2014 annual results announcement corporate presentation · 2015. 9. 18. · 2 review of operations...

Expert

in Optics

2014 Annual Results Announcement Corporate Presentation

March 2015

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Expert

in Optics Disclaimer

The information contained in this presentation is intended solely for your personal reference. Such

information is subject to change without notice, its accuracy is not guaranteed and it may not

contain all material information concerning Sunny Optical Technology (Group) Company Limited (the

“Company”). The Company makes no representation regarding, and assumes no responsibility or

liability for, the accuracy or completeness of, or any errors or omissions in, any information

contained herein.

In addition, the information contains projections and forward-looking statements that may reflect

the Company’s current views with respect to future events and financial performance. These views

are based on current assumptions which are subject to various risks and which may change over time.

No assurance can be given that future events will occur, that projections will be achieved, or that

the Company’s assumptions are correct. It is not the intention to provide, and you may not rely on

this presentation as providing, a complete or comprehensive analysis of the Company's financial or

trading position or prospects.

This presentation does not constitute an offer or invitation to purchase or subscribe for any

securities or financial instruments or to provide any investment service or investment advice, and no

part of it shall form the basis of or be relied upon in connection with any contract, commitment or

investment decision in relation thereto.

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Expert

in Optics Agenda

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Review of Operations & Development Strategies 2

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Financial Highlights

Open Forum

Appendix

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2013 2014 Change

(RMB mn) For the year ended 31 December

Revenue 5,812.8 8,426.5 +45.0%

Gross Profit 967.1 1,289.4 +33.3%

Profit Before Tax 504.5 634.0 +25.7%

Income Tax Expense (63.6) (72.7) +14.3%

Effective Tax Rate 12.6% 11.5% - 1.1ppt

Profit for the Year Attributable to

Owners of the Company 440.5 566.1 +28.5%

Basic Earnings per Share (RMB cents) 44.3 52.9 +19.4%

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in Optics

Operating Expenses Analysis

2012 2013 2014

（RMB mn） For the year ended 31 December

(as % of revenue) (as % of revenue) (as % of revenue)

Revenue 3,984.3 100.0% 5,812.8 100.0% 8,426.5 100.0%

Total Operating Expenses 377.9 9.5% 505.2 8.7% 712.3 8.5%

• Selling and Distribution

Expenses 64.4 1.6% 87.9 1.5% 89.3 1.1%

• R&D Expenditure 163.4 4.1% 251.0 4.3% 392.3 4.7%

• Administrative Expenses 150.1 3.8% 166.3 2.9% 230.7 2.7%

2012 2013

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Expert

in Optics Solid Financial Position

2012 2013 2014

Current Ratio (Times) 2.2 2.1 1.8

Operating Cash Inflow (Outflow) (RMB mn) 256.8 667.8 (182.9)

Cash and Cash Equivalents (RMB mn) 614.4 1,825.8 903.9

• Pledged Bank Deposits (RMB mn) 0.2 113.8 4.4

• Financial Assets Designated as at Fair Value through Profit and Loss (RMB mn)

280.8 983.0 374.9

• Bank Guaranteed Entrusted Loan Receivables (RMB mn)

90.0 20.0 --

• Bank Balances and Cash (RMB mn) 243.4 709.0 524.6

Net Cash per Share (RMB cents) 53.2 134.5 35.7

Gearing Ratio (%) 3.4 10.5 9.3

ROE (%) 17.5 15.4 17.3

Capital Expenditure (RMB mn) 308.3 318.5 369.5

For the year ended 31 December

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Revenue Breakdown

Revenue Breakdown by Product Applications Revenue Breakdown by Business Segments

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2012 2013 2014

Optical Components Optoelectronic Products

Optical Instruments Total Revenue

3,984.3

For the year ended 31 December as % of total revenue

for different business segments

32.9%

62.5%

4.6%

5,812.8

20.0%

76.0%

4.0%

8,426.5

16.6%

80.8%

2.6%

61% 73%

81%

4%

5%

5%

20%

11% 7% 4%

3%

5% 12% 8% 2%

0%

20%

40%

60%

80%

100%

2012 2013 2014

Other ProductsOptical InstrumentsDigital Camera Related ProductsVehicle Lens SetsHandset Related Products

For the year ended 31 December as % of total revenue

for different products based on applications

（RMB mn）

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in Optics

Sales and Gross Profit Margins by Business Segments

（RMB mn）


Revenue by Business Segments Gross Profit Margins by Business Segments

1,308.9

2,490.6

184.8

1,163.6

4,416.4

232.8

1,402.5

6,803.2

220.8

0.00

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

6,000.00

7,000.00

OpticalComponents

OptoelectronicProducts

OpticalInstruments

2012 2013 2014

22.8%

14.1%

34.1%

24.6%

12.6%

37.3%

26.7%

11.5%

36.8%

0.00%

10.00%

20.00%

30.00%

40.00%

OpticalComponents

OptoelectronicProducts

OpticalInstruments

2012 2013 2014


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Review of Operations & Development Strategies

