Sunny Optical Technology (02382.HK) 1H21 GMP increase under downgraded specification of smartphone August 30, 2021 321

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: HKDHKD245.10

Investment Summary
Sunny Optical announced the company’s interim results as of 30 June 2021. During the period,
the revenue was approximately RMB 19.833 billion (+5.1% yoy). The overall gross profit
margin increased by 5.4 ppts yoy to 24.9% and the net profit attributable to the parent was
approximately RMB 26.88 billion (+53.7% yoy). The company’s revenue growth was lower
than expected, mainly due to the downgraded specification of smartphone market landscape
and unfavourable sales performance of high-end smartphone models, the average selling
price of handset camera modules decreased significantly compared to the corresponding
period of last year, which partially offset the revenue growth brought by the increased
shipment volume. The company’s net profit matches the market expectations, mainly
benefited from the efficiency improvement and cost down of production brought by
manufacturing optimisation and automation level improvement.

About the author

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Samuel Sung

宋承軒先生 (Samuel Sung) 分析師 宋承軒先生本科畢業於香港科技大學數學系,以優異成績畢業於英國紐卡素大學獲取國際金融分析碩士學位。宋先生現為輝立証券持牌分析師,主要覆蓋TMT行業。 Samuel Sung graduated from Hong Kong University of Science and Technology with BSc in Mathematics and obtained Master’s Degree with distinction in International Financial Analysis from Newcastle University. Samuel is currently a licensed research analyst at Phillip Securities and covers the TMT sector.

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