Skip to Content
Morningstar

Sunny Optical Technology (Group) Co Ltd 02382

Morningstar Rating
Unlock
Stock XHKG Rating as of
HKD 38.15 +2.65 (7.46%)
View Full Chart
As of Delayed Price Closed
Unlock our analysis with Morningstar Investor
Start Free Trial

Company Report

View Archive

Sunny Optical Earnings: Disappointing Results Imply Intensifying Competition; Valuation Cut by 44%

Phelix Lee, Zachary Seng

We lowered our fair value estimate for Sunny Optical to HKD 60. Its disappointing profitability in the December quarter and sluggish 2024 guidance suggest that lower-end competitors, such as AAC Technologies in lenses and Q Technology in camera modules, are catching up. This led us to assume lower structural revenue growth and gross margins for its smartphone-related products. However, we believe Sunny’s share price decline of more than 20% after its results is an overreaction because smartphone revenue is becoming less important, and our long-term view on vehicle electrification and mass adoption of extended reality headsets remains intact. Hence, we continue to view the stock as undervalued.

Read Full Report

Price vs Fair Value

View History
02382 is trading at a 39% discount.
Price
HKD 36.65
Fair Value
HKD 99.00
Uncertainty
Very High
1-Star Price
HKD 524.00
5-Star Price
HKD 94.00
Economic Moat
Bynsg
Capital Allocation
Yynfscmt

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.

Show More
Is it the right time to buy, sell, or hold?
Start a free trial of Morningstar Investor to unlock exclusive ratings and continuous analyst coverage to help you decide if 02382 is a good fit for your portfolio.
Get 7 Days Free

News

View All

Trading Information

Previous Close Price
HKD 35.50
Day Range
HKD 35.50–38.25
52-Week Range
HKD 33.30–87.00
Bid/Ask
HKD 38.15 / HKD 38.20
Market Cap
HKD 41.77 Bil
Volume/Avg
27.8 Mil / 10.3 Mil

Key Statistics

Price/Earnings (Normalized)
29.68
Price/Sales
1.11
Dividend Yield (Trailing)
1.31%
Dividend Yield (Forward)
0.57%
Total Yield
1.42%

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 Core
Total Number of Employees
29,524
Website
https://www.sunnyoptical.com

Competitors

Valuation

View More
Metric
02382
01478
02018
Price/Earnings (Normalized)
 29.6883.3147.08
Price/Book Value
 1.540.721.28
Price/Sales
 1.110.281.34
Price/Cash Flow
 12.22—8.90
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)
 5.08%0.50%1.89%
Return on Equity (Normalized)
 10.03%1.41%3.46%
Return on Invested Capital (Normalized)
 7.84%0.97%2.72%
Return on Assets
02382
01478
02018
See how this stock stacks up to its competitors with Morningstar Investor
Start Free Trial

Electronic Components Industry Comparables

Screen in Investor
Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
APH
Amphenol Corp Class AFqgrhtffjRgsz$71.6 Bil
HNHPF
Hon Hai Precision Industry Co Ltd DR—Gkmfs$64.3 Bil
TEL
TE Connectivity LtdNrxxvqbvmKsrzknp$43.3 Bil
MRAAY
Murata Manufacturing Co Ltd ADR—Wwmdbf$34.8 Bil
MRAAF
Murata Manufacturing Co Ltd—Ytrjqmm$34.8 Bil
GLW
Corning IncBgbkcxsbvClcdrb$26.8 Bil
TTDKY
TDK Corp ADR—Lrrv$17.8 Bil
TTDKF
TDK Corp—Vgjg$17.6 Bil
JBL
Jabil IncVjpgjckLyn$14.3 Bil
LFUS
Littelfuse IncJfwgvgpwFsglx$5.8 Bil

Sponsor Center