20230712-招银国际-舜宇光学科技-02382.HK-1H23_preview__Better_ASP_to_offset_shipment_weakness__Focus_on_demand_recovery_in_2H23E_8页_1mb

Report Focus: This report analyzes Sunny Optical (2382 HK) for the 2023 financial year, previewing H1 performance and providing outlook for H2 and beyond.

H1FY23 Preview: Revenue and net profit estimated to decline 11% and 10% YoY, respectively, due to weak shipments and inventory destocking. Segment breakdown shows HCM/HLS revenue flat, VLS revenue climbing 31% YoY from ADAS adoption.

H2FY23E Outlook: Positive outlook with expectations of channel restocking and shipment recovery in HCM/HLS (+16% YoY) and continued growth in VLS (steady) and XR (+30% YoY in FY23E) driven by product launches like Meta Quest 3.

Valuation: Stock is fairly valued at 26.1x FY23E P/E. Target price retained at HK$78.3 (implying 24.5x P/E), derived from SOTP methodology reflecting diversification and growth potential.

Recommendation: Maintain HOLD stance due to fair valuation; upside lies in non-smartphone growth (auto, XR), but risk from continued smartphone weakness remains.

Key Metrics: 1H23 revenue net loss; FY23E EPS revised to 2.65, P/E at 26.1; Peer comparisons show average P/E of 16.5x.