The Zhitong Finance App learned that CICC released a research report stating that according to Shunyu Optical Technology (02382)'s “outperforming industry” rating, the net profit forecast for 2024/2025 is 1.74 billion yuan/2.04 billion yuan, with a target price of HK$63.4 billion. The company released April shipment data: 1) Mobile phone optics: The company shipped 45.683 million pieces of mobile phone camera module products and 102 million pieces of mobile phone lens products. Looking at the split, the mobile phone lens business has sold more than 100 million monthly shipments since the beginning of the year (YTD) due to the preparation and release of new devices from major Android customers, and YTD has increased 29% over the same period last year.
The bank believes that the company's mobile phone lens products will gradually enter the traditional off-season stage in the second quarter, and is expected to follow the same frequency fluctuations in overall demand in the industry. However, considering the company's excellent card position for mobile lens products in North America and Android customers, the bank suggests that investors actively pay attention to the company's lens product shipping momentum and corresponding profit repair opportunities during the 2H24 peak season; in terms of mobile phone modules, April enters the traditional off-season. The bank also advises investors to pay attention to the progress of the company's major Android customers; from the perspective of the mobile phone business as a whole, the bank believes that Sunyu Mobile Optics has more comprehensive customer coverage and quality Product competitiveness. The bank advises investors to keep up with the shipping trends in the mobile phone optical business and pay attention to the company's profit recovery opportunities.