舜宇光学(02382.HK)2022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

See the last page for disclaimer Page 1 of 3 中外运输 Equity Research Equity Research Report 证 券 研 究 报 告 Flash Note 股票研究 快讯 证券研究报告 [Table_Info1] 电子行业 Electronics Sector [Table_Info2] 舜宇光学 Sunny Optical (02382 HK) [Table_Title] Flash Note: Sunny Optical (02382 HK) Jack Liu 柳晨 (852) 2509 2149 快讯： 舜宇光学 (02382 HK) chen.liu@gtjas.com.hk 11 January 2023 [Table_Summary] 2022 Annual Shipments Review: Relatively Strong Sales in Vehicle Lenses; Double-Digit Decline in Handset Lenses 2022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  Shipment statistics of Sunny Optical (the "Company") in Dec. 2022 reflected that demand from the smartphone market is still weak. Shipment volume for handset lens sets and handset camera modules in Dec. 2022 declined by 40.1% YoY and 28.9% YoY, respectively. Specifically, handset lens sets registered relatively large MoM decline of 20.5% in Dec. 2022, which was mainly due to clients applying year-end inventory control. Shipment volume for vehicle lens sets decreased by 33.6% MoM in Dec. 2022, mainly reflecting Christmas Holiday impact on the client side.  Shipment volume of vehicle lens sets grew by 16.1% YoY in 2022, while handset lens sets declined by 17.2% YoY during the same period of time. We expect the Company’s vehicle lens sets business to maintain relatively strong growth momentum, considering that (i) shortage of key components in the auto supply chain will gradually alleviate, and (ii) development of new energy vehicles and intelligent vehicles is expected to accelerate. Although recent adjustments in the dynamic zero-Covid policy in China might stimulate domestic demand for consumer electronic products, we anticipate that it will take some time for the market to witness notable recovery in smartphone demand and the specification upgrade trend. Considering stable cooperation with its major customers in North America and Korea, we expect the Company’s handset lens shipments in 2023 to be highly sensitive to recovery in the global consumer electronics market.  The Company will issue a sustainability-linked USD bond in Hong Kong for the purpose of refinancing. The principal amount of such bond will be US$400 million with a coupon rate of 5.95% per annum. The bond is expected to be issued on 17 Jan. 2023 and mature on 17 Jul. 2026. Issue price will be 99.788% of the principal amount. The Company plans to use the net proceeds from this bond issuance for the purpose of refinancing its existing indebtedness. This bond is expected to be rated "Baa1" by Moody’s.  We remain optimistic about the Company’s shipment recovery in 2023. We anticipate that 2023 will be a vital year for Apple innovation, as several major new products will have significant performance improvement and a revolutionary mixed reality (MR) product is on the horizon. Therefore, the whole Apple supply chain will benefit massively from demand resumption and product upgrade in the mid-to-long term. However, interest rate hikes and continued Covid pandemic eff