SUNNY OPTICAL(02382) 华创证券·2024-07-22 23:01Investment 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]