SUNNY OPTICAL(HK:02382) KAIYUAN SECURITIES·2025-03-25 14:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12]. Core Views - The optical sector is expected to maintain high prosperity in 2025, with strategic adjustments in module production benefiting long-term profit fundamentals. The net profit forecast for 2025-2026 has been adjusted down to 3.5 billion and 3.8 billion respectively, with a new forecast for 2027 at 4.4 billion, representing year-on-year growth of 28%/7%/19%. The current stock price corresponds to a PE ratio of 22.4/21.0/17.6 for 2025-2027 [5][6]. - The company’s 2024 performance met expectations, confirming the trend of mobile optical upgrades and significant breakthroughs with overseas major clients. The net profit for 2024 was 2.7 billion, a year-on-year increase of 146%, aligning with the previous profit forecast [5][6]. Financial Summary and Valuation Metrics - Revenue and net profit projections for the company are as follows: - 2023A: Revenue of 31.681 billion, Net Profit of 1.099 billion - 2024A: Revenue of 38.294 billion, Net Profit of 2.699 billion - 2025E: Revenue of 42.499 billion, Net Profit of 3.450 billion - 2026E: Revenue of 46.189 billion, Net Profit of 3.688 billion - 2027E: Revenue of 54.522 billion, Net Profit of 4.402 billion - The year-on-year growth rates for revenue and net profit are projected to be 20.9% and 145.5% for 2024, and 11.0% and 27.8% for 2025 respectively [8].