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舜宇光学科技(02382.HK):1H25业绩超预期 盈利能力同比改善明显
Ge Long Hui· 2025-08-23 12:00
Core Viewpoint - The company reported a slight earnings beat in 1H25, driven by improved profitability and a shift towards high-end products in mobile optics and automotive sectors [1]. Financial Performance - In 1H25, the company achieved revenue of 19.65 billion yuan, with year-on-year and quarter-on-quarter growth of 4% and 1% respectively [1]. - The net profit attributable to shareholders was 1.65 billion yuan, reflecting a year-on-year increase of 53% and a quarter-on-quarter increase of 2% [1]. - The gross margin improved to 19.8%, up 2.6 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [1]. Product Development and Trends - The company continues to optimize its product structure, with mobile-related revenue growing by 2% in 1H25 despite a decline in shipment volumes for mobile lenses and camera modules [1]. - The average selling price (ASP) for mobile products increased by approximately 20% year-on-year, driven by a higher proportion of high-end products [1]. - The automotive lens shipments grew by 21.7% year-on-year, with module revenue increasing by about 35%, attributed to the accelerated penetration of Advanced Driver Assistance Systems (ADAS) [1]. Emerging Business Opportunities - The company is making strides in XR, handheld imaging, and machine vision sectors, with successful trials in virtual imaging lenses for AR and maintaining a leading position in AI glasses imaging modules [2]. - The company is capitalizing on the tourism economy and hardware-software innovations in handheld imaging, expanding its market presence [2]. - In machine vision, the company is broadening its application scope, with growing business in robotic systems for lawn care and logistics [2]. Profit Forecast and Valuation - The company is expected to continue its profit improvement trend, with net profit forecasts for 2025 and 2026 raised by 3% and 4% to 3.62 billion yuan and 4.26 billion yuan respectively [2]. - The current stock price corresponds to a P/E ratio of 21.9 times for 2025 and 18.4 times for 2026, with a target price of 99.2 HKD, indicating a potential upside of 25% [2].