SUNNY OPTICAL(02382) 开源证券·2025-02-13 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes that 2025 will be a year of high prosperity for the optical industry, driven by the upgrade of mobile phone optics, accelerated growth in automotive optical business, and the ramp-up of XR optics. The company is expected to see significant profit improvements in the second half of 2024, confirming the trend of mobile optical upgrades and breakthroughs with overseas major clients [5][6] - The forecast for net profit attributable to the parent company for 2024-2026 has been revised upwards to 2.7 billion, 3.7 billion, and 4.2 billion CNY, representing year-on-year growth of 146%, 37%, and 15% respectively [5] - The current stock price of 88.6 HKD corresponds to a PE ratio of 24.1 and 21.0 for 2025-2026 [5] Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: - 2024E: 37.941 billion CNY (YoY growth of 19.8%) - 2025E: 43.485 billion CNY (YoY growth of 14.6%) - 2026E: 48.584 billion CNY (YoY growth of 11.7%) [8] - Net profit projections are as follows: - 2024E: 2.7 billion CNY (YoY growth of 145.6%) - 2025E: 3.695 billion CNY (YoY growth of 36.8%) - 2026E: 4.236 billion CNY (YoY growth of 14.6%) [8] - The gross margin is expected to improve to 20.6% in 2025, with net margin at 8.5% and ROE at 12.8% [8]