Investment Rating - The report maintains a "Buy" rating for Sunny Optical Technology (2382.HK) with a target price of HKD 57.0, indicating a potential upside of 20% [1]. Core Views - The report highlights a solid recovery in the smartphone business driven by a resurgence in demand, improved camera specifications, and a more favorable competitive landscape, which is expected to lead to a strong profit recovery [1]. - The automotive business is projected to provide stable growth, while the XR business is anticipated to return to a growth trend, contributing to an optimistic outlook for the next two years [1]. - The report forecasts a 112% year-on-year increase in net profit for the current year, supported by a low base effect [1]. Summary by Sections Smartphone Business - Expected stable shipment volume for camera modules this year, with average selling prices increasing by 10%-15% year-on-year and gross margins improving to 6%-10% in the second half of the year [1]. - Anticipated 5%-10% year-on-year growth in smartphone lens shipments, with gross margins expected to improve from 20% to 20%-25% [1]. Automotive Business - Projected 10%-15% year-on-year growth in automotive lens shipments, with stable gross margins around 40% [1]. - The company has a backlog of orders worth RMB 10 billion for automotive modules, with expected revenue of RMB 2 billion for the year [1]. XR Business - The revenue growth forecast for the XR business has been raised to 25% for the year [1]. Valuation - The report employs a sum-of-the-parts valuation method, assigning target P/E ratios of 17x for smartphone camera modules, 17x for smartphone lenses, 36x for automotive lenses, and 25x for other businesses, leading to a target price of HKD 57.0 [1].

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company experienced a revenue growth of approximately 32% year-on-year to about 18.86 billion yuan in the first half of the year, with gross profit increasing by about 52% to 3.25 billion yuan, resulting in a gross margin of approximately 17.2%, an increase of about 2.3 percentage points year-on-year [2] - The net profit attributable to the parent company saw a significant increase of 147% year-on-year, reaching approximately 1.08 billion yuan [2] - The optical components segment's revenue grew by 27% to about 5.48 billion yuan, with notable advancements in automotive lens shipments and laser radar product development [2] - The optical products segment's revenue increased by approximately 36% to about 13.2 billion yuan, with a strong performance in mobile camera modules and high-end product market share [2] Financial Summary - The company’s revenue for 2022 was 33.33 billion yuan, with a projected increase to 41.64 billion yuan in 2024 and 51.15 billion yuan in 2026 [3][7] - Operating profit for 2022 was 2.65 billion yuan, with expectations of recovery to 2.10 billion yuan in 2024 and 2.84 billion yuan in 2026 [3][7] - The net profit attributable to the parent company was 2.41 billion yuan in 2022, projected to rise to 2.84 billion yuan in 2025 and 3.21 billion yuan in 2026 [3][7] - The earnings per share (EPS) are forecasted to be 2.21 yuan in 2024, 2.60 yuan in 2025, and 2.93 yuan in 2026 [3][7] - The price-to-earnings (P/E) ratio is expected to decrease from 43.4 in 2023 to 14.9 in 2026 [3][7]

证券研究报告·海外公司点评·工业工程(HS) 舜宇光学科技（02382.HK） 2024年中期业绩点评：手机高端化效果凸显， 盈利能力有望持续向上 2024 年 08 月 26 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|---------|--------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 33325 | 31832 | 38135 | 43340 | 48182 | | 同比(%) | (11.28) | (4.48) | 19.80 | 13.65 | 11.17 | | 归母净利润（百万元） | 2408 | 1099 | 2300 | 2914 | 3449 | | 同比(%) | (51.73) | (54.34) | 109.24 | 26.68 | 18.34 | | EPS-最新摊薄（元/股） | 2.20 ...

