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Sunny Optical shares hit all-time high on strong interim earnings growth

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Sunny Optical is a key supplier of handset camera lenses to major Chinese smartphone brands. Photo: SCMP

Shares of Sunny Optical Technology, mainland China’s largest manufacturer of smartphone camera modules and lenses, surged to a record high on Monday ahead of its report of hefty interim earnings growth.

Sunny Optical’s shares rose 7.6 per cent to finish the day’s trading at HK$103.80, its highest close since the company was listed in Hong Kong in 2007.

“Although global economic growth remains uncertain, the group remains optimistic about its future operations,” company founder and chairman Ye Liaoning said in a regulatory filing after the market closed.

Net profit for the six months ended June 30 rose 149.7 per cent to 1.2 billion yuan (US$180 million), up from 465.3 million yuan in the same period last year, due to higher gross profit and more stringent control of operating expenses.

Gross profit, or net sales minus the cost of goods sold, climbed 109.5 per cent in the second quarter to 2.1 billion yuan from 987.9 million yuan a year ago.

Total revenue advanced 69.8 per cent to about 10 billion yuan, compared with 5.9 billion yuan a year earlier, on the back of higher volume of smartphone and vehicle lens shipments, as well as increases in their average selling price.

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