光学技术升级，推动光学业务毛利率大幅改善公司光学技术持续升级，产品结构不断优化。塑料镜头高端化进展顺利，6P 镜头出货占比保持在15%以上，并获得了7P 塑料镜头项目定点。2024 年上半年，1G6P 玻塑混合镜头出货约140 万只，同比增长近40%。2024H1，公司光学业务实现收入人民币22.1 亿元，同比增长24.9%，毛利率改善至4.7%，较去年同期显著提升21.7 个百分点。Key investment points
Market recovery combined with improved product portfolio. 2024H1's gross margin increased significantly. In 2024, H1's total revenue was RMB 11.25 billion, up 22.0% year on year, and gross margin was 21.5%, up 7.4 percentage points year on year. The significant increase in gross margin was mainly due to the recovery trend in the mobile phone market, product portfolio improvements from the acoustics, optics, and precision structural parts businesses, continuous efficiency improvements brought about by lean operations, and the contribution of Premium SoundSolutions (PSS).
The automotive acoustics business continued to break through, and the synergy between PSS and the company gradually showed that after the PSS acquisition was completed, the company's automotive acoustics business went hand in hand: 1) in overseas markets, the company occupied a high share of the world's first-tier car companies; 2) the domestic business also expanded steadily, continuing to supply high-end models from leading new energy companies, and exclusively supplying car speakers to a leading new car force. Shipments exceeded one million in the first half of the year. 2024H1, PSS related businesses had consolidated revenue of RMB 1.52 billion and gross margin of 25.0%. The automotive business is becoming a new engine for the company's growth.
The upgrading of optical technology has promoted a significant improvement in the gross margin of the optical business. The company's optical technology continues to be upgraded, and the product structure is continuously optimized. High-end plastic lenses are progressing smoothly. 6P lenses have maintained a share of over 15% in shipments, and have been selected for the 7P plastic lens project. In the first half of 2024, only 1.4 million 1G6P glass plastic hybrid lenses were shipped, an increase of nearly 40% over the previous year. 2024H1, the company's optical business achieved revenue of RMB 2.21 billion, a year-on-year increase of 24.9%, and gross margin improved to 4.7%, a significant increase of 21.7 percentage points over the same period last year.
Maintain a “buy” rating with a target price of HK$45 per share
We forecast that the company's revenue for 2024-2026 will be RMB 264.5 (+29.1%), 299.3 (+13.2%), and RMB 338.6 (+13.1%), respectively, and net profit to mother of 16.9 (+128.6%), 21.6 (+27.9%) and 25.4 (+17.5%) billion yuan.
We forecast an average net profit growth rate of 23% over the next two years. According to the prudent principle, we believe that the company's valuation is reasonable based on PEG of 1 times 2025, that is, according to the 2025 23 times PE valuation, corresponding to the target price of HK$45 per share, there is room for an increase of 21.1% from the current price, giving it a “buy” rating.