Investment Rating - **Rating**: BUY (Maintained) [2] - **Target Price**: HKD 70.09 (Up from HK$49.37) [2] - **Current Price**: HKD 46.65 (Upside: +50.3%) [2] Core Viewpoints - **1H24 Results**: Sunny Optical's 1H24 revenue and net income were RMB14,279mn and RMB1,079mn respectively, beating market consensus by 12.4% and 14.3% [2] - **Key Drivers**: Recovery in smartphone demand, especially flagship models, drove volume, ASP, and GM improvements [2] - **Gross Margin (GM)**: Blended GM improved to 17.2% (vs. 14.9% in 1H23), driven by HLS and optoelectronics margin improvements [2] - **High-End Products**: High-end handset product shipments (6P+ lens, periscopes, large image size modules) grew 23.2% YoY, contributing 25.6% of total shipments [4] - **XR Segment**: XR revenue surged 110% YoY to ~RMB1bn, accounting for 5.3% of total revenue [8] - **Automotive Products**: Vehicle-related sales rose 16.4% YoY to RMB2,877mn, with VLS shipment guidance raised to 10-15% YoY [8] Financial Performance - **Revenue Growth**: 1H24 revenue grew 32.1% YoY to RMB14,279mn [2] - **Net Income Growth**: Net income surged 147% YoY to RMB1,079mn, reaching 60% of FY24E estimates [2] - **Gross Margin**: Optical components' GM rebounded 5.8ppts YoY to 31.8%, while optoelectronics' GM improved 1.3ppts to 8.2% [3] - **R&D Expense**: R&D expense accounted for 7.8% of total revenue, with FY24E CAPEX maintained at ~RMB3.0bn [9] Market Position and Strategy - **Market Share**: Sunny Optical dominates the China handset market with ~50% market share, focusing on domestic OEMs like Huawei, Vivo, Oppo, and Xiaomi [6] - **Diversification Strategy**: Non-smartphone revenue contribution (auto + XR) increased to >30% of total revenue in 1H24, up from 15.5% in FY20 [9] - **Product Mix**: Management continues to focus on improving product mix to benefit ASP and GM, with HLS shipment guidance raised to 10-15% YoY [5] Future Outlook - **Smartphone Market Recovery**: Global smartphone shipments are expected to gradually pick up in FY24E, driven by top-tier clients' flagship models [5] - **Automotive Growth**: Sunny's automotive CCM order book reached RMB10bn, supporting mid-long term revenue growth [8] - **XR and AI**: AI technology and foldables are expected to drive high-end smartphone growth and promote a new replacement cycle [7] Valuation and Earnings Forecast - **Valuation**: Sunny Optical is trading at FY24E/25E 19.5x/16.0x PE, below its 10-year average [10] - **Earnings Forecast**: FY24E-26E net profit estimates raised by 35.8%/34.0%/31.7%, driven by higher sales and GM forecasts [9] - **Sales Growth**: FY24E-26E sales and net profit growth expected to accelerate to 10.7%/20.3% CAGR [10]

