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Sunny Optical Posts 146% Higher 2024 Profit; Shares Slide 11%
Citi: Expects that SUNNY OPTICAL's net income in the second half of last year met expectations, with a target price of 102 Hong Kong dollars.
Citigroup issued a Research Report stating that SUNNY OPTICAL (02382) released its full-year performance for 2024 yesterday (24th), which is in line with the mid-range of its profit forecast announced in mid-February, giving it a "Buy" rating with a Target Price of HKD 102. Although the company did not separately disclose the gross margin of mobile camera lenses/mobile camera lens modules/Onboard Cameras, the bank expects these figures to be consistent with the guidance for the second half of 2024 (20-25%/6-10%/40%), as the gross margin of optical Components increased by 0.2 percentage points to 32% on a semi-annual basis, and the gross margin of optical products expanded by 1.6 percentage points to 9.8% on a semi-annual basis. 2024
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Hong Kong stock morning news | Trump sends signals about tariff exemptions; Xiaomi plans to raise approximately 42.5 billion Hong Kong dollars through a placement.
① Trump has stated that he will announce additional tariffs on Autos, timber, and chips; there may be exemptions for tariffs on multiple countries. ② Trump again calls for the Federal Reserve to lower interest rates; Federal Reserve's Bostic stated that the inflation rate will not return to 2% before early 2027. ③ The three major U.S. stock indices collectively rose, while China Concept Stocks remained lukewarm. ④ The central bank's MLF operation was adjusted to multiple price level bidding, marking a net injection after eight months.
Sunny Optical's revenue in 2024 increased by 20.9% year-on-year, with net income soaring by 145.5%. The shipment volume of onboard cameras has surpassed 0.1 billion units for the first time | Earnings Reports insights.
The growth is mainly attributed to the strong performance of the main Business, where the shipment volume of mobile lenses and mobile camera modules increased by 13.1% and 13.3% respectively, maintaining the number one market share globally, and the Onboard Camera shipments have surpassed the milestone of 0.1 billion units for the first time.
