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　　机构：交银国际

　　评级：BUY

　　Results beat; Strong earnings growth with GPM expansion: 2017 net profit came in at RMB2.90bn , ahead of consensus/our estimates of RMB2.70bn/ RMB2.83bn. The profit surge was mainly fueled by strong shipment growth across major segments, product mix upgrade for handset camera modules , and GPM expansion . 

　　Guidance largely in line with expectations: Sunny guided for 2018 shipment growth of 15-20% YoY for HCM , 30-35% YoY for handset lens sets , and 30-35% YoY for vehicle lens sets . Management also guided for a flattish to higher GPM , which is also largely in line with consensus expectation of 22.0%. The company expects to spend around RMB2.0bn in capex this year mainly for capacity expansion. 

　　Vehicle lens sets as key growth contributor ahead; modules to follow: VLS’ ASP rose by 16% YoY in 2H17 per our estimates, after remaining flat over the past few years. Sunny commented that ADAS and higher megapixel requirements could further drive mix upgrade. We expect ASP improvement to continue and believe that the company’s VLS shipment guidance could be conservative. In addition, Sunny has been qualified by a tier-1 vendor to become its vehicle camera module supplier. We believe this segment could become a significant contributor in the longer term if Sunny is qualified by more tier-1 vendors.  

　　Reiterate Buy: Sunny’s earnings have followed an accelerated growth trajectory in the past two years , driven by rapid shipment growth and profitability improvement. We expect growth to somewhat moderate but remain strong, with more significant contributions from vehicle lens/modules and sensing. We finetune our 2018/19E EPS by -1%/-1%. Our new TP of HK$200 is based on 33x average of 2018-19 EPS . Reiterate Buy. 

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