Company Overview - Current stock price (HKD): 48.500 [1] - 52-week high/low (HKD): 76.350/33.300 [1] - Market cap (HKD billion): 530.98 [1] - Shares outstanding (billion): 10.95 [1] - Turnover rate (last 3 months): 75.94% [1] Investment Rating - Investment rating: Buy (upgraded) [2] Core Views - 2024H2 profitability expected to improve, driven by XR new product launches and AI smartphone catalysts [4] - 2024-2026 net profit forecasts revised upward to 2.3/2.9/3.6 billion yuan, representing YoY growth of 108%/26%/24% [4] - Current stock price of 48.5 HKD implies 2024-2026 P/E ratios of 21.2/16.8/13.5x [4] Business Performance - 2024H1 net profit of 1.08 billion yuan, within guidance range of 1.05-1.09 billion yuan [5] - Smartphone lens and module ASP increased 10%-15% YoY in 2024H1 [5] - Automotive revenue grew 16% YoY in 2024H1, with vehicle lens shipments up 13% [5] - AR/VR revenue surged 111% YoY in 2024H1, exceeding expectations [5] Outlook - 2024H2 smartphone optics profitability improvement trend expected to continue [6] - XR new product launches could provide positive catalysts [6] - 2024 smartphone lens shipment growth guidance revised upward to 5%-10% [6] - 2024 XR revenue growth guidance raised to 25% [6] - Automotive business maintains previous guidance: 10%-15% vehicle lens shipment growth and 25% module revenue growth in 2024 [6] Financial Summary - 2024E revenue: 38.675 billion yuan (+22.1% YoY) [6] - 2024E net profit: 2.287 billion yuan (+108.0% YoY) [6] - 2024E gross margin: 17.9% [6] - 2024E net margin: 5.9% [6] - 2024E ROE: 9.3% [6] - 2024E EPS: 2.09 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company's revenue for the first half of 2024 reached 18.86 billion RMB, a year-on-year increase of 32.1%, with a significant net profit growth of 147.1% to 1.079 billion RMB, exceeding the upper limit of the profit forecast range [2]. - The improvement in profitability is attributed to enhanced margins across the three main business segments: optical components, optoelectronic products, and optical instruments, with gross margins increasing by 5.8%, 1.3%, and 5.2% respectively [2]. - The company is focusing on high-end optical specifications and product structure optimization, which has significantly boosted the profitability of mobile phone optics [2]. Summary by Sections Market Data - Total shares outstanding: 1.095 billion - Total market capitalization: 53.098 billion HKD - 1-year price range: 33.3 - 76.35 HKD - Recent turnover rate: 116.9% [1]. Financial Performance - The company reported a substantial improvement in its financial performance for the first half of 2024, with mobile-related product revenue of 13.029 billion RMB, a 34.5% increase year-on-year, accounting for 69.1% of total revenue [2]. - The global smartphone market saw a 6.5% increase in shipments in Q2 2024, with the company maintaining its position as the largest supplier of smartphone lenses [2]. - The company has raised its 2024 smartphone lens shipment growth guidance to 5%-10% due to increased orders from major clients [2]. Business Segments - The automotive-related products segment generated 2.877 billion RMB in revenue, a 16.4% increase year-on-year, with expectations for a 10-15% increase in shipments for 2024 [2]. - The VR/AR segment experienced a remarkable growth of 111.4% in revenue to 999.2 million RMB, driven by increased demand for VR pancake modules [2]. Profit Forecast and Valuation - The report has revised the net profit forecasts for 2024 and 2025 upwards by 68% and 60% respectively, projecting net profits of 2.476 billion RMB and 2.965 billion RMB [2]. - The company is expected to benefit from a gradual recovery in smartphone demand and ongoing upgrades in optical specifications [2].

22 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 阳光光学 （ 2382 香港 ） 为新的增长周期做好准备 ； 将 TP 提高到 HK$72.52 (上一个 TP HK$72.52 HK$67.88) 47.3% Sunny 的 1H24 收入 / NP 同比增长 32% / 145% ， 与之前的基本持平 积极的利润警报 ， 由智能手机的 HLS / HCM ASP / GPM 复苏和快速推动 汽车 / XR 增长。管理。将 HLS / VLS 的 2024 年装运指导同比提高至 5 - 10% / 同比增长 10 - 15% （ 与之前的同比增长 5% / 10% ） ， 并引导 ASP / GPM 提高到 2H24E 和 2025 年。对于 2025 年 ， 我们对苹果的份额增长持积极态度 ， AI 智能手机 升级、汽车产品提升和 XR 客户订单获胜。我们上调了 FY24 - 26E 估计将影响 1H24 业绩和更好的 ASP / GPM 前景。维持买入 并将基于 SOTP 的 TP 提高至 72.52 港元 ， 这意味着 FY25E 市盈率为 24.9 倍。即将到来 催化剂包括 ...