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Significant Achievements in R&D Results Hi-tech Barrier

• The R&D of Ultra-thin 8-mega and 13-mega

pixel handset lens sets has been successfully

completed

• 16-mega pixel handsets camera modules have

commenced mass production

• The project of “Development and Application of

Trans-scale Three-dimensional Optoelectronic

Vibrating Measuring Instruments” was supported

by the dedicated funds for development of

major National scientific instruments and

equipment from the Ministry of Science and

Technology

• The “Three-Dimensional Laser Motion

Measurement System and Method” has obtained

an national invention patent

• 5-mega pixel and 8-mega pixel handsets

lens sets have commenced mass

production

• The production and testing techniques of

automatic lens sets have been widely

applied

• Mass production for 8-mega and 13-mega

pixel handset camera modules has been

successfully launched

• Commenced mass production for smart

television video modules

• Self-developed semi-automatic,

automatic camera module testers started

to be applied in mass production

• Self-developed automatic video testing

technology was applied in testing of the

production line

• Optical analytical instruments for high-

throughput screening received special

supportive funding from the State

Optical Components

Optoelectronic

Products

Optical Instruments

2012 2013 2014

• 13-mega pixel handset lens sets have commenced mass production

• The R&D of 20-mega pixel, 16-mega pixel and 13-mega pixel(FNO1.8/ultra-thin/OIS) handset lens sets have been completed

• Delivered samples of infrared vehicle lens sets to a client, the sole vendor of infrared cameras in mass production in the world

• A manufacturing method of optical lens has obtained a national invention patent

• 20-mega pixel, dual-camera and OIS handset camera modules started shipment respectively

• “The method of burning a high resolution camera module and a chip” has obtained a national invention patent

• Self-developed active alignment (AA) equipment have been applied and promoted to the production lines

• Have grasped PDAF-related OTP linear corrective core algorithm

• The R&D of fully-automatic high-speed Gas Chromatography/Quadrupole Mass Spectrometry (GC/MS) with some internationally leading performance indexes has been completed successfully

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Strong Client Base

51.8% 48.2%

Top Five Clients ofthe GroupOther Clients ofthe Group

Vehicle Lens Sets

Business

Mobileye

Gentex

TRW

Valeo

Bosch

MANDO

Autoliv

Continental

Delphi

Magna

Panasonic

A Korean Client

Sony

Sharp (Nokia)

Truly

Google

Moto

Xiaomi

Coolpad

Huawei

Lenovo

Oppo

BBK

Gionee

TCL

ZTE

Iscope

Carl Zeiss

Olympus

Optika

Hikvision

Gopro

DJI

Leap Motion

Liteon

Microtek

Panasonic

Primax

Ricoh

Sanyo

Handset

Lens Sets

Business

Vehicle

Lens Sets

Business

Handset

Camera

Module

Business

Optical

Instruments

Business

Other

Businesses

Huawei

Xiaomi

Oppo

Lenovo

Coolpad

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Awards and Recognitions

Hikvision 2014

「Best Quality Prize」 National Electronic Information Industry

「 Excellent Innovative Enterprise」

2014 Xiaomi

「Excellent Technology

Support」

Yulong Coolpad

「2014 Q1 Excellent

Supplier Prize」

Huawei

「2013 Quality

Management

Excellent Prize」

Lenovo

「 Outstanding

Service Prize」

Yulong Coolpad

「Best Quality Supplier

Award」

Yulong Coolpad

「Core Supplier Award」

“SHP8400PMS Process

Gas Spectrometer” was

awarded “Excellent

Instrument made by

China(2013-2014) ”

A manufacturing method of optical lens has obtained a national

invention patent

OPPO

「Excellent

Supplier 」

Huawei 「 Gold Award for Core Supplier 」

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Solidify No.1 Market Share in Domestic Market and Further Capture Overseas Clients

0.1%

8.6%

19.2%

0.0% 0.0%

2.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2012 2013 2014

8-mega pixel handset lens sets

10-mega pixel above handsetlens sets

5.4%

17.1%

24.7%

0.3%

4.2%

15.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2012 2013 2014

8-mega pixel handset cameral modules

10-mega pixel above handset camera modules

Shipment Volume Proportion of Handset Lens Sets Shipment Volume Proportion of Handset Camera Modules

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Maintain No.1 Position in Global Vehicle Lens Sets Market and Further to Improve

4,150

7,500

11,240

0

2,000

4,000

6,000

8,000

10,000

12,000

2012 2013 2014

Shipment Volume of the Company’s Vehicle Lens Sets and CAGR

(Unit: k)

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Applications of Vehicle Lens Sets

Front Vision

Side Vision Far Vision

Interior Vision

Surround Vision

Rear Vision

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Achieve Breakthrough in Emerging Businesses and Realize Balanced Development

