招商期货 |  招商致远资本 |  招商投资 |  招商证券香港 |  English 官方微博 软件下载 登录web交易 专家在线 财管计划 理财超市 网上招聘 营业网点实时行情

Sunny Optical (2382 HK) - Fous on potential upside in 2018 - Lift TP to HKD157

作者: Alex NG
时间: 2017年11月10日
重要性: 一般报告
行业评级:
公司评级:
相关股票代码:
阅读权限:   该文章钻石卡、金卡、银卡客户可阅读全文
摘要: Report title:Sunny Optical (2382 HK) - Fous on potential upside in 2018 - Lift TP to HKD157
Analyst:Alex NG
Report type:Company
Date:20171110
[Summary]

■ HCM/HSL Oct shipment growth of 12%/39% YoY driven by share gain in Chinese brands and strong demand for high-end products
■ Expect stronger industry leadership with 3D sensing ramp-up in FY18-19E thanks to MantisVision investment and AMS partnership
■ Raised FY17E-19E EPS by 11-17% for HCM/HLS share gains and better margins; Reiterate BUY with new SOTP-based TP of HK$157
Accelerated share gain on strengthened industry leadership
Sunny's Oct HCM/HLS shipment continues its growth momentum with 12%/39% YoY (vs +5%/40% in Sept), and its auto lens grew 34% YoY in Oct (vs +29% in Sept). While strong shipment growth is largely reflected in stock price, we are increasingly more bullish on Sunny's GPM improvement in 2H17/2018 following our recent checks. We estimate HCM GPM to reach 13.5%/13.4% in 2H17/FY18, given strong high-end HCM orders (MOB/MOC/dual-cam) and better yield/margin with MOB/ MOC. For handset lens, given higher allocation from Chinese brands and upgrade demand from Samsung, we believe handset lens GPM will improve to 51%/58% in 2H17/FY18 (vs 46% in 1H17) due to better scale/ utilization. We raised our FY17-19E EPS by 11-17% to reflect higher ASP/GPM with faster lens upgrade and share gains in HCM products.
Early mover in Android 3D sensing with AMS partnership
Following increased investment in MantisVision to 9.22% (from 1.61%) in April, we believe Sunny is set to accelerate development of 3D sensing camera solutions through recent partnership with AMS, which is Apple iPhone X’s 3D sensing sensor/WLO/solution supplier. We believe the strategic collaboration allows Sunny to develop and supply one-stop 3D-sensing solution (structured light/ ToF) to HOV high-end models as early as 2H18, widening its gap versus peers such as Q-tech (1478 HK, NR), O-Film and Truly (732 HK, Neutral). We expect further earnings upside from 3D sensing adoption as it is not yet reflected in our model.
Our FY17-19E EPS are 8-15% above consensus
We raised our SOTP-based TP to HK$157 based on higher EPS estimates and same target P/E multiple of 32.5x FY18E P/E. The stock is now trading at 28.8x FY18E P/E, 44% premium to its global peers’ 20x, which we view is justified given its technology leadership and 39% FY17-19E EPS CAGR. We expect further re-rating of the stock given stronger product pipeline, improving HCM/HLS margins/yield, new applications (3D sensing, factory automation), and strong earnings growth ahead. Upcoming catalysts include product launches, 3D sensing progress and monthly shipment data.

全文: 该研究报告需要相应权限才能阅读,请在此处 
如果您不能打开pdf格式的文件,请您先下载PDF阅读器
  - 钻石卡用户可阅读全文    - 钻石卡、金卡用户可阅读全文    - 钻石卡、金卡、银卡用户可阅读全文