SUNNY OPTICAL(02382) 光大证券·2025-02-14 00:33Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding market benchmarks by more than 15% over the next 6-12 months [15]. Core Insights - The company is expected to achieve a net profit of RMB 26.39-27.49 billion for 2024, representing a year-on-year growth of 140%-150% compared to RMB 10.99 billion in 2023, slightly exceeding market expectations [1]. - Key growth drivers include the recovery of the global smartphone market, which is expected to boost the average selling price (ASP) and gross margin of mobile camera modules, alongside strong demand for automotive lenses driven by the rise of intelligent driving technologies [1][3]. - The company anticipates a continued upward trend in mobile optics specifications and a stable competitive landscape in the industry, leading to further improvements in profitability for mobile camera modules and lenses in 2025 [2][3]. Summary by Sections Financial Performance - The company forecasts a revenue increase from RMB 31.68 billion in 2023 to RMB 37.30 billion in 2024, reflecting a growth rate of 17.7% [4]. - Net profit is projected to rise from RMB 1.10 billion in 2023 to RMB 2.69 billion in 2024, with an EPS increase from RMB 1.01 to RMB 2.45 [4][9]. Market Dynamics - The smartphone camera module and lens shipments are expected to diverge, with lens shipments projected to grow by 13.1% to 1.32 billion units in 2024, while camera module shipments are expected to decline by 5.9% to 534 million units [2]. - The company is focusing on high-end products, which is anticipated to enhance the ASP of mobile camera modules and improve profitability [2]. Automotive Sector - The automotive lens shipments are projected to reach 102 million units in 2024, marking a 12.7% increase, aligning with the company's guidance [3]. - The introduction of intelligent driving technologies by major automotive players is expected to drive demand for automotive lenses, benefiting the company as a leading supplier in this segment [3]. Profitability Forecast - The report revises the net profit forecasts for 2024, 2025, and 2026 upwards by 8%, 18%, and 29% respectively, reflecting the anticipated recovery in profitability driven by optical specification upgrades and intelligent driving trends [3].