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瑞信:维持舜宇光学(02382)“跑赢大市”评级 目标价138港元

Credit Suisse: maintain Sunny Optical's (02382) "outperform" rating target price of HK $138,

Zhitong Finance ·  Aug 16, 2022 12:25

Zhitong Financial APP learned that Credit Suisse released a research report that maintained Sunny Optical's "outperform market" rating of 02382, with a target price of HK $138m. Revenue and net profit in the first half of the year fell 14% and 50% from a year earlier, with net profit at the lower end of the earlier earnings warning range. Gross profit margin fell 4.2 percentage points year-on-year to 20.8%, 0.8 percentage points higher than the bank's forecast, in line with market expectations. Dragged down by rising sales, general and administrative costs, operating profit fell 52 per cent year-on-year, below the bank and market expectations.

In terms of electronic products, Sunny Optical's income fell 19% year-on-year, gross profit margin 11.6%, 2.6 percentage points higher than the bank expected; average selling price and gross profit margin fell more moderately than expected, or related to better cost control; medium-term revenue from optical components fell 8% year-on-year, thanks to cost control and product mix, gross profit margin reached 35.5%, 1 percentage point higher than expected.

In the automotive business, medium-term revenue rose 7 per cent year-on-year under sluggish delivery growth, while revenue from expansion and virtual reality (ARVR) products rose 11 per cent year-on-year, below the full-year target of 50 per cent growth, but the virtual reality (VR) module has begun mass production. In addition, capital expenditure reached $1.3 billion in the first half of the year, compared with the annual guideline of $3 billion.

The translation is provided by third-party software.


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