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Sunny Optical (2382 HK) - April shipments beat; BUY on share price correction

2019/5/11 6:10:51 来源:招商证券 作者: 人评论

作者:Kevin CHEN,Clint SU时光:2019年05月10日重要性:普通报告行业评级:公司评级:相干股票代码:浏览权限: 该文章钻石卡、金卡、银卡客户可浏览全文摘要:Report title:Sunny Optical (2382 HK) - April shipments beat; BUY on share price correction Analyst:K…

作者: Kevin CHEN,Clint SU
时光: 2019年05月10日
重要性: 普通报告
行业评级:
公司评级:
相干股票代码:
浏览权限:   该文章钻石卡、金卡、银卡客户可浏览全文
摘要: Report title:Sunny Optical (2382 HK) - April shipments beat; BUY on share price correction
Analyst:Kevin CHEN,Clint SU
Report type:Company
Date:20190510
[Summary]

■ Strong April handset shipments showing improving momentum, helped by market share gain and new product launch ■ Triple-camera the new standard for flagship handsets in 2019; Sunny Optical set to benefit as a leading solution provider ■ Recent shares decline a BUY opportunity ahead of 2H19 recovery April shipments momentum accelerating Sunny Optical announced better-than-expected April shipments, showing momentum accelerating for handset products. HLS grew 60% YoY (vs. +40% in 1Q19) and HCM rose 36% YoY (vs. +16% in 1Q19), helped by market share gain. VLS shipments were largely inline (+16% YoY). We find the handset shipment acceleration encouraging, and likely to boost investor confidence after the soft HCM volumes in 1Q19. Cumulative shipments are on track to meet/beat the company’s FY19 guidance (HLS: +25-30%, HCM: +20-25%). Key beneficiary of rising camera specification Triple-cameras were the new standard for new Android flagship handsets this year. We expect a total of 60mn triple-cam handsets by HOVX in 2019, with possible upside from increasing adoption by mid-end models. Periscope designs allow handset cameras to extend optical zoom to 5x and beyond. Despite limited adoption near term (~30mn in 2019), we view periscope as another opportunity in the coming years. We remain positive on Sunny Optical as a leading provider in advanced camera solutions, set to benefit from rising camera specifications. 1Q19 likely a N-T bottom, BUY on share price correction Sunny Optical shares fell 11% in May, likely due to market concerns of resumed China-US trade tension. The shares are at 21x/16x 2019/20E P/E (vs. 22x historical average), undemanding in our view. We believe Sunny Optical’s fundamentals remain solid, with margins set to improve in 2H19 helped by process optimization and yield improvement. We fine-tune our estimates (largely unchanged), maintain our BUY rating with TP to HK$105 (based on 20x 2020E P/E).

[投资评级界说]

公司短期评级

以报告日起6个月内,公司股价相对同期市场基准(沪深300指数)的表示为尺度:激烈引荐:公司股价涨幅超基准指数20%以上
谨慎引荐:公司股价涨幅超基准指数5-20%之间
中性:公司股价更改幅度相对基准指数介于±5%之间
回避:公司股价表示弱于基准指数5%以上

公司长期评级
A:公司长期竞争力高于行业均匀程度
B:公司长期竞争力与行业均匀程度分歧
C:公司长期竞争力低于行业均匀程度

[重要声明]
报告中的内容和看法仅供参考,并不组成对所述证券买卖的出价,在任何情形下,本报告中的信息或所表述的看法并不组成对任何人的投资建议。

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