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Sunny Optical (2382 HK) - 2019 Investor Day takeaway – Day 1

作者: Kevin CHEN,Clint SU
時間: 2019年06月19日
重要性: 一般報告
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摘要: Report title:Sunny Optical (2382 HK) - 2019 Investor Day takeaway – Day 1
Analyst:Kevin CHEN,Clint SU
Report type:Company
Date:20190619
[Summary]

■ Management maintains shipment guidance amid uncertainties; margin expectation and pricing trends unchanged
■ Recent shares correction likely overdone, a BUY opportunity; more updates to come on Day 2 plant visit

Expects limited impact to handsets; guidance kept

We attended the Sunny Optical 2019 Investor Day in Yuyao, feeling more reassured as the company kept guidance unchanged amid uncertainties. Management expected limited impacts from reduced shipments at its key customer. This is in line with our view that Huawei’s loss in overseas handset markets could be gained by Samsung (005930 KS), Oppo, vivo, Xiaomi (1810 HK), whom also customers of Sunny Optical. The company maintains its 2019 shipments guidance (handset lens set, HLS: ↑25-30%; handset camera module, HCM: ↑20-25%; vehicle lens set, VLS: ↑25%) and capacity plans (HLS: 120kk→140kk, HCM: 65kk flat, by end-2019).

Margins recovery still expected for 2H19

Management maintains its expectation to improve margins in 2H19, despite challenges near term. Huawei said on June 17 that it expects a 40% handset sales decline in overseas markets due to US sanctions. As Huawei is leading high-spec camera designs (triple-cam, periscope), Sunny Optical believes its product mix will change in the near term. Other customers are looking to secure supply of high-end products, but may take 1-2 months to complete design-in. RMB depreciation could also lead to margin pressures, particularly for HCM and VLS.

Investing for future growth opportunities

Sunny Optical continues to focus on R&D to provide solutions that meet growing demand and applications, such as optical zoom and 3D sensing. The company is also preparing for new opportunities in the 5G era, which should drive demand for video (advanced camera), AR (eye glasses), autonomous driving (LiDAR, HUD), etc. We believe these investments could materialize into future growth drivers for the company.

Shares pull-back likely overdone, a BUY opportunity

Sunny Optical shares fell 4% in one month, hurt by market concerns of US sanctions on Huawei. The share price rose 5% on June 18, likely helped by restored confidence from the investor event. We look to updates on its new plant progress at the site visit on Day 2. We maintain our BUY rating with TP to HK$105 (based on 20x 2020E P/E).

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