舜宇光学科技：盈利预告超预期，光学业务上行

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]