Optics growth maintained
- 1Q22 revenue was Rmb4.9bn, up 14% y-o-y, driven by better-than-expected optics and acoustics revenue growth
- Net profit decreased 62% y-o-y, missing the market consensus, mainly dragged by ASP pressure
- Cut FY22/23/24F net profit by 10%/14%/22% to mainly reflect Optics’s margin cut
- Maintain BUY, TP lowered to HK$22.30; impact from slowing profit growth already in the price