Nomura: Maintain Sunny Optical Technology (02382) “Neutral” rating target price rose 21.7% to 235 Hong Kong dollars

Nomura releaseresearch reportTo maintainSunny Optical Technology(02382) “Neutral” rating, the target price is raised from 193 Hong Kong dollars to 235 Hong Kong dollars, the earnings per share for 2021-22 will be increased by 2%-12% to reflect grossinterest rateBetter than expected and favorable factors such as exchange rate, but part of it was offset by the slowdown in shipment growth and the slowdown in mobile phone lens business.

According to the report, the company’sinterest rateIt was 14.8%, an increase from last year, driving the overall gross profit margin to 24.9%, which was better than the bank and market expectations. The net profit of RMB 2.7 billion during the period was also better than the bank and market expectations.

The bank pointed out that the demand for smartphones in the Mainland has slowed again, and the company may need to lower its shipment guidance for lenses and modules, and the company has reduced its 2021 guidance for handset lens growth to 5%-10% year-on-year (previously 15%-20). %), but maintain the shipment growth guidance for mobile phone lens modules at 20%-25%. On the other hand, benefiting from the strong shipments of automotive lens sets, the company has increased the relevant growth guidance from 20%-25% to 30%-35% .

Nomura said that according to management, weak demand for smartphones may lead to a trend of reduced energy, and smartphone-related businesses will have more pressure on the gross profit margin in the second half of the year, but management still expects the overall gross profit margin this year to be higher than last year’s 22.9% .In addition, management refers toAppleRelated businesses are progressing well, and they have won leadership positions in a number of automotive and AR/VR projects.

(Source: Zhitong Finance Network)

Article source: Zhitong Finance Network

Editor in charge: DF551

Original title: Nomura: Maintain Sunny Optical Technology (02382) “Neutral” rating target price rose 21.7% to 235 Hong Kong dollars