报告名称：Sunny Optical Technology(02382.HK)2H15 results beat due to better product mix ma
报告类型：港股研究
报告日期：2016-03-16
研究机构：中金公司
股票名称：舜宇光学科技
股票代码：02382
页数：6
简介：2H15 results beat estimates, but highernon-operating loss
Reported 2H15 revenue Rmb6bn and net income Rmb454mn, up32% & 47% YoY, 4.3% & 8.6% above our estimates and 5.3% &4.6% above consensus, with higher revenue from Optoelectronicproducts, mainly camera modules. Blended GM of 17.2% washigher than we expected mainly due to higher lens GM. Non-oploss of Rmb122mn was also greater than we expected, mainlydue to losses from FX (Rmb37mn) and derivatives (Rmb85mn).Net income of Rmb454mn (+47% YoY, +47% HoH) beat ourforecast by 8.6%. DPS Rmb0.208 (HK$0.249).
Trends to watch
Upbeat 2016 guidance with steady market share gain.The company expects its market share in handset cameramodules, handset camera lenses, vehicle lenses and opticalinstrument products to continue increasing as it changes productmix and grows more competitive in these markets. It will alsocontinue to research new mobile device applications.Management expects to ship 25~30% more CCM and 20~30%more lens sets in 2016.
Dual camera key to new upgrade cycle, but will be led bytop OEMs initially owing to high technology barriers. Weforecast dual camera products account for 5% of Sunny’sproduct shipments with 15% penetration among smartphones,keeping blended ASP on key components high.
Earnings revisions
We raise our 2016 & 2017 EPS estimates by 8.5% & 1%to Rmb0.9 & 1.09, reflecting better camera lens margin.
Valuation and recommendation
Rolling forward to 2016e valuation, we raise our target priceto HK$19.6 from HK$14.53, reflecting 19.2x 2016e P/E andmaintain a HOLD rating.
Risks: Slower product upgrades; lower growth in Chinasmartphone market

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