Maintain the first position in infrared business in the PRC and further explore the international market, and have delivered samples of infrared vehicle lens sets to a client, the sole vendor of infrared cameras in mass production in the world

Continue to explore innovative optical applications on 3D imaging/control fields, identify key emerging businesses and make strategic investments to realize the sustainable medium- to long-term development of the Group

Achieve import substitution strategy under the support of national special funds on high-end optical analytical instruments and optical measuring instruments

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Open Forum

IR Contacts

Sunny Optical Technology (Group) Company Limited

Email: [email protected] /

[email protected] /

[email protected]

Tel: +86 574 6253 8091 /

+852 3568 7038

Media Relations Contacts：

PordaHavas International Finance Communications

Group

Email: [email protected]

Tel: +852 3150 6788

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in Optics

Appendix

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in Optics

Leading Integrated Optical Components and Products Producer

Glass spherical/aspherical lenses, handset lens sets, plane

products, vehicle lens sets, infrared lens sets, sports lens

sets, security surveillance lens sets and other lens sets

Handset camera modules, smart television video modules, 3D

interaction motion controllers, security surveillance cameras,

sports camera modules and other optoelectronic modules

Microscopes, optical measuring

and various high-end optical

analytical instruments

Business Segments

Shanghai Production Base

Zhejiang Headquarters

Zhongshan Production Base

Tianjin Production Base

Optoelectronic Products Optical Instruments

Optical Components

Established in 1984 and listed on the Main Board of

the Hong Kong Stock Exchange in 2007, issued 1

billion shares. In September 2013, the Company had

successfully placed 97,000,000 new shares.

5 production bases in China with strong technical

and manufacturing capabilities

Strong R&D capabilities, with R&D centers set up in

China, Singapore, South Korea, USA, etc.

Xinyang

Production Base

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Milestones

2004

2008

2012

1984 1995

2007

2013

STRATEGIC USE OF CORE

COMPETENCES TO EXPAND OPTICAL

PRODUCT CATEGORIES CONTINUOUSLY

2014

2003

Established and entered

into the optical industry

Entered into

the field of

image

digitization

Commenced

production of

handset camera

modules

Enhanced R&D and

production capacity of

handset lens sets

Possessed plastic

aspherical lens

technology

Entered into the field of

vehicle lens sets

Listed on

the Main

Board of the

Hong Kong

Stock

Exchange

Set up Sunny Instruments

Singapore PTE. Ltd. in

Singapore to commence

the R&D and production

of optical measuring

instruments

Set up subsidiaries

in the US and South

Korea.

Successfully placed

97,000,000 new shares

and raised net proceeds of

approximately HKD 770

million

Entered into a series of

Strategic Cooperation

Agreements with Konica

Minolta Optical Products

(Shanghai) Co., Ltd

Invested in

MantisVision Ltd.

to make the

strategic layout

of 3D imaging

business

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Diversified Application Fields

Infrared and security surveillance lens sets

Smart television

video modules

QUICK RESPONSE TO MARKET

CONDITIONS

LEADING POSITION IN OPITICAL

AND OPTOELECTRONIC

INDUSTRIES

EXPAND TERMINAL

APPLICATIONS

PROVIDE ONE-STOP SOLUTION

High-end optical measuring instruments and microscopes

Smartphone lens sets

and camera modules

3D Camera Modules

High-end optical analytical

instruments and microscopes

DSC camera lenses and

lens assemblies

Vehicle lens sets

Sports lens sets

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http://www.sunnyoptical.com/yiqi/PRO-xd.asp

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Shareholding Structure

Sunny Optical

100.00%

Sunny Group

Employee Offshore Trust(1)

100.00%

Mr. Wang Wenjian

92.32%

Sun Ji

7.68%

Sun Guang

38.42%

Sun Xu

61.58%

Public

(1) Mr. WANG Wenjian, the Honorary Chairman of the Board and non-executive Director of the Company, together with Equity Trust(HK) Limited, hold the entire issued share capital of Sun Ji Limited on behalf of the Sunny Group Employee Offshore Trust.

* As at 31 December 2014

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Investment Highlights

(RMB mn)

Net Profit

For the year ended 31 December (RMB mn)

Dividends


138.2

201.7

338.9

440.9

561.3

0

50

100

150

200

250

300

350

400

450

500

550

600

2010 2011 2012 2013 2014

43.5

71.0

105.0

132.7

170.0*

0

20

40

60

80

100

120

140

160

180

2010 2011 2012 2013 2014

* Proposed dividend

Continued Growth in Net Profit Final dividends payout ratio was 20%-30% of the profit for the year attributable to owners of the company. The accumulated total dividends are expected to reach RMB 583 million since listed to the end of 2014.

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2014 annual results announcement corporate presentation · 2015. 9. 18. · 2 review of operations...

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