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Sunny Optical (2382 HK) - 2019 Investor Day takeaway – Day 2

作者: Kevin CHEN,Clint SU
时间: 2019年06月19日
重要性: 一般报告
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摘要: Report title:Sunny Optical (2382 HK) - 2019 Investor Day takeaway – Day 2
Analyst:Kevin CHEN,Clint SU
Report type:Company
Date:20190619
[Summary]

■ Site visits on Day 2 demonstrated strong design and production capabilities; capacity expansions on track
■ Negative impacts from Huawei order cut likely less-than-feared. Reiterate BUY as investor concerns subdued

Capacity expansions remain on track

We visited several facilities in Yuyao, Zhejiang Province on Day 2 of the Sunny Optical 2019 Investor Day. The company maintains its target to expand HLS (handset lens set) capacity (120kk→140kk by end-2019) at its new West City (城西) site, which now accounts for >50% of total HLS capacity. For HCM (handset camera module), capacity remains at 65kk for this year. Construction for West City (Phase 2) should complete by year-end with production to start in 2020. The Phase 2 plant will have 2x floor space (230mu site area, vs. 120mu for Phase 1), which improves efficiency with different sections of the production line being integrated.

Maintains full-year product mix target; impacts limited

Management maintains its expectation to raise its high-end product mix (16/20MP+, 6P+, large aperture) to 10-20% of shipment in 2019 (from single-digit % in 2018), despite likely near-term disruptions. US sanctions mainly impact Huawei in the overseas markets (~50% Huawei’s handset sales). Sunny Optical continues to gain tractions at the Korean customer (now its No.1 supplier in HLS, HCM shipment began in 2018), and will target to become the leading supplier in 2-3 years.

Rising industry barriers favorable for Sunny Optical

The company remains confident in its core competencies, believing it will benefit from rising barriers for handset camera industry (patent arsenal, production know-how, and established scale). New wafer-level solutions such as WLO/WLG may be more suitable for sensing than imaging, given the lower resolution. Longer-term, Sunny targets to become a smart-eye solution provider, thus confident in its margin expansion over time.

Investor confidence restored; BUY

Sunny Optical shares surged 10% today, after yesterday’s 5% gain. We believe the investor event helped boost market confidence. Maintaining guidance indicates limited impact from recent disruptions. We maintain our positive view and expect further shares upside driven by margin recovery. Reiterate BUY with TP at HK$105 (based on 20x 2020E P/E).

全文: CMS(HK) Research - Sunny Optical (2382 HK) - 2019 Investor Day takeaway – Day 2 [BUY] ~ Kevin CHEN,Clint SU.pdf
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