SUNNY OPTICAL(02382) 开源证券·2025-02-13 12:59Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][14] Core Views - The report emphasizes that 2025 will be a year of high prosperity for the optical industry, driven by the upgrade of mobile phone optics, accelerated growth in automotive optical business, and the ramp-up of XR optical products. The company is expected to see significant profit improvements in the second half of 2024, confirming the trend of mobile optical upgrades and breakthroughs with overseas major clients [5][6]. Financial Summary and Valuation Metrics - The company's projected net profit for 2024 is revised upwards to a range of 2.64-2.75 billion, representing a year-on-year growth of 140%-150%. The estimated gross margin for mobile modules in 2024 is around 8%, with an expected increase to approximately 9% in the second half of 2024 [5][8]. - Revenue projections for the company are as follows: - 2022: 33,197 million - 2023: 31,681 million - 2024: 37,941 million (19.8% YoY growth) - 2025: 43,485 million (14.6% YoY growth) - 2026: 48,584 million (11.7% YoY growth) [8]. - The net profit estimates for 2025 and 2026 are 3.695 billion and 4.236 billion respectively, with year-on-year growth rates of 36.8% and 14.6% [8]. - The projected P/E ratios for 2025 and 2026 are 24.1 and 21.0 respectively, indicating a favorable valuation outlook [8].