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　　机构：中信建投

　　评级：Hold 

　　A strong set of FY17 results, well expected. As well expected, SunnyOp reported a stellar set of FY17 headlines. The 53.1% YoY revenue growth and 128.3% YoY net income growth stemmed from strong shipment volume growth , higher ASPs and gross margin expansion . SunnyOp announced a final DPS of HKD0.812 . The company guided a capex of RMB2bn for 2018, which would be well funded given its strong earnings growth and cash flow. 

　　Strengthening market leadership, but a slow industry in 2018. As suggested from its operating metrics, SunnyOp aPPeared to have continued to gain market shares in both the CCM and lens markets, building on a long-term commitment to maintaining R&D spending at a minimal 5% of total revenue . However, we see intensifying competition with rising threats from its smaller domestic peers, which might weigh on prices and drag on margins, in our view. Management expects a 15-20% YoY growth in CCM shipments in 2018, which is mediocre compared with that of 2017. From a long-term perspective, SunnyOp positions itself as a smart optical system solution provider, digging into an increasing variety of industrial applications of lens and camera models . 

　　Slowing growth to weigh on valuation. We have trimmed our FY18/19E revenue estimates by 2.9%/3.5%, respectively, to reflect our concern over smartphone shipments, which have dropped 26.2% YoY during the Jan-Feb 2018 period. On the other hand, we have raised our FY18/19E earnings estimates by 15.0%/14.5%, respectively, on higher gross margins and economies of scale. By rolling over to end-2019, we have also raised our DCF-based price target to HKD135.0 . SunnyOp trades at FY18E 36.5x PER and 9.5x PBR, with the multiples to come under pressure amid slowing growth, in our view.  

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