SUNNY OPTICAL(02382) 国信证券·2025-04-02 13:44Investment Rating - The report maintains an "Outperform" rating for Sunny Optical Technology (02382.HK) [5] Core Views - The company is expected to achieve a revenue growth of over 20% year-on-year in 2024, with a significant increase in net profit by 145.5% [1][3] - The optimization of the mobile product structure is notable, with high-end products continuing to increase their market share [2] - The automotive optical sector is experiencing rapid development, with breakthroughs in various applications [2] - The emerging optical field, particularly in AI/AR glasses, is expanding significantly [3] Financial Performance Summary - In 2024, the company reported a revenue of 38.294 billion yuan (YoY 20.87%) and a net profit of 2.699 billion yuan (YoY 145.51%) [1] - Optical components revenue reached 11.708 billion yuan (YoY 22.53%), accounting for 30.6% of total revenue, while optoelectronic products generated 26.157 billion yuan (YoY 21.10%), making up 68.3% [1] - The overall gross margin improved by 3.8 percentage points to 18.3% in 2024, driven by product structure improvements [1] Product Segment Summary - Mobile-related revenue was 25.155 billion yuan (YoY 20.16%), representing 65.7% of total revenue, with the company maintaining the largest global market share in mobile camera lenses [2] - The automotive-related revenue reached 6.039 billion yuan (YoY 14.32%), accounting for 15.8% of total revenue, with the company also leading in the market share of automotive lenses [2] - AR/VR related revenue grew to 2.577 billion yuan (YoY 37.81%), making up 6.7% of total revenue, with the company holding the largest market share in XR visual modules [3] Earnings Forecast and Valuation - The forecast for net profit for 2025-2027 is adjusted to 3.462 billion yuan, 4.124 billion yuan, and 4.869 billion yuan respectively, with corresponding PE ratios of 21.4, 18.0, and 15.2 [3][4]