SUNNY OPTICAL's revenue and net profit for the fiscal year 2024 reached historical highs. The growth is mainly attributed to the strong performance of its core business, with shipments of mobile phone lenses and mobile phone camera modules increasing by 13.1% and 13.3%, respectively, maintaining the largest global market share. The shipment of automotive lenses has surpassed 100 million units for the first time.
On the 24th, SUNNY OPTICAL announced its annual performance report for the year ending December 31, 2024:
1) Key Financial Data:
<blockquote>
<ul>
<li>Revenue: Revenue for the fiscal year 2024 was approximately RMB 38.29 billion, a year-on-year increase of 20.9%;</li>
<li>Net Profit: Profit attributable to shareholders was approximately RMB 2.7 billion, a year-on-year increase of 145.5%;</li>
<li>Gross Profit: Gross profit was approximately RMB 7.01 billion, a significant year-on-year increase of 52.6%;</li>
<li>Gross Margin: Gross margin increased to 18.3%, up 3.8 percentage points;</li>
<li>Earnings per Share: Basic earnings per share were 248.16 cents, a year-on-year increase of 146.4%.</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/cb69ebd2-d65e-4934-ac14-d8d5d6519c92.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/cb69ebd2-d65e-4934-ac14-d8d5d6519c92.png"/>
</blockquote>
Based on the strong performance, the board of directors recommended a final dividend of HKD 0.532 per share (approximately RMB 0.493), with a payout ratio of about 20%.
2) Core Business Performance:
<blockquote>
The optical components business achieved revenue of approximately RMB 11.71 billion, a year-on-year increase of 22.5%. Among them:
<ul>
<li>The shipment of automotive lenses surpassed 100 million units for the first time, reaching approximately 102,314,000 units, a year-on-year increase of 12.7%, maintaining the largest global market share;</li>
<li>The shipment of mobile phone lenses reached approximately 1,324,370,000 units, a year-on-year increase of 13.1%, also retaining the largest global market position.</li>
</ul>
The optoelectronic products business achieved revenue of approximately RMB 26.16 billion, a year-on-year increase of 21.1%. The growth mainly came from mobile phone camera modules, automotive modules, and XR-related products. The company's 8-megapixel automotive module continues to maintain the largest global market share, and the integrated module (OMI) market share for mixed reality devices also ranks first globally.
The optical instruments business generated revenue of approximately RMB 430 million, a year-on-year decrease of 18.4%, mainly affected by delays in domestic teaching and research projects.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d8c2093e-8d16-4391-a0a1-541594ca607e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d8c2093e-8d16-4391-a0a1-541594ca607e.png"/>
</blockquote>
<h2>Comprehensive Growth in Core Business, Technological Innovation Drives Product Upgrades</h2>
In the fiscal year 2024, the company's shipments of mobile phone lenses and mobile phone camera modules increased by 13.1% and 13.3%, respectively, maintaining the largest global market share. The shipment of automotive lenses surpassed 100 million units for the first time, with a year-on-year increase of 12.7%, holding the largest global market share; XR-related business grew rapidly, with the OMI market share ranking first globally
SUNNY OPTICAL continues to increase its R&amp;D investment, with R&amp;D expenses for the fiscal year 2024 estimated at approximately RMB 2.92 billion, accounting for 7.6% of revenue. These investments have translated into significant technological achievements:
<blockquote>
<ul>
<li>In the automotive lens field, the development of an 8-megapixel heated automotive lens and an 8-megapixel ultra-low reflection coated automotive lens has been completed, with the global launch of the 8-megapixel front-view glass-plastic hybrid automotive lens.</li>
<li>In the smartphone lens sector, mass production of various new 7P smartphone lenses and glass-plastic hybrid smartphone lenses has been achieved, successfully entering the high value-added product market.</li>
<li>In the XR field, advanced process capabilities such as curved bonding and lamination have been mastered, achieving technological breakthroughs in interactive lenses.</li>
</ul>
</blockquote>
It is worth mentioning that the company continues to strengthen its efforts in the high-end product sector, completing the development of an ultra-low shoulder height integrated motor main camera module, achieving mass production of multiple OIS integrated motor main camera modules and the first integrated motor periscope module, effectively extending the product value chain.
<h2>Strategic Focus on High-Growth Areas, While Enhancing Efficiency</h2>
The company's strategic layout is clear, continuously focusing on four major business areas: automotive intelligence, XR, the Internet of Things, and smartphones.
In the automotive sector, in addition to automotive lenses and modules, it is also actively exploring the laser radar, HUD, and smart lighting markets; in the XR field, through miniaturization, low power consumption, and cost-effective design and production advantages, it has maintained the global market share of XR visual modules and OMI; in the IoT sector, the visual module business has been widely applied in areas such as consumer-grade robots.
At the same time, the company is also actively enhancing operational efficiency. In the future, it will promote digital transformation integrated with AI to improve yield, efficiency, and agility, in response to the challenges of market restructuring brought about by global economic slowdown and technological innovation

02382

The growth is mainly attributed to the strong performance of the core business, with shipments of mobile lenses and mobile camera modules increasing by 13.1% and 13.3%, respectively, maintaining the number one market share globally. Shipments of automotive lenses have also surpassed 100 million units for the first time

- Sunny Optical Technology reported record revenue and net profit for the fiscal year 2024, driven by strong growth in its core business.  
- Revenue reached approximately RMB 38.29 billion, a 20.9% increase, while net profit surged 145.5% to around RMB 2.7 billion, supported by significant sales in mobile and automotive lenses.  
- The company continues to focus on high-growth areas, investing in R&D and enhancing operational efficiency to navigate market challenges.

Wallstreetcn

SUNNY OPTICAL

SUNNY OPTICAL's 2024 revenue increased by 20.9% year-on-year, with net profit soaring by 145.5%. The shipment of automotive lenses has surpassed 100 million units for the first time | Financial Report Insights