Zhitong Financial APP learned that Zhejiang Merchants Securities released a research report saying that it maintained Sunny Optical's (02382) "buy" rating. Combined with the China report, revenue in 2022-24 is forecast to be 340.91 trillion 430.41 yuan / 50.841 billion (year-on-year-9.25% shock 26.25% shock 18.12%); net profit for the same period is forecast to be 40.12 million 51.57 / 6.292 billion yuan. The bank believes that the company's mobile phone business inflection point has emerged, the second half of the year iPhone lens upgrade and periscope plan will improve the mobile phone business difficulties, the future vehicle / XR/ lidar and other innovative business boom is highly determined, Shunyu is expected to benefit deeply.
According to the report, the company's mobile phone market hit both volume and price in the first half of the year, and it is expected to improve in the future with the help of marginal innovation. 2022H1 car lenses shipped 37.611 million pieces (+ 0.8% compared with the same period last year), ranking first in the world. At the same time, 5MP glass-plastic hybrid cabin surveillance lenses were newly developed, and 3MP glass-plastic hybrid lenses were also produced in terms of side view and look around. In terms of modules, the company has completed the research and development of the OMS module in the 5MP module, and three new fixed-point projects have been added to the 8MP environment awareness module, which is expected to benefit from the increased demand for on-board lenses under the intelligent driving iteration.
In addition, the company's VR business continues to evolve from simple eyepieces to lenses, modules, and the whole machine, realizing mass production of VR Pancake modules in the first half of the year, seizing the incremental demand brought by the technology iteration process; subsidiary Shun is ready to assemble the whole technology XR machine, and the overall industrial layout is gradually clear, and VR business may usher in a simultaneous increase in volume and price in the future.