From dual camera to tri-camera
Sunny will be an important supplier of tri-camera modules for Huawei’s P11 mobile phone. The company also will start to ship 3D sensing modules to Huawei in 1H18. We believe the market has overlooked Sunny’s margin and ASP expansion driven by product upgrade, causing consensus to underestimate its 2H17 earnings. Maintain STRONG BUY and TP of HK$188.00.
Sunny will supply tri-camera modules for Huawei P11. According to our industry check, Huawei is planning to upgrade the camera to tri-camera in its next flagship model P11 (may be named as P20). In addition, Huawei is planning to use Sunny’s 3D sensing modules in its high-end models in 1H18. Sunny will be one of the suppliers of tri-camera modules, along with LG Innotek Co., Ltd (011070 KS/NR) and Lite-On Technology Corp (2301 TT/NR). O-film Tech Co Ltd (002456 CH/NR) may participate in this project at a later stage. This illustrates Sunny’s technology leadership in the handset module market and indicates the handset camera upgrade trend is continuing.
2H17 results to beat consensus. We think the market is currently too focused on Sunny’s monthly shipment, overlooking two important factors, which are rising ASP and margin driven by product upgrades. We believe consensus has underestimated Sunny’s 2H17 earnings by 19%.
如果根據中銀國際預測，舜宇現價FY17/18/19市盈率為33.3/21.6/15.6倍。
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