摩根士丹利：舜宇光学_舜宇每月车载镜头出货量与股价

Investment Rating - The investment rating for Sunny Optical is Overweight, indicating that the stock's total return is expected to exceed the average total return of the industry coverage universe over the next 12-18 months [4][20]. Core Viewpoints - Sunny Optical is positioned as the largest player in the vehicle lens market, which is anticipated to be a multi-year growth driver due to strong electric vehicle (EV) sales and increasing Advanced Driver Assistance Systems (ADAS) penetration [2][4]. - September vehicle lens shipments reached 9,314 million units, reflecting a year-over-year increase of 12.7% and a month-over-month increase of 10.4%. Aggregate shipments for the first three quarters of 2024 totaled 79,798 million units, up 11.6% year-over-year [1][2]. Summary by Sections Investment Rating - Stock Rating: Overweight [4] - Price Target: HK$72.00, with a 30% upside potential from the current price of HK$55.25 [4]. Financial Metrics - Market Capitalization: RMB 54,964 million [4]. - Revenue (Net): Expected to grow from RMB 31,681 million in FY23 to RMB 44,398 million by FY26 [4]. - EPS (Earnings Per Share): Projected to increase from RMB 0.99 in FY23 to RMB 3.04 in FY26 [4]. Shipment Data - Monthly vehicle lens shipments in September 2024 were 9,314 million units, with a year-over-year growth of 12.7% and a month-over-month growth of 10.4% [1][2]. - Total shipments for the first three quarters of 2024 reached 79,798 million units, marking an 11.6% increase year-over-year [1][2]. Industry Outlook - The vehicle lens segment is expected to benefit from the growing demand for EVs and ADAS, which require more cameras per vehicle [2][4].