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：麦格理证券
股票名称：舜宇光学科技
股票代码：02382
页数：14
简介：We raise our 2016/17 EPS by 10%/7% to factor in the better-than-expected margin improvement in 2H15, which also proved our view: 1) business upgrade – increasing mix of Handset Lens and Vehicle Lens; 2) decreasing margin drag – the lower mix of legacy camera modules, the higher blended GPM; 3) Handset Lens business continuing to enjoy market share gains, product mix upgrade (higher ASP), and margin improvement, and 4) the Vehicle Lens business the other long-term growth driver. Our new PT of HK$32.00 (up from HK$28.00) implies 76% TSR.
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