SUNNY OPTICAL(02382) 国金证券·2024-08-22 00:09Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6 to 12 months [8]. Core Insights - The company reported a significant recovery in consumer electronics and product high-endization, contributing to a revenue increase of 32% year-on-year in H1 2024, with net profit rising by 147% [2]. - The revenue growth is attributed to the recovery in consumer electronics demand and continuous optimization of the product structure, with stable growth in the automotive sector [2]. - The company expects net profit to reach 2.2 billion, 2.6 billion, and 3.0 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE valuations of 22, 19, and 17 times [2]. Financial Summary - Revenue (Million Yuan): 2022A: 33,197; 2023A: 31,681; 2024E: 39,455; 2025E: 45,782; 2026E: 53,068 [1]. - Net Profit (Million Yuan): 2022A: 2,408; 2023A: 1,099; 2024E: 2,225; 2025E: 2,590; 2026E: 2,959 [1]. - Diluted EPS (Yuan): 2022A: 2.195; 2023A: 1.002; 2024E: 2.029; 2025E: 2.361; 2026E: 2.698 [1]. - ROE (Diluted): 2022A: 11.03%; 2023A: 4.90%; 2024E: 9.03%; 2025E: 9.51%; 2026E: 9.80% [1]. - P/E Ratio: 2022A: 19.39; 2023A: 42.48; 2024E: 22.22; 2025E: 19.10; 2026E: 16.71 [1]. - P/B Ratio: 2022A: 2.14; 2023A: 2.08; 2024E: 2.01; 2025E: 1.82; 2026E: 1.64 [1]. Business Analysis - Mobile Business: In H1 2024, mobile camera lens and module shipments increased by 24% and 14% respectively, driven by the recovery in the smartphone market [2]. - Automotive Business: The company leads in global market share for automotive lenses, with a 13% increase in shipments and successful development of advanced driver-assistance systems (ADAS) lenses [2]. - XR Business: The XR segment showed significant recovery, with the company being the first to mass-produce microLED optical devices, enhancing collaboration with downstream clients [2]. - Robotics Vision: The company's AI recognition modules are now widely used in consumer-grade robotics, with successful mass shipments to leading smart lock manufacturers [2].