20231013-招银国际-舜宇光学科技-02382.HK-Positive_on_shipment_recovery_and_upgrade_trend__Maintain_Hold_on_fair_valuation_8页_1mb

Sunny Optical (2382 HK) is covered in a research report from CMB International Global Markets. The rating is Hold with a target price of HK$64.08. The analysis is positive due to shipment recovery post destocking and upgrade trends driven by Apple/Huawei flagship models, but there is caution due to recent stock rallies factoring in these positives already. September shipments were largely inline, with growth attributed to restocking. Key risks include margin pressure and competition. The company has positive outlook for 4Q23E and 2024E based on Apple/Huawei orders and spec upgrades, with long-term potential in sectors like automotive and LiDAR. Valuation is at 41.9x/23.8x FY23E/FY24E P/E, with SOTP-based target after accounting for RMB depreciation.