舜宇光学 2025 年上半年：高端化推动利润激增；目标价上调至 110 港元

Summary of Sunny Optical Technology Group Co Ltd Conference Call Company Overview - Company: Sunny Optical Technology Group Co Ltd - Ticker: 2382.HK - Industry: Asia Tech Hardware Key Financial Results - 1H25 Performance: - Total revenue increased by 4% YoY, aligning with consensus expectations [1][9] - Gross margin (GM) improved by 2.6 percentage points YoY to 19.8% [1][9] - Handset lens GM rose to 25-30% from 20-25% in 2024, driven by a higher mix of 6P+ lenses and a more than doubling of G+P lenses revenue [1][9] - Module GM reached the guided range of 8-10%, supported by over 20% YoY growth in periscope/large-CIS [1][9] - The auto segment, which has a higher GM, grew by 18% YoY, contributing positively to overall corporate GM [1][9] - XR revenue surged by 21% YoY due to momentum in AI glasses [1][9] Market Dynamics - Handset Shipments: Monthly shipment data is becoming less indicative of overall business strength. Despite a decline in handset shipments, the average selling price (ASP) for handsets increased by over 20% YoY [2][10] - 2025 Guidance: Management expects a 5-10% YoY increase in handset revenue, with lens GM maintaining the 25-30% range and module GM remaining stable [2][10] Growth Drivers - Auto Segment: - Lens shipments in the auto segment increased by 22% YoY, driven by the adoption of ADAS cameras among major Chinese OEMs [3][11] - Modules are expected to be a key growth driver from a low base, with current overseas OEM sales (e.g., VW & Toyota) at 10% of product mix [3][11] - XR Segment: Although the revenue guidance for XR is single-digit growth this year, Sunny's leadership in smart glasses and early investments in AR are expected to contribute to double-digit growth in the future [3][11] Financial Projections - EPS Growth: The estimated EPS CAGR for 2024-2026 has been revised up to 28% [3][24] - Revenue Projections: Revenue is expected to grow at a CAGR of 12% from 2024 to 2026, driven by rapid growth in the auto and XR segments [24][33] - Corporate GM: Expected to stabilize above 20%, supported by a higher mix of high-margin auto products and premium handset products [3][24] Valuation and Price Target - Price Target: The price target has been raised to HK$110, using a P/E multiple of 25x against the 2026 EPS estimate of RMB4.0 [6][24] - Current Price: Closing price as of 20 August 2025 was HK$82.25, indicating a potential upside of 34% [4][45] Risks and Considerations - Potential risks include stronger-than-expected margin pressure from new iPhone products, a weaker Android phone market, and slower adoption rates for ADAS and AR/VR technologies [51] Conclusion Sunny Optical Technology Group Co Ltd is positioned for multi-year growth driven by its strong performance in the auto and XR segments, despite challenges in handset shipments. The company’s financial metrics indicate a solid outlook, with improved margins and a favorable EPS growth trajectory.