大像面及潜望模组

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舜宇光学科技(02382.HK)2025年半年报点评:手机产品结构改善&车载业务增长驱动25H1利润高增
Ge Long Hui· 2025-08-23 12:00
Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue of 19.652 billion yuan, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 1.646 billion yuan, reflecting a significant year-on-year growth of 52.56% [1] Group 1: Financial Performance - In H1 2025, the company achieved a gross margin of approximately 19.8%, an increase of 2.6 percentage points year-on-year [1] - The company expects net profits attributable to shareholders to reach 3.46 billion yuan, 4.199 billion yuan, and 4.912 billion yuan for the years 2025, 2026, and 2027 respectively [2] Group 2: Business Growth Drivers - The improvement in the product structure of mobile phone business and growth in the automotive sector drove the profitability enhancement in H1 2025 [1] - The company maintained its global market share leadership in mobile phone-related products, with a significant increase in revenue from glass-plastic hybrid mobile lenses, which grew over 100% year-on-year [1] - The acceleration of ADAS penetration has led to a rapid increase in global demand for automotive cameras, with the company achieving a stable global market share of automotive lenses [1] Group 3: Strategic Partnerships and Market Expansion - The company is deepening strategic partnerships with major players in the smart driving platform sector, including Horizon, Qualcomm, Mobileye, and NVIDIA, to expand its product matrix in automotive modules [1] - The smart glasses market is expected to see explosive growth, with the company maintaining the global market share leadership in smart glasses imaging modules due to its advanced product technology [1] Group 4: Future Outlook - The company is positioned to benefit from the ongoing high-endization of mobile phone cameras and the growth of the automotive optical industry driven by smart driving [2] - The target price for the company is set at 103.3 HKD, based on a 30 times price-to-earnings ratio for 2025 [2]
舜宇光学科技(02382):手机产品结构改善、车载业务增长驱动25H1利润高增
Huachuang Securities· 2025-08-22 08:05
Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][22]. Core Insights - The company reported a revenue of 19.652 billion yuan for the first half of 2025, representing a year-on-year increase of 4.2%. The net profit attributable to shareholders was 1.646 billion yuan, showing a significant year-on-year growth of 52.56%. The gross margin for the period was approximately 19.8%, up by 2.6 percentage points year-on-year [1][3]. Financial Performance Summary - **Revenue Forecasts**: The projected total revenue for the company is expected to grow from 38.294 billion yuan in 2024 to 53.957 billion yuan by 2027, with year-on-year growth rates of 20.3%, 14.0%, 10.6%, and 11.8% respectively [3][8]. - **Net Profit Forecasts**: The net profit attributable to shareholders is forecasted to increase from 2.699 billion yuan in 2024 to 4.912 billion yuan in 2027, with growth rates of 145.5%, 28.2%, 21.4%, and 17.0% respectively [3][8]. - **Earnings Per Share (EPS)**: The EPS is projected to rise from 2.47 yuan in 2024 to 4.49 yuan in 2027 [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 29.3 in 2024 to 16.1 in 2027, while the price-to-book (P/B) ratio is projected to decline from 3.2 to 2.1 over the same period [3][8]. Business Drivers - The company's growth is driven by improvements in the smartphone product structure and growth in the automotive sector. The smartphone-related products have maintained the highest global market share, with significant revenue growth in hybrid lenses and large-format modules [7][8]. - The automotive business is experiencing rapid growth due to the accelerated penetration of Advanced Driver Assistance Systems (ADAS), with the company securing significant contracts in the laser radar segment [7][8]. - The report highlights the potential for growth in the AIoT sector, particularly in smart glasses, where the company continues to lead in market share [7][8]. Investment Recommendation - The report suggests that the ongoing high-endization of smartphone cameras and the expansion of intelligent driving will create new growth opportunities for the optical industry. The company is well-positioned to benefit from these industry trends, with a target price set at 103.3 HKD based on a 30x P/E ratio for 2025 [7][8].