SUNNY OPTICAL(02382) 第一上海证券·2024-09-18 06:12Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 57.3, indicating a potential upside of 31.65% from the current price of HKD 43.5 [1][3]. Core Insights - The company has shown significant improvement in profitability, with a revenue increase of 32.1% year-on-year to HKD 188.6 billion for the first half of 2024, and a net profit increase of 147.1% to HKD 10.8 billion [2][3]. - The mobile phone industry is experiencing a recovery in demand, and the company's product mix is continuously optimizing, leading to a forecasted increase in mobile lens shipments by 5-10% year-on-year [2][3]. - The automotive and AR/VR sectors are also expanding, with automotive revenue growing by 16.4% to HKD 28.8 billion and AR/VR revenue skyrocketing by 111.4% to HKD 9.9 billion [2][3]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are HKD 383.9 billion, HKD 437.8 billion, and HKD 478.8 billion respectively, with net profits expected to be HKD 22.7 billion, HKD 28.7 billion, and HKD 33.4 billion [3][5]. - The company maintains a gross margin of 17.2%, which is an increase of approximately 2.3 percentage points compared to the previous year, with operational expenses kept below 12% [2][5]. - The company has a market capitalization of HKD 476.24 billion and a share capital of 1.095 billion shares [4].