9 October 2024 | 4:14PM EDT _ USA: FOMC Minutes Show Range of Views Over Size of September Cut | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for Sunny Optical is maintained at Neutral with a 12-month target price of HK$63.50, based on a P/E multiple of 23.3x for 2025E [6][9]. Core Insights - Sunny Optical's September shipments showed a year-on-year increase of 6% for handset lenses, while camera module shipments decreased by 30% year-on-year. Vehicle lens shipments increased by 13% year-on-year [1][2]. - The company is expected to improve its gross margin (GM) to 17.5% in the second half of 2024, up from 14.1% in the second half of 2023 and 17.2% in the first half of 2024, driven by product mix upgrades towards mid and high-end smartphone projects [1][4]. - The overall shipment performance for the first nine months of 2024 is largely in line with estimates, with handset lens shipments tracking 77% of the 2024 estimates, vehicle lens at 78%, and camera modules at 74% [2][4]. Shipment Performance Summary - Handset lens shipments in September were 119 million units, a decrease of 4% month-on-month but an increase of 6% year-on-year, leading to a total of 993 million units for the first nine months of 2024, representing a 20% year-on-year growth [2][4]. - Camera module shipments were 37 million units in September, down 30% year-on-year, with a total of 409 million units for the first nine months of 2024, reflecting a 3% year-on-year increase [4]. - Vehicle lens shipments reached 9 million units in September, up 13% year-on-year, contributing to a total of 80 million units for the first nine months of 2024 [2][4]. Financial Projections - Revenue projections for Sunny Optical are estimated to reach RMB 37.63 billion in 2024, with an expected increase to RMB 45.36 billion in 2025 and RMB 53.74 billion in 2026 [9]. - The earnings per share (EPS) is projected to be RMB 2.08 in 2024, increasing to RMB 2.56 in 2025 and RMB 3.24 in 2026 [9].

10 October 2024 | 10:38PM HKT _ China Consumer Connections: Online Brand Tracker: White goods/beer continue to lead; Sports lag; cosmetics improve | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------- ...

_ 10 October 2024 | 3:37PM CST China Healthcare: Sep 2024 China hospital equipment bidding: Signs of turning point with accelerated m/m growth & y/y turns positive | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------- ...

10 October 2024 | 4:09PM EDT _ | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------| | | | | | US AI | Equity Views and US Equities: Growing into AI Phase 2 ...

9 October 2024 | 6:59PM BST the full-scale invasion of Ukraine in 2022. Meanwhile, activity in the CEE-4 and South Africa is gradually improving from weak levels. In the CEE-4, Poland is leading the way, while Czechia and Hungary are trailing, partly due to the relative importance of Europe's struggling automobile sector for these economies. In South Africa, underlying growth has picked up since the election. Amid this rotation in growth, overall activity in CEEMEA has moderated. Our CEEMEA Current Activity ...

7 October 2024 | 7:43AM HKT growing attention to media-reported RMB 2-3trillion fiscal package and a large-scale, long-term fiscal easing plan proposed by senior policy advisors. Looking ahead, potential upcoming meetings and press conferences held by the State Council and key ministries (such as the Ministry of Finance) are worth monitoring. High-frequency data, such as property transaction volume, government bond issuance, and PMIs would provide early signal of policy implementation and policy impact. Chi ...

6 October 2024 | 11:31PM EDT Machinery Supply Tracker Continued signs of stabilization in Ag machinery inventories Machinery Supply Tracker Explore> September used inventory levels for Ag were in line vs. normal seasonality, including a year-over-year decline in under 100 HP used inventories. Construction Machinery trends deteriorated slightly on a seasonally adjusted basis, while the Truck Machinery data points were mixed. n Construction Machinery: Used construction equipment inventories were flat sequenti ...

7 October 2024 | 8:13PM HKT | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------|----------------------------------------------------------------------------------------------------------------------------------|----------------------------------|-------|---------------------------------------------------------------------------------|-------------------------|-----------------------------------------|------------------------------|-------| | | Chow Tai Fook Jewellery Group Reflecting SSSG and ...

7 October 2024 | 6:56AM EDT Americas Technology: Semiconductors Reducing Analog/MCU Estimates Ahead of 3Q24 EPS; Remain Cautious Near-Term We are reducing forward estimates for the Analog, MCU and Power semiconductor suppliers in our coverage universe including Analog Devices, Microchip, NXP, ON and Texas Instruments, as we reflect renewed weakness across the Automotive and, to a lesser extent, Industrial and Consumer end-markets. Our updated CY2025/26 earnings estimates for the above five companies now sit ...