Expectations reset on conservative guidance; Maintain HOLD

M N 22 Mar 2024 CMB International Global Markets | Equity Research | Company Update Sunny Optical (2382 HK) Expectations reset on conservative guidance; Maintain HOLD Target Price HK$47.31 Sunny Optical (Sunny)’s FY23 net profit was largely in-line with profit warning, but (Previous TP HK$50.71) 2H23 GPM of 14.1% (vs 19% in 2H22) was below expectations due to more intense Up/Downside 1.0% competition despite spec upgrade and more high-end models in 2H23. For 2024 Current Price HK$46.85 guidance, while mgmt. ...