Fu Tu Information learned that Sunny Optical Technology released its 2017 financial results after trading on March 19. Prior to the release of the company on February 12, the market expectations are good, coupled with the group was included in the first batch of CDR list, the policy is good to push up the share price. On the same day, Sunny Optical Technology rose 2.01% to quote HK $147.1.

Source: Futu Securities

I. Financial data analysis

Analysts expect Sunny Optical's operating income to be 23.097 billion yuan in 2017, according to Bloomberg data.The actual value was 22.366 billion yuan, an increase of 53.1% over the same period last year.. Expected earnings per share after adjustment is 2.484 yuanActual earnings per share of 2.6676 yuanBoth were higher than analysts expected.The net profit was 2.9 billion yuan, compared with 1.27 billion yuan in the same period last year, an increase of about 128.3%.Profit attributable to shareholders increased by 128.3% to 2.902 billion yuan over the same period last year, while gross profit increased by 79.2% to 4.803 billion yuan, with earnings per share of 2.6676 yuan and final dividend of 0.661 yuan per share.

According to the announcement, the increase in revenue is mainly due to the rapid development of the group in smartphone-related business and vehicle imaging. The increase in net profit is mainly due to the increase in gross profit and the effective control of operating expenses. The net interest rate is about 13%, compared with about 8.7% last year. Among them

• Optical parts businessThe revenue increased by about 1.346 billion yuan over the same period last year to about 4.302 billion yuan. The increase was mainly due to the increase in shipments of mobile phone lenses and car lenses, and the increase in the average selling price brought about by the improvement in the product structure of mobile phone lenses.

• Optoelectronic products businessThe revenue increased by about 6.368 billion yuan over the same period last year to about 17.771 billion yuan, mainly due to the increase in shipments of mobile phone camera modules and the increase in the average selling price brought about by improved product structure.

• Optical instrument careerThe revenue increased by about $40.5 million over the same period last year to about $293.5 million, mainly due to a pick-up in market demand for industrial equipment.

II. Review of management business

1. Leading technological innovation advantage to seize market share

Sunny Optical continued to launch high-quality, high-performance flagship and high-end models in fiscal year 2017, grabbing market share and reshaping the market pattern. At the same time, it is very popular in overseas markets for its technology and innovation.

2. Lay out the 3D camera era ahead of time to seek differentiated functions.

Global smartphone shipments in 2017 increased by 2.7 per cent from last year to about 1.54 billion units, of which Chinese brands shipped about 420 million smartphones, contributing about 27.3 per cent of the market share. With the increasingly saturated demand in the smartphone market, optimizing consumer experience has become the key to competition among major mobile phone brands. The company closely follows the market trend, layout in advance and in-depth cooperation with a number of 3D-related companies with core key technologies. It continues to play a leading role in the field of 3D cameras, consolidating its leading edge in the optical industry.

3 、The global market of car lens continues to grow at a high speed, and the market potential is great.

With the penetration of automobile active safety technology and the continuous progress of self-driving technology, relevant policies have been issued. As a bridge between active and passive safety systems, ADAS can realize the functions of LDW, vehicle, pedestrian and obstacle early warning and traffic sign recognition, which is one of the basic technologies to realize automatic driving. As an important part of vehicle imaging and advanced driving assistance system "ADAS", the global market of vehicle lens continues to grow rapidly, and its market development potential is huge.

III. Prospects and future strategies

The directors believe that 2018 is a year of both challenges and opportunities. The Group will continue to refine its existing business advantages, further build its core competitiveness and increase its market share. Continue to deepen the "two changes" and speed up the incubation and growth of new business. Continuous innovation, pay attention to new technologies, explore new areas, and cultivate new business growth points for the group. We will continuously improve the mechanism for introducing and training talents, actively promote the construction of corporate culture, and provide an important guarantee for sustainable development in the future. (editor / Zhu Jingjing)