20230616-招银国际-舜宇光学科技-02382.HK-Investor_Day_takeaways__Well-positioned_to_capture_auto_XR_robots_opportunities_7页_1mb

Summary of Sunny Optical (2382 HK) Equity Research Report

• Company Overview: Sunny Optical is a Hong Kong-listed company specializing in optical components, with strong leadership in handset lens modules and expanding into automotive, LiDAR/HUD, and XR/robotics sectors due to smartphone market challenges.
• Business Highlights: Key strengths include global No.1 position in HCM/HLS/VLS, with projected share gains and product upgrades for next-gen cameras.
• Opportunities: Significant growth potential in auto modules (rising camera penetration and EEA evolution), LiDAR/AR-HUD (high CAGR), and XR (Apple Vision Pro driving supply chain expansion). Non-smartphone segments now constitute 50%+ of revenue.
• Financials: Despite smartphone shipment declines (YoY drop in China), revenue and profit are expected to recover in 2023E driven by upgrades and restocking. Forecasted revenue growth: 7.7% in 2023E to 40,427 RMB mn.
• Valuation: Maintain HOLD recommendation with target price HK$86.75, based on SOTP methodology using different P/E multiples for segments (e.g., 18x for CCM, 35x for vehicle lens). Comparables suggest fair valuation.
• Disclosures: Report carries risks such as market headwinds and disclaimer notes on investment advice and conflicts of interest. Overall positive outlook for long-term opportunities but caution on short-term smartphone impacts.