News Alert : Handset lens sets shipment rebound 4% y-o-y in Apr 22, ahead of market expectations
- Handset lens sets shipment increased 3.5% y-o-y in Apr22, ahead of market expectations
- The growth resumption was due to penetration into Apple products in our view
- Modules shipment dropped 19.3% y-o-y, continuing the decline because of the weak smartphone demand in the android models
- Expect near-term share price support
What’s New
– Sunny Optical (2382 HK) announced its Apr 22 shipment volume last Friday after market close.
– Handset lens sets shipment increased 3.5% y-o-y in Apr 22, above market expectations. The growth rate is reversing the declining trend in Jan-Mar (-11.6% y-o-y), and is higher than the market forecast of 16.5% y-o-y decline in 1H22. We believe that the growth resumption was due to strong orders from apple shipment.
– Modules shipment dropped 19.3% y-o-y, continuing the decline because of the general weak smartphone demand especially in the android models.
– Vehicle lens sets shipment increased 3.4% y-o-y owing to strong demand from the electric vehicle under the supply chain woe.
Our View:
– We expect near-term share price support due to stronger than expected handset lens set shipment.
– We expect that continuous penetration into Apple$B!G(Bs value chain will be the key driver in FY22
– We current rate BUY with TP of HK$200