Vehicle lens to lead FY22-23F EPS growth
? FY21 net profit grew 2% but was 10%/6% below our/consensus forecasts,
due to lower shipments of HLS/VLS in 2H21 and a lower HLS GPM.
? HCM GPM should stay stable with 15% shipment growth in FY22F; VLS
shipment could grow 30% yoy while HLS GPM could remain under pressure.
? Reiterate Add with a lower TP of HK$219.0, based on 26x FY22F P/E.