欢迎访问网贷财经！ 电话 4008937218

　　机构：中金公司

　　评级：BUY

　　目标价：153.00港元

　　2017 results beat expectations 

　　Sunny Optical Technology announced its 2017 results: revenue was up 53% YoY to Rmb22.37bn and net profit was up 128% YoY to Rmb2.90bn or Rmb2.64/share and beating its own February 12 profit alert by 14%. Regardless of its inventory adjustment in 4Q17, Sunny delivered 116% earnings growth in 2H17, driven by 42% YoY revenue growth and 2.7PPt GPM expansion

　　Trends to watch 

　　Handset Camera module ASP and margin continued to expand in 2H17: HCM GPM improved by +1.7ppt YoY or +0.7ppt HoH in 2H17. We expect HCM ASP to grow +32% YoY or +7% HoH in 2H17, driven by the rising ratio of dual cameras. The higher margin reflects its leadership in MOC , MOB and other new module technologies.  

　　Margin expansion in optical components driven by product mix improvement. GPM of optical components improved by +3.5ppt YoY or +0.6ppt HoH in 2H17; we think this was mainly driven by product mix improvement in handset lenses. 

　　Company will host analyst briefing on March 20; at which it will share more details with investors. We expect investors to focus on its 2018 strategy, such as 3D sensing and camera modules. 

　　Earnings forecast 

　　We maintain our 2018/19 EPS forecasts of Rmb3.32/4.89. 

　　Valuation and recommendation 

　　The stock is trading at 35.1x. We maintain our BUY rating and HK$153.00 target price.  

　　Risks 

　　Weak sales of Android phones; penetration of ADAS disappoints; 3D sensing penetration misses expectations. 

靠谱众投 kp899.com：您放心的投资理财平台，即将起航!