SUNNY OPTICAL(02382) 东吴证券·2025-02-17 09:45Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of RMB 2.64-2.75 billion in 2024, representing a year-on-year increase of 140% to 150%, exceeding market consensus expectations [2] Summary by Relevant Sections Mobile Segment - The company anticipates a shipment of 1.32 billion mobile camera lenses in 2024, a year-on-year increase of 13.1%. The average selling price (ASP) is expected to grow over 20% due to product structure improvements, with the gross margin for mobile lenses reaching around 20% [3] - The shipment of mobile camera modules is projected to be 530 million units, a decrease of 5.9% year-on-year. The gross margin for mobile modules is expected to improve to 6-10% for the year [3] Automotive Segment - The company forecasts a shipment of 100 million automotive lenses in 2024, a year-on-year increase of 12.7%. The gross margin for automotive products is expected to remain stable at around 40% [4] - The company is well-positioned to benefit from the penetration of intelligent driving solutions in the automotive sector, which is expected to enhance its profitability [4] Financial Forecasts - The company's projected net profits for 2024, 2025, and 2026 have been revised upwards to RMB 2.69 billion, RMB 3.32 billion, and RMB 4.24 billion, respectively. The latest closing price corresponds to a price-to-earnings (P/E) ratio of 35.6, 28.8, and 22.6 times for the respective years [4]