,735 增长率yoy% -11% -5% 9% 10% 9% 执业证书编号： S0740521120002 净利润（百万元） 2,408 1,099 1,523 1,921 2,332 Email： wangfang02@zts.com.cn 增长率yoy% -52% -54% 39% 26% 21% 分析师：张琼 每股收益（元） 2.20 1.00 1.39 1.75 2.13 执业证书编号： S0740523070004 每股现金流量 6.73 2.43 2.85 2.87 3.28 净资产收益率 11% 5% 6% 7% 8% Email：zhan ...