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Sunny Optical Technology (Group) Co Ltd 02382

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Stock XHKG Rating as of
HKD 44.25 −1.55 (3.38%)
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As of Delayed Price Open
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Company Report

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No End in Sight for Sunny as It Is Stuck in the Midend While Q Tech Catches Up

Phelix Lee, Zachary Seng

Following its investor day, we maintain our expectation that Sunny will continue to face intense competition as we do not find management’s presentation on opportunities from artificial intelligence, automotive, and robotics material enough to solve its structural headwinds, and the question and answer session reinforced our existing views. For example, the lack of camera upgrades in the mass-market segment has led to its lower-end rival, Q Technology, outperforming Sunny in shipments. As a result, we maintain our fair value estimates for Sunny and Q Tech at HKD 60 and HKD 5.70, respectively, as both companies’ upbeat shipment figures may be due to replacement demand being brought forward. We prefer Q Tech over Sunny as the former trades on less demanding camera upgrade expectations.

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Price vs Fair Value

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02382 is trading at a 120% premium.
Price
HKD 45.80
Fair Value
HKD 98.00
Uncertainty
Very High
1-Star Price
HKD 466.00
5-Star Price
HKD 78.00
Economic Moat
Mnjzhv
Capital Allocation
Cmxdfqybv

Bulls Say, Bears Say

Bulls

Camera performance as a key differentiation feature in smartphones drives demand for camera module components at a faster rate.

Bears

Increasing price competition in a relatively fragmented handset camera module market could put downward pressure on gross margins.

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News

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Trading Information

Previous Close Price
HKD 45.80
Day Range
HKD 43.90–45.80
52-Week Range
HKD 33.30–81.20
Bid/Ask
HKD 44.25 / HKD 44.30
Market Cap
HKD 48.45 Bil
Volume/Avg
7.2 Mil / 12.9 Mil

Key Statistics

Price/Earnings (Normalized)
29.38
Price/Sales
1.43
Dividend Yield (Trailing)
0.48%
Dividend Yield (Forward)
0.48%
Total Yield
0.49%

Company Profile

Headquartered in Yuyao, China, Sunny Optical is China’s biggest handset camera modules maker and the world’s largest handset lens sets manufacturer. Higher-margin lens sets are used on smartphones, vehicles, and augmented/virtual reality. Sunny Optical is a key beneficiary of the secular growth of extended-reality devices and vehicle camera demand, as advanced driver-assistance systems witness rising adoption among automakers. The firm also manufactures optical instruments, such as high-end microscopes and optical measuring instruments. The company employed over 29,524 people as of December 2023.
Sector
Technology
Industry
Electronic Components
Stock Style Box
Large Value
Total Number of Employees
29,524
Website
https://www.sunnyoptical.com

Competitors

Valuation

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Metric
02382
01478
02018
Price/Earnings (Normalized)
 29.38141.4258.48
Price/Book Value
 1.990.901.58
Price/Sales
 1.430.351.66
Price/Cash Flow
 15.7610.1111.06
Price/Earnings
02382
01478
02018

Financial Strength

Metric
02382
01478
02018
Quick Ratio
 1.390.831.30
Current Ratio
 1.651.151.63
Interest Coverage
 2.740.492.57
Quick Ratio
02382
01478
02018

Profitability

Metric
02382
01478
02018
Return on Assets (Normalized)
 2.65%0.50%1.89%
Return on Equity (Normalized)
 5.49%1.41%3.46%
Return on Invested Capital (Normalized)
 3.97%0.97%2.72%
Return on Assets
02382
01478
02018
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