Sunyu Optical Technology (2382.HK): Short-term pressure awaits growth curve

長江證券 · Aug 22, 2022 00:00 · Researches

　　事件描述

　　2022 年8 月15 日，公司发布2022 年半年报，报告期内，公司实现营业收入169.72 亿元，同比下降14.4%，实现净利润13.58 亿元，同比下降49.5%。分业务来看：光电产品123.71亿元（占比72.9%）、光学零件43.99 亿元（占比25.9%）、光学仪器2.02 亿元（占比1.2%）；分下游领域来看：手机相关产品收入127.56 亿元（占比75.2%）、车载相关产品收入17.25 亿元（占比10.2%）、VR/AR 相关产品收入6.60 亿元（占比3.9%）。

　　事件评论

　　分业务来看，2022 年上半年公司光学零件业务主要受到全球智能手机市场的需求疲软以及行业降规降配的影响，行业竞争格局进一步恶化，在营收以及毛利率方面承压。汽车镜头上半年出货量保持微增，公司自身的份额依旧维持在第一，主要受到行业缺芯以及疫情的影响，下半年汽车镜头出货有望高增长。在光电产品业务方面，公司手机摄像头模组业务上半年同比下滑严重，而在汽车模组业务这块，公司新增多个800 万感知镜头模组的定点，未来汽车模组业务将成为公司汽车业务新的成长点。机器人视觉方面，公司在扫地机、机器人等领域已经实现头部客户的出货，公司具备3D 视觉模组能力，此外公司的AI芯片已完成流片，进一步提升公司的光学系统解决方案能力。

　　展望2022 年，公司的短期成长乏力，但是长期逻辑依旧清晰。我们认为公司短期主要是受到行业层面的消极影响，公司核心竞争力以及地位并未改变，消费电子若在明年边际改善则有望推升消费电子业务的盈利性。中长期看，公司的成长逻辑依旧清晰，此前公司手机镜头在北美大客户实现从无到有的突破，经过商业关系以及生产制造的磨合期后，在未来镜头和模组的合作有望进一步深化。在新兴业务激光雷达方面，公司具备从元件、模块到整机代工多个环节的制造能力，伴随自动驾驶的逐步升级及成本下探，激光雷达将渐向标配普及，成长空间巨大。

　　我们认为，公司所处光学赛道为长坡厚雪赛道，核心在于光学镜头应用场景丰富、长期升级趋势明显、产业链向国内转移。未来智能汽车、VR/AR、新兴AIOT 设备将大量搭载光学镜头，行业天花板有望不断随着应用领域的扩容而打开。公司在多个领域积累丰厚的光学技术与制造经验，奠定行业领先地位，持续不断的研发投入使得公司得以巩固竞争优势。我们认为，公司未来有望充分受益于手机光学升级、VR/AR 持续放量以及汽车智能化发展带来的量价齐升，公司长期成长性依旧可见。

　　风险提示

　　1、汽车智能化发展不及预期；

　　2、在大客户出货量不及预期。

Event description

On August 15, 2022, the company released its semi-annual report of 2022. During the reporting period, the company realized operating income of 16.972 billion yuan, down 14.4% from the same period last year, and net profit of 1.358 billion yuan, down 49.5% from the same period last year. In terms of business: 12.371 billion yuan for optoelectronic products (72.9%), 4.399 billion yuan for optical parts (25.9%), 202 million yuan for optical instruments (1.2%) From the perspective of downstream areas: 12.756 billion yuan (75.2%) from mobile phone-related products, 1.725 billion yuan (10.2%) from vehicle-related products, and 660 million yuan (3.9%) from VR/AR-related products.

Event comment

In terms of business, the company's optical parts business in the first half of 2022 was mainly affected by weak demand in the global smartphone market and reduced regulations in the industry, resulting in a further deterioration of industry competition and pressure in terms of revenue and gross profit margin. Car lens shipments maintained a slight increase in the first half of the year, and the company's own share remained in the first place, mainly affected by the lack of core in the industry and the epidemic, and car lens shipments are expected to grow high in the second half of the year. In terms of optoelectronic products, the company's mobile camera module business declined seriously in the first half of the year compared with the same period last year, while in the automotive module business, the company added 8 million perceptual lens modules. In the future, automotive module business will become a new growth point for the company's automotive business. In terms of robot vision, the company has realized the shipment of head customers in the fields of floor sweeper and robot, and the company has 3D vision module capability. in addition, the company's AI chip has been taped out to further enhance the company's optical system solution capability.

Looking ahead to 2022, the company's short-term growth is weak, but the long-term logic is still clear. We believe that in the short term, the company is mainly affected by the negative impact at the industry level, and the company's core competitiveness and status have not changed. The marginal improvement of consumer electronics next year is expected to boost the profitability of the consumer electronics business. In the medium and long term, the growth logic of the company is still clear. The company's mobile phone lens has achieved a breakthrough from scratch in North America. After the commercial relationship and the running-in period of production, the cooperation between lens and module is expected to be further deepened in the future. In the aspect of emerging business lidar, the company has the manufacturing capability from components, modules to OEM. With the gradual upgrading of autopilot and cost decline, lidar will gradually become more and more popular, and there will be huge room for growth.

We believe that the company's optical track is Changpo thick snow track, the core lies in the optical lens application scene is rich, the long-term upgrading trend is obvious, the industrial chain to the domestic transfer. In the future, a large number of optical lenses will be installed in smart cars, VR/AR and emerging AIOT devices, and the industry ceiling is expected to open continuously with the expansion of the application field. The company has accumulated rich optical technology and manufacturing experience in many fields, established a leading position in the industry, and continuous R & D investment enables the company to consolidate its competitive advantage. We believe that in the future, the company is expected to fully benefit from the upgrading of mobile phone optics, the continuous release of VR/AR and the increase in volume and price brought about by the development of intelligent cars, and the company's long-term growth can still be seen.

Risk hint

1. The development of automobile intelligence is not as expected.

2. Shipments from major customers are not as expected.

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

舜宇光学科技(2382.HK)：短期承压 等待成长曲线上扬

Sunyu Optical Technology (2382.HK): Short-term pressure awaits growth curve

Risk Disclaimer

Statement

舜宇光学科技(2382.HK)：短期承压等待成长曲线上扬