SUNNY OPTICAL(02382) 长城证券·2024-06-07 06:31Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in 2023 was under pressure, with revenue decreasing by 4.57% year-on-year to 31.681 billion yuan and net profit down by 54.34% to 1.099 billion yuan [2] - The optical instruments business showed growth, with a 30.5% increase in revenue, driven by demand in industrial and medical sectors [2] - The automotive and VR/AR businesses are expected to contribute positively to future growth, with a 15.1% increase in automotive lens shipments [3] - The company has made progress in AR-HUD products and strengthened partnerships with major VR clients, leading to successful mass production of key projects [6] - The smartphone market is gradually recovering, with a 9.8% increase in smartphone camera module shipments [6] - The company has adjusted its profit forecasts downward but maintains a positive outlook due to potential benefits from new smartphone launches and increasing ADAS penetration [6] Financial Summary - Revenue is projected to grow from 31.681 billion yuan in 2023 to 42.792 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 9.4% [1][8] - Net profit is expected to recover from 1.099 billion yuan in 2023 to 2.820 billion yuan in 2026, reflecting a significant growth trajectory [1][8] - The company's EPS is forecasted to increase from 1.00 yuan in 2023 to 2.58 yuan in 2026, indicating a positive trend in earnings per share [1][8] - The P/E ratio is projected to decrease from 42.8 in 2023 to 16.7 by 2026, suggesting improved valuation metrics over time [1][8]