SUNNY OPTICAL(HK:02382) Soochow Securities·2024-08-26 13:44Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 18.86 billion yuan for the first half of 2024, representing a year-on-year increase of 32%. The gross margin improved to 17.2%, up by 2.3 percentage points, and the net profit attributable to shareholders reached 1.08 billion yuan, a significant increase of 147% [2] - The high-end smartphone market is showing positive results, with the average selling price (ASP) and gross margin for smartphone products expected to continue rising. The company aims to increase the gross margin for smartphone lenses to between 20% and 25% in the second half of 2024 [3] - The automotive segment is also experiencing steady growth, with revenue from automotive-related products reaching 2.88 billion yuan, a year-on-year increase of 16%. The company expects to maintain stable gross margins while increasing the shipment volume of automotive lenses by 10-15% in 2024 [4] Financial Forecasts - The company’s projected net profit for 2024 is adjusted upwards to 2.3 billion yuan, with further increases expected to 2.91 billion yuan in 2025 and 3.45 billion yuan in 2026. The latest closing price corresponds to price-to-earnings ratios of 22.7, 17.9, and 15.1 for the respective years [4][7]