Market Insight | Sunny Optical rebounds by over 7%, institutions believe that the major shareholder has signed a stock option trading agreement with UBS Group, indicating no change in shareholding position
SUNNY Optical's stock price rose by more than 7% to HKD 37.2, with a turnover of HKD 4.62 billion. The company announced that in March, the shipment volume of mobile phone lenses increased by 33.7% year-on-year, the shipment volume of automotive lenses increased by 17% year-on-year, and the shipment volume of mobile camera modules increased by 15.1% year-on-year. The major shareholder, Sun Xu Limited, holding 35.48% of the company's shares, signed an equity collar option transaction with UBS Group involving 44.57 million shares, accounting for approximately 4% of the outstanding shares
According to the Wise Finance APP, Sunny Optical (02382) rebounded by more than 7%, rising by 7.98% to HKD 37.2 as of the deadline, with a turnover of HKD 4.62 billion.
On the news front, Sunny Optical Technology previously announced that the shipment volume of mobile phone lenses in March was about 113 million units, a year-on-year increase of 33.7%; the shipment volume of automotive lenses was 8.432 million units, an increase of 17% year-on-year; and the shipment volume of mobile camera modules was 41.895 million units, a year-on-year increase of 15.1%. The announcement stated that the increase in mobile product shipments was mainly due to the low base of demand in the smartphone market in the same period last year. The increase in automotive lens shipments was mainly due to the increase in market share.
Citi released a research report stating that the largest shareholder of the company, Shunxu Limited, holding 35.48% of the shares, signed a stock collar option transaction with UBS Group involving 44.57 million shares, accounting for approximately 4% of the outstanding shares. Shunxu has not disclosed the reason for the transaction. Citi predicts that it may be due to its own financing needs rather than a change in its shareholding position in Sunny Optical. They will wait for further disclosure from Sunny Optical on the matter. The bank maintains a "buy" rating with a target price of HKD 63.5, corresponding to a forecasted P/E ratio of about 30 times in 2024, mainly reflecting the profit recovery brought by the upgrade of periscope lenses, the improvement in mobile lens gross margin, and the further growth of the automotive/XR business
