SUNNY OPTICAL(HK:02382) Guoxin Securities·2024-07-25 00:31Investment Rating - The report maintains an "Outperform" rating for the company [2][4]. Core Views - The company is expected to see a 140%-150% year-on-year growth in net profit for the first half of 2024, driven by a recovery in the smartphone market and improvements in product mix [2][4]. - The company has reported strong shipment volumes for smartphone lenses and camera modules, with June shipments of smartphone lenses reaching 109 million units, a year-on-year increase of 19.6% [2][4]. - The automotive business is expanding due to advancements in autonomous driving technology, with the company successfully developing innovative automotive camera products [2][4]. - The VR/AR industry is rapidly evolving, with increasing market demand for consumer-grade AR products, and the company is enhancing its strategic partnerships in this sector [2][4]. Financial Forecasts and Metrics - Revenue projections for the company are as follows: - 2022: 33,197 million CNY - 2023: 31,681 million CNY - 2024E: 37,236 million CNY - 2025E: 41,029 million CNY - 2026E: 45,328 million CNY - The revenue growth rates are projected at -11.5%, -4.6%, 17.5%, 10.2%, and 10.5% respectively [1]. - Net profit forecasts are as follows: - 2022: 2,408 million CNY - 2023: 1,099 million CNY - 2024E: 2,288 million CNY - 2025E: 2,687 million CNY - 2026E: 3,231 million CNY - The net profit growth rates are projected at -51.7%, -54.3%, 108.1%, 17.4%, and 20.2% respectively [1]. - The company’s earnings per share (EPS) are projected to be: - 2022: 2.20 CNY - 2023: 1.00 CNY - 2024E: 2.09 CNY - 2025E: 2.45 CNY - 2026E: 2.95 CNY [1]. Valuation Metrics - The company’s price-to-earnings (P/E) ratios are projected as follows: - 2022: 20.2 - 2023: 44.2 - 2024E: 21.2 - 2025E: 18.1 - 2026E: 15.0 [1]. - The price-to-book (P/B) ratios are projected as follows: - 2022: 2.22 - 2023: 2.17 - 2024E: 2.01 - 2025E: 1.85 - 2026E: 1.68 [1].