【招商电子】舜宇光学科技：24年业绩符合预期，关注智驾渗透、手机光学升规趋势带动

Core Viewpoint - The company reported a strong performance for the year 2024, with revenue of 38.294 billion yuan, a year-on-year increase of 20.9%, and a net profit of 2.699 billion yuan, reflecting a significant year-on-year growth of 145.5% [2]. Group 1: Financial Performance - The company's revenue for 2024 reached 38.294 billion yuan, driven by the recovery in the smartphone market, increased sales of mobile camera lenses and modules, and growth in automotive intelligence and XR-related businesses [2]. - The gross margin for 2024 was 18.3%, an increase of 3.8 percentage points year-on-year, while net profit was 2.699 billion yuan, up 145.5% year-on-year, primarily due to improved product structure in mobile camera lenses and modules [2]. - In the second half of 2024, the company achieved a total revenue of 19.31 billion yuan, a year-on-year increase of 10.4%, with a net profit of 1.62 billion yuan, also reflecting a year-on-year growth of 145.5% [2]. Group 2: Mobile Business - The company expects an increase in both shipment volume and gross margin for mobile camera lenses and modules by 2025, with mobile product revenue for 2024 projected at 25.2 billion yuan, a year-on-year increase of 20% [3]. - In 2024, the shipment volume of mobile camera lenses reached 1.32 billion units, a year-on-year increase of 13.1%, maintaining the global leading position [3]. - The average selling price (ASP) of mobile camera modules significantly improved by 25%-27% in 2024, despite a 5.9% decline in shipment volume [3]. Group 3: Automotive Business - The automotive product revenue for 2024 was 6 billion yuan, a year-on-year increase of 14%, with camera lens shipments reaching 10.2 million units, marking a 12.7% year-on-year increase [4]. - The company aims for a 15%-20% year-on-year increase in automotive lens shipments by 2025, benefiting from the acceleration of automotive intelligence [4]. - The company has secured over 15 billion yuan in orders for automotive modules, with expected revenue growth of 40% in this segment by 2025 [4]. Group 4: XR Business - The company reported revenue of 2.6 billion yuan from AR/VR-related products in 2024, a year-on-year increase of 34%, with a focus on AI applications transforming XR hardware [5]. - Despite a potential decline in VR business, the growth in smart glasses is expected to keep overall revenue stable or slightly increase in 2025 [5]. - The company has expanded its customer base for AI glasses to 30 clients, indicating a strong market presence [5].