2022年12月舜宇光学（“公司”）的出货量数据反映了仍然疲弱的智能手机市场需求。2022年12月手机镜头和手机摄像模组的出货量分别同比下滑了40.1%和28.9%。尤其是手机镜头2022年12月出现了相对较大的20.5%环比下滑，这主要是由于一些客户在年底进行了库存管控。车载镜头2022年12月出货量环比下滑33.6%，主要是受客户端圣诞节假期的影响。
　　 2022年全年车载镜头出货量同比上升16.1%，同期手机镜头出货量同比下滑17.2%。我们预计公司的车载镜头业务将维持较强的增长动能，考虑到（1）汽车供应链中关键零部件缺货问题逐步得到缓解，以及（2）新能源汽车和智能化汽车发展加速。虽然近期中国对疫情动态清零政策的调整有可能刺激国内对消费电子产品的需求，但我们预计智能手机需求和规格升级趋势的明显修复仍需时日。考虑到与北美和韩国大客户的稳定合作，我们预计公司2023年的手机镜头出货量对于全球消费电子市场的恢复将会非常敏感。
　　公司将在香港发行以美元计价的可持续发展挂钩债券来进行再融资。该债券的总发行额度为4亿美元，年化票息率5.95%。该债券计划于2023年1月17日正式发行并于2026年7月17日到期。初始发行价为本金金额的99.788%。公司计划将此次发行的所得款项净额用于现有债务的再融资。该债券的穆迪评级预计为“Baa1”。
　　我们对于公司2023年出货量的修复持乐观态度。我们预计2023年将是苹果的创新大年，一些主力新品的性能将得到显著提高，而其革命性的混合现实（MR）设备也已经呼之欲出。因此，中长期来看整个苹果供应链有望深度受益于需求恢复与产品升级。然而，加息与持续性的新冠疫情影响给全球消费电子市场带来了更多不确定性。一些投资者相信转折点将出现在2023年下半年。我们目前对公司的投资评级为“收集”，每股目标价为131.00港元，目标价相当于24.0倍2024年市盈率。
　　

研究报告全文：股票研究TableTitleFlashNoteSunnyOptical02382HKJackLiu柳晨EquityResearch85225092149快讯舜宇光学02382HKchenliugtjascomhk11January20232022TableSummaryAnnualShipmentsReviewRelativelyStrongSalesinVehicleLensesDouble-DigitDeclineinHandsetLenses2022年全年出货量点评车载镜头销售相对强劲手机镜头双位数下滑快ShipmentstatisticsofSunnyOpticaltheCompanyinDec2022reflectedthatdemandfromthe讯smartphonemarketisstillweakShipmentvolumeforhandsetlenssetsandhandsetcameramodulesinFlashNoteDec2022declinedby401YoYand289YoYrespectivelySpecificallyhandsetlenssetsregisteredrelativelylargeMoMdeclineof205inDec2022whichwasmainlyduetoclientsapplyingyear-endinventorycontrolShipmentvolumeforvehiclelenssetsdecreasedby336MoMinDec2022mainlyreflectingChristmasHolidayimpactontheclientsideShipmentvolumeofvehiclelenssetsgrewby161YoYin2022whilehandsetlenssetsdeclinedby172YoYduringthesameperiodoftimeWeexpecttheCompanysvehiclelenssetsbusinesstomaintainrelativelystronggrowthmomentumconsideringthatishortageofkeycomponentsintheautosupplychainwillgraduallyalleviateandiidevelopmentofnewenergyvehiclesandintelligentvehiclesisexpectedtoaccelerateAlthoughrecentadjustmentsinthedynamiczero-CovidpolicyinChinamightstimulatedomestic证demandforconsumerelectronicproductsweanticipatethatitwilltakesometimeforthemarkettowitnessnotablerecoveryinsmartphonedemandandthespecificationupgradetrendConsideringstablecooperation券withitsmajorcustomersinNorthAmericaandKoreaweexpecttheCompanyshandsetlensshipmentsin研2023tobehighlysensitivetorecoveryintheglobalconsumerelectronicsmarket告究TheCompanywillissueasustainability-linkedUSDbondinHongKongforthepurposeofrefinancing报报TheprincipalamountofsuchbondwillbeUS400millionwithacouponrateof595perannumThebondis告究expectedtobeissuedon17Jan2023andmatureon17Jul2026Issuepricewillbe99788oftheprincipalEquityResearchReport研amountTheCompanyplanstousethenetproceedsfromthisbondissuanceforthepurposeofrefinancingitsTabexistingindebtednessThisbondisexpectedtoberatedBaa1byMoodys券leIWeremainoptimisticabouttheCompanysshipmentrecoveryin2023Weanticipatethat2023willbea证nfo1vitalyearforAppleinnovationasseveralmajornewproductswillhavesignificantperformanceimprovement电andarevolutionarymixedrealityMRproductisonthehorizonThereforethewholeApplesupplychainwill子benefitmassivelyfromdemandresumptionandproductupgradeinthemid-to-longtermHoweverinterestrate行hikesandcontinuedCovidpandemiceffectsbringsmoreuncertaintytotheglobalconsumerelectronicsmarket业Someinvestorsbelievetheturningpointwillappearin2H23OurcurrentinvestmentratingfortheCompanyisAccumulatewithatargetpriceofHK13100persharerepresenting240x2024FPERElectronicsSectorTable-1SunnyOpticalsMonthlyShipmentsStatisticsDec2022YTD2022MajorProducts000piecesYoYMoM000piecesYoYHandsetlenssets724014012051192629172TabVehiclelenssets49151433678909161leIHandsetcameramodules3692128965516639233nfo2SourcetheCompanyGuotaiJunanInternational中舜外宇运光输学Sunny02382OpticalHKSeethelastpagefordisclaimerPage1of3SunnyOptical02382HKTablePageHeader2022年12月舜宇光学公司的出货量数据反映了仍然疲弱的智能手机市场需求2022年12月手机镜头和手机摄像模组的出货量分别同比下滑了401和289尤其是手机镜头2022年12月出现了相对较大的205环比下滑这主1raMthgiRelbaT要是由于一些客户在年底进行了库存管控车载镜头2022年12月出货量环比下滑336主要是受客户端圣诞节假期的影响2022年全年车载镜头出货量同比上升161同期手机镜头出货量同比下滑172我们预计公司的车载镜头业务将维持较强的增长动能考虑到1汽车供应链中关键零部件缺货问题逐步得到缓解以及2新能源汽车和智能化汽车发展加速虽然近期中国对疫情动态清零政策的调整有可能刺激国内对消费电子产品的需求但我们预计智能手机需求和规格升级趋势的明显修复仍需时日考虑到与北美和韩国大客户的稳定合作我们预计公司年的手机镜头出货量对于202311January2023全球消费电子市场的恢复将会非常敏感公司将在香港发行以美元计价的可持续发展挂钩债券来进行再融资该债券的总发行额度为4亿美元年化票息率595该债券计划于2023年1月17日正式发行并于2026年7月17日到期初始发行价为本金金额的99788公司计划将此次发行的所得款项净额用于现有债务的再融资该债券的穆迪评级预计为Baa1我们对于公司2023年出货量的修复持乐观态度我们预计2023年将是苹果的创新大年一些主力新品的性能将得到显著提高而其革命性的混合现实MR设备也已经呼之欲出因此中长期来看整个苹果供应链有望深度受益于需求恢复与产品升级然而加息与持续性的新冠疫情影响给全球消费电子市场带来了更多不确定性一些投资者相信转折点将出2raMthgiRelbaT现在2023年下半年我们目前对公司的投资评级为收集每股目标价为13100港元目标价相当于240倍2024年市盈率表-1舜宇光学月度出货量数据2022年12月2022年全年主要产品千件同比环比千件同比手机镜头724014012051192629172车载镜头49151433678909161手机摄像模组3692128965516639233资料来源公司国泰君安国际02382HK舜宇光学SunnyOpticalFlashNoteSeethelastpagefordisclaimerPage2of3SunnyOptical02382HKTablePageHeader1raMthgiRelbaTCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorable11January2023Neutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndex2raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableTableDISCLOSUREOFINTERESTSDISCLOSUREOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport02382HK3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReport舜宇光学withinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesSunnyOpticalDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkFlashNoteSeethelastpagefordisclaimerPage3of3