Sunny Optical Technology Announced 2024 Interim Results

Financial Summary

1H2024

1H2023

YoY Change

Revenue (RMB million)

18,860.2

14,278.6

+32.1%

Gross Profit (RMB million)

3,246.5

2,130.6

+52.4%

Net Profit (RMB million)

1,111.5

459.4

+142.0%

Profit for the Period Attributable to Owners of the Company (RMB million)

1,079.0

436.7

+147.1%

Basic Earnings per Share (RMB cents)

99.04

39.99

+147.7%

HONG KONG, Aug 21, 2024 - (ACN Newswire) - Sunny Optical Technology (Group) Company Limited (the “Company”, together with its subsidiaries, the “Group”) (stock code: 2382.HK), a global-leading integrated optical components and products producer, today announced its interim results for the six months ended 30 June 2024.

For the six months ended 30 June 2024, the Group's revenue was approximately RMB18.86 billion, the gross profit was approximately RMB3.25 billion, the gross profit margin was approximately 17.2%, the profit for the period attributable to owners of the Company was approximately RMB1.08 billion, and the basic earnings per share was approximately RMB99.04 cents.

In the first half of 2024, the global automotive market demonstrated stable growth, with the widespread adoption of new energy vehicles and smart automotive technologies serving as the main driving forces. Against this backdrop, the vehicle camera market has seen significant development opportunities. Leveraging years of in-depth expertise and outstanding technology, the market share of the Group’s vehicle lens sets maintained global No. 1 position, sustaining a decent gross profit margin despite intense competition, showcasing strong competitiveness and lasting market leadership. As the levels of driving automation advance, the market has placed higher demands on the performance and quantity of perception hardware, such as vehicle lens sets and LiDAR, leading to the further expansion of optical products' applications. Consequently, for the six months ended 30 June 2024, the shipment volume of the Group's vehicle lens sets increased by approximately 13.1% as compared to the same period of last year, while emerging optical products like LiDAR and HUD also secured several designated projects, with vehicle-related products continuing to diversify.

With the gradual recovery of the global macro economy, demand in the smartphone market has begun to rebound, with high-end flagship models being particularly favored by consumers. Through strategic adjustments, technological advancements, and market adaptability, the shipment volume of the Group's handset lens sets increased by approximately 23.7% as compared to the same period of last year, while the shipment volume of handset camera modules rose by approximately 13.5% as compared to the same period of last year. At the same time, the profitability of both handset lens sets and handset camera modules improved, achieving growth in both volume and price.

In the emerging consumer optical business, the XR market has shown some positive signs. With the rapid development of AI technology, XR-related products are gradually evolving from niche entertainment tools to more widely applicable digital tools. The Group has continued to deepen its collaboration with leading global manufacturers in the development and iteration of new products and technologies related to display and interaction. This effort has driven the definition and mass production of several differentiated display optical and sensor optical products, occupying critical position on the supply chain of its renowned customers.

Looking forward, the Group will maintain its strategic focus, stick to its main optoelectronics business, and continue to promote the following work. Firstly, the Group will continue to explore new potential in smartphone related businesses and strive to improve business quality. Secondly, the Group will continue to build competitiveness in the fields of vehicles, XR and robotic vision and focus on improving market position. Thirdly, the Group will strengthen the management in capital investment, improve input-output efficiency and focus on optimizing operational efficiency.

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