舜宇光学科技：2025 年上半年收入环比持平，毛利率和运营费用率环比改善；运营利润基本符合预期-Sunny Optical (2382.HK)_ 1H25 Rev flattish HoH, while GM and Opex ratio improving sequentially; OP income largely in line

Summary of Sunny Optical (2382.HK) Conference Call Company Overview - Company: Sunny Optical Technology Group Co., Ltd. (2382.HK) - Industry: Optical components and optoelectronic products Key Financial Highlights - 1H25 Revenue: CNY 19.652 billion, a 1% increase HoH and a 4% increase YoY [6] - Gross Margin (GM): Improved to 19.8% in 1H25 from 19.3% in 2H24, with optoelectronic products GM at 10.6% (up from 8.2% in 1H24) [6][13] - Operating Income (OP): Increased by 18% HoH to CNY 1.484 billion, 5% ahead of Bloomberg consensus [6][7] - Net Income: CNY 1.646 billion, a 2% increase HoH and a 53% increase YoY [6] - Operating Expense (Opex) Ratio: Improved to 12.3% in 1H25 from 12.9% in 2H24 [6] Segment Performance - Optoelectronic Products: Revenue growth of 2% YoY to CNY 13.4 billion, accounting for 68% of total revenues; driven by vehicle modules [13] - Optical Components: Revenue growth of 11% YoY to CNY 6.1 billion, representing 31% of total revenues; supported by handset lens and vehicle lens sales [9][13] Margins and Ratios - Gross Profit (GP): CNY 3.894 billion in 1H25, a 20% increase YoY [6] - Operating Profit Margin (OPM): Increased to 7.6% in 1H25 from 6.5% in 2H24 [6] - Net Margin (NM): Improved to 8.4% in 1H25 from 8.3% in 2H24 [6] Future Outlook and Valuation - Target Price: HK$89.00, implying an upside of 18.7% from the current price of HK$74.95 [10][16] - Valuation Methodology: Based on a target P/E of 21.6x for 2026E, consistent with historical trading range [10][14] - Risks: Include competition in handset lens, shipment growth variability in camera modules, and currency fluctuations [15] Additional Insights - Product Mix Improvement: The better product mix in optoelectronic products contributed to margin improvements [1] - Market Position: The company maintains a strong position in the optical components market, particularly in vehicle and handset lenses [9][13] - Growth Drivers: Increased demand for AR/VR cameras and vehicle modules are key growth drivers for the company [13] This summary encapsulates the essential financial metrics, segment performance, and future outlook for Sunny Optical, providing a comprehensive overview for potential investors and stakeholders.