Sunny Optical expects profit up 150 percent last year as market recovers

Sunny Optical Technology (2382) expects its net profit to jump up to 150 percent to 2.75 billion yuan (HK$2.93 billion) last year, thanks to a recovery in the smartphone market and strong new energy vehicle demand. 

Earnings for the year are projected to be between 2.64 billion yuan and 2.75 billion yuan, representing an increase of 140 percent to 150 percent from a year ago, the company said in a filing on Wednesday. 

The rise was partly due to a 13.1 percent growth in handset lens sets shipment and the improvement in product mix which increased the average selling prices and gross profit margins of handset lens sets and handset camera modules, the Chinese optical manufacturer said. 

The growing demand for NEV and the development of intelligent driver-assistance systems also helped as its shipment in vehicle lens sets advanced 12.7 percent last year, the firm said.

STAFF REPORTER