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[Brokerage Focus] China Merchants Securities maintains a shareholding rating for Sunny Optical Technology (02382), expecting its XR business to grow in the long term with the market and new products.
According to the research report released by China Merchants Securities, Sunny Optical (02382) announced its semi-annual performance forecast on July 21, with a net income attributable to shareholders of the listed company of 10.48-1.092 billion yuan in H1 2024, a year-on-year increase of 140% to 150%. The bank believes that the company's mobile phone business is expected to benefit from the recovery of mobile phone demand in 2024 and the optical imaging innovation trend of Android high-end models, and the lens and camera module will achieve simultaneous growth in shipments, ASP, and gross margin; meanwhile, the product share of North American and South Korean customers is expected to continue to rise, opening up growth space for the next three years. Car integration business.
Morgan Stanley reaffirms its outperform rating on Sunny Optical Technology (02382) and raises its target price to HKD 79.2.
Morgan Stanley predicts that the gross margin of Sunny Optical's (02382) mobile camera module will increase to 7% to 8% in the first half of this year, and the average product price will increase by double digits.
[Brokerage Focus] Huachuang Securities maintains a "strong recommendation" rating for Sunny Optical Technology (02382), expecting it to enjoy the industry dividend as the leading company in the lens industry.
Jingu Finance| Huachuang Securities released a research report stating that Sunny Optical Technology (02382) has released a performance forecast for the first half of 2024: expected net income of 10.48~1.092 billion (YOY 140~150%), with a median of 1.07 billion yuan (YOY 145%). The bank believes that 1) the recovery in demand for smart phones and improved product mix will drive high growth in the first half of 2024. 2) AI may drive a new round of growth for smart phones. 3) AR/VR is still emerging, and optical products for cars are constantly upgrading. As an industry leader, the company continues to expand its products and enjoys the development dividends of the industry.
HK stocks volatility | Sunnymen Optical (02382) fell more than 4% again. Half-year profits exceeded market expectations, but slowing growth of in-car products may affect the company's valuation.
Suncity Group Optical (02382) fell over 4% again, as of press time, down 4.51% to HKD 46.6, with a turnover of HKD 0.269 billion.
Huachuang Securities: Maintains Sunny Optical Technology (02382) "Strong Buy" rating, target price of HKD 63.4.
Huachuang Securities raised its forecast for the company's net income attributable to shareholders for 2024-2026 to 2.114/2.461/2.799 billion yuan.
[Brokerage Focus] CICC raises Sunny Optical Technology's (02382) target price by 5% due to its better-than-expected earnings.
Jingu Caixun | China CITIC International Securities issued a research report stating that Sunny Optical Technology (02382) released a bullish net income, with expected year-on-year growth of 140%-150%, exceeding market and bank expectations. The bank pointed out that although the specifications of smartphone cameras will have limited upgrades in 2024, the high demand of Apple and Android promotes the growth of HLS (mobile phone lenses) shipments. At the same time, the increase in shipments and the optimization of product mix are bullish for average selling price and gross margin. For 2024, the bank expects HLS to achieve a year-on-year growth of 5%, and CCM (camera module) shipments to grow by 1%. The bank also pointed out that compared with smartphones
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