报告名称：Sunny Optical Technology Group Co. Limited(02382.HK)2H15 results beat： Mix/margi
报告类型：港股研究
报告日期：2016-03-15
研究机构：瑞士信贷
股票名称：舜宇光学科技
股票代码：02382
页数：5
简介：Sunny Optical reported 2H15 results. Revenue/net income of Rmb6 bn/ Rmb454 mn (up 32%/47% YoY) were 10%/7% above our prior estimates and 4%/3% above Bloomberg consensus, due to better HCM sales and OPMs, in our view. The board proposed an annual dividend of Rmb170 mn, or Rmb0.208 (HK$0.249) per share.
We see our key thesis for the stock, mix/margin up-cycle, to work out comprehensively in the results. We see better ASPs in HCM and lenses, extremely strong lens margins, good operating leverage, and therefore a very encouraging GM/OPM beat.
We still see multiple catalysts for Sunny in 1H16 including: (1) the launch of Huawei dual-cam model at early-April, (2) further shipment/mix improvements, and (3) potential lens order gains in dual-cam in 2Q16.
We wait for tomorrow analyst briefing to update our estimates and views. Key risks: weakening China smartphone demand, pricing/margin pressure, and slower-than-expected upgrades.
下载地址：Sunny Optical Technology Group Co. Limited(02382.HK)2H15 results beat： Mix/margi
