报告名称：Sunny Optical(02382.HK)Margin Beat;Raise PT to HK$32
报告类型：港股研究
报告日期：2016-03-15
研究机构：麦格理银行有限公司
股票名称：舜宇光学科技
股票代码：02382
页数：14
简介：Event
We raise our 2016/17 EPS by 10%/7% to factor in the better-than-expectedmargin improvement in 2H15, which also proved our view: 1) businessupgrade increasing mix of Handset Lens and Vehicle Lens; 2) decreasingmargin drag the lower mix of legacy camera modules, the higher blendedGPM; 3) Handset Lens business continuing to enjoy market share gains,product mix upgrade (higher ASP), and margin improvement, and 4) theVehicle Lens business the other long-term growth driver. Our new PT ofHK$32.00 (up from HK$28.00) implies 76% TSR.
Impact
What street has underestimated: 1) we believe the street has overstatedthe negative impact from the declining legacy camera module shipments,which should be partially offset by ASP enhancement (from 5/8MP to 13MP).In addition, lower camera module shipments should better support theblended GPM (legacy camera modulesˇ ~10% vs. Handset Lensˇ >35%/Vehicle Lensˇ 40%); 2) we believe the street has underestimated the upsidepotential from its handset lenses (low base of market share) and marginimprovement.
2H15 results: revenue of Rmb6.0bn (+30% HoH, +32% YoY), GM of 17.2%(vs 15.9% in 2H14, 15.5% in 1H15); net income of Rmb454m (+48% HoH,+47% YoY). Net income excluding one-time non-op loss (net loss on changesin fair value of derivative financial instruments) reached Rmb 541m (+76%HoH, +75% YoY).
Margin beats: Sunny Optical 2H15 GM came at 17.2% (margin improved by11% from 15.5% in 1H15), which beat MQ/street estimates by 0.6%/0.7%thanks to better product mix (higher mix of Handset Lens and Vehicle Lens).
Business enhancement: We believe Sunny Optical is on the right track ofbusiness transition to a high value-add universe (Handset and VehicleLenses). We believe the Handset Lens will be driven by 1) product mixupgrade; 2) margin expansion; and 3) market share gains. We believe theVehicle Lens is still at an early stage, with low ADAS adoption rate pre-2018.Earnings and target price revision
We raise 2016/17 EPS by 10%/7% to factor in the better-than-expectedmargin improvement in 2H15. We raise our PT to HK32.00 (22x 2016E PE).Price catalyst
12-month price target: HK$32.00 based on a PER methodology.
Catalyst: Mar 2016 shipmentsAction and recommendation
From a peer perspective, we recommend investors switch out of Largan toSunny Optical for its business upgrades from the legacy camera module tothe high-margin Handset Lens/Vehicle Lens business and long-term grossmargin improvement (we expect GPM for handset and vehicle lenses of>35%/40% vs the corporate GPM of 16.5% for 2015).

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