查看