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【券商聚焦】东吴证券维持舜宇光学科技(02382)“买入”评级 指公司手机产品高端化有望持续

[Brokerage Focus] Soochow Securities maintains a "buy" rating on Sunny Optical Technology (02382), expecting the company's smartphone products to continue to move towards high-end.

金吾財訊 ·  Aug 27 03:41

Jingu Financial News | Soochow Securities issued a research report, indicating that Sunny Optical Technology (02382) achieved revenue of 18.86 billion yuan in the first half of 2024, a year-on-year increase of 32%, with a gross margin of 17.2%, a year-on-year increase of 2.3 percentage points, and a net income attributable to the parent company of 1.08 billion yuan, a year-on-year increase of 147%, surpassing the median of the forecast of 1.07 billion yuan.

The bank pointed out that the company's shipments of mobile phone lenses during the period were 0.63 billion units, a year-on-year increase of 24%. Among them, the shipments of 6P and above products were 0.16 billion units, a year-on-year increase of 23%. The ASP increased by more than 20% compared with the same period last year. The company continues to improve its product structure. The gross margin of mobile phone lenses in 24H1 has increased to around 20%. It is expected that the gross margin will continue to increase to 20-25% in 24H2. The company has achieved mass production of multiple one-inch glass-plastic hybrid main cameras and large-area periscope products, and the research and development of multi-group periscope mobile phone lenses has been completed. It is expected that the shipment of mobile phone lenses in 2024 will achieve a year-on-year growth of 5-10%.

The bank also pointed out that the company's shipments of automotive lenses during the period were 0.532 million units, a year-on-year increase of 13.1%, and the gross margin remained stable at around 40%. At present, the company has completed the research and development of automatic heating ADAS automotive lenses and has obtained designated projects from automobile OEMs. The company expects that the shipments of automotive lenses in 2024 will achieve a year-on-year increase of 10-15% while maintaining a stable gross margin.

The bank believes that the company's high-end smartphone products are expected to continue to grow, and there is still considerable room for growth in the automotive products. Therefore, the bank has raised the expected net income attributable to the parent company for 2024/2025 from 1.76/2.28 billion yuan to 2.3/2.91 billion yuan, and expects the net income attributable to the parent company in 2026 to be 3.45 billion yuan. The latest closing price corresponds to P/E ratios of 22.7/17.9/15.1 times, maintaining a "buy" rating.

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