27 Mar 2025
Sunny Optical’s FY24 revenue was up by 20.9% YoY to Rmb38.3bn, driven by i) 20.2% YoY increase in handset segment (HLS/HCM) to Rmb25.1bn amid recovery in the smartphone market and better product mix; ii) 14.3% YoY increase in vehicle segment (VLS/vehicle modules) to Rmb6.0bn on rising ADAS adoption with VLS shipment up 12.7% YoY; and iii) 37.8% YoY increase in XR segment on rising demand for optical module integration. Overall GPM was up by 3.8ppt YoY to 18.3% on the back of better product mix in the HCM/HLS/VLS segments. On the cost side, R&D expense was up by 13.9% YoY with cost ratio down from 8.1% to 7.6%, with higher R&D for vehicle, XR, pan-IoT and smartphone related biz. S&D expense up by only 5.8% YoY, while admin expense up by 38.6% YoY with cost ratio up from 3.2% to 3.7%, mainly due to the increase in the remuneration of administrative staff and the increase in expenses related to the informationization construction. As a result, FY24 NP surged by 146% YoY to Rmb2.70bn, with NPM up 3.5ppt YoY to 7.0%. Final-DPS was at HK$0.532, representing a payout ratio of 20%.