SUNNY OPTICAL(02382) 开源证券·2024-08-22 14:09Company Overview - Current stock price (HKD): 48.500 [1] - 52-week high/low (HKD): 76.350/33.300 [1] - Market cap (HKD billion): 530.98 [1] - Shares outstanding (billion): 10.95 [1] - Turnover rate (last 3 months): 75.94% [1] Investment Rating - Investment rating: Buy (upgraded) [2] Core Views - 2024H2 profitability expected to improve, driven by XR new product launches and AI smartphone catalysts [4] - 2024-2026 net profit forecasts revised upward to 2.3/2.9/3.6 billion yuan, representing YoY growth of 108%/26%/24% [4] - Current stock price of 48.5 HKD implies 2024-2026 P/E ratios of 21.2/16.8/13.5x [4] Business Performance - 2024H1 net profit of 1.08 billion yuan, within guidance range of 1.05-1.09 billion yuan [5] - Smartphone lens and module ASP increased 10%-15% YoY in 2024H1 [5] - Automotive revenue grew 16% YoY in 2024H1, with vehicle lens shipments up 13% [5] - AR/VR revenue surged 111% YoY in 2024H1, exceeding expectations [5] Outlook - 2024H2 smartphone optics profitability improvement trend expected to continue [6] - XR new product launches could provide positive catalysts [6] - 2024 smartphone lens shipment growth guidance revised upward to 5%-10% [6] - 2024 XR revenue growth guidance raised to 25% [6] - Automotive business maintains previous guidance: 10%-15% vehicle lens shipment growth and 25% module revenue growth in 2024 [6] Financial Summary - 2024E revenue: 38.675 billion yuan (+22.1% YoY) [6] - 2024E net profit: 2.287 billion yuan (+108.0% YoY) [6] - 2024E gross margin: 17.9% [6] - 2024E net margin: 5.9% [6] - 2024E ROE: 9.3% [6] - 2024E EPS: 2.09 yuan [6]