22 Aug 2024 CMB International Global Markets | Equity Research | Company Update Sunny Optical (2382 HK) Gearing up for new growth cycle; Raise TP to HK$72.52 Sunny's 1H24 revenue/NP growth of 32%/145% YoY is largely in-line with prior positive profit alert, driven by smartphone's HLS/HCM ASP/GPM recovery and rapid auto/XR growth. Mgmt. raised 2024 shipment guidance for HLS/VLS to 5-10% YoY /10-15% YoY (vs prior +5%/10% YoY), and guided ASP/GPM improvement into 2H24E and 2025. For 2025, we are positive on Ap ...

Investment Rating - Buy (Maintained) [1] Core Views - Sunny Optical Technology (02382 HK) reported strong H1 2024 performance with revenue reaching RMB 18 86 billion, a 32% YoY increase [3] - Gross margin improved by 2 3pct YoY and 3 1pct QoQ to 17 2%, driven by product specification upgrades and increased production capacity utilization [3] - Net profit attributable to shareholders surged 147% YoY to RMB 1 079 billion, with a net profit margin of 5 7%, up 2 7pct YoY and 1 9pct QoQ [3] - The company is expected to benefit from the trend of optical specification upgrades, with further improvements in profitability anticipated for H2 2024 and 2025 [3] - The target market cap is set at HKD 69 2 billion, with a target price of HKD 63, corresponding to 20X 2025 P/E [4] Business Segments Mobile Optics - Mobile-related products revenue grew 34 5% YoY to RMB 13 billion, accounting for 69% of total revenue [3] - Shipments of 6P and above lenses increased by 23% YoY, with high-end product structure further improving [3] - Large image sensor and periscope module shipments grew 66 5% YoY to 15 02 million units [3] - Expected mobile lens gross margin for H2 2024 is 20%-25%, and mobile module gross margin is 6%-10% [3] Automotive Optics - Automotive-related products revenue increased 16 4% YoY to RMB 2 9 billion, accounting for 15 3% of total revenue [4] - Automotive lens shipments grew 13% YoY to 53 23 million units, with full-year shipment growth expected at 10%-15% [4] - The company maintains a leading position in the 8MP automotive module market, with 8MP COB module shipments leading the industry [4] - Multiple LiDAR product projects have been secured, and the PGU based on HUD chip development has received domestic customer orders, with mass production expected in H2 2024 [4] Financial Projections - Revenue for 2024-2026 is projected at RMB 38 9/42 4/44 5 billion, with YoY growth of +23%/+9%/+5% [4] - Net profit attributable to shareholders for 2024-2026 is projected at RMB 2 2/3 2/3 5 billion, with YoY growth of +100%/+44%/+10% [4] - Gross margin is expected to improve from 14 5% in 2023 to 20 3% in 2026 [9] - ROE is projected to increase from 5 0% in 2023 to 11 6% in 2026 [5] Valuation Metrics - P/E ratios for 2024-2026 are projected at 22 5X/15 6X/14 2X [5] - P/S ratios for 2024-2026 are projected at 1 3X/1 2X/1 1X [5] - ROIC is expected to increase from 6 1% in 2023 to 11 6% in 2026 [8]

[Table_Title] 评级：买入（维持） 市场价格：45.45 港元/股 分析师：王芳 执业证书编号： S0740521120002 Email： wangfang02@zts.com.cn 分析师：张琼 执业证书编号： S0740523070004 Email：zhangqiong@zts.com.cn S0740122030020 联系人：洪嘉琳 Email：hongjl@zts.com.cn S0740122030020 [Table_Profit] 基本状况 | --- | --- | |--------------------|--------| | 总股本(百万股) | 1,095 | | 流通股本(百万股) | 1,095 | | 市价(港元) | 45.45 | | 市值(百万港元) | 49,759 | | 流通市值(百万港元) | 49,759 | [Table_QuotePic] 股价与行业-市场走势对比 舜宇光学科技 恒生指数 -50% -40% -30% -20% -10% 0% 10% 20% 30% 2023-082023-092023-102023-112023-1220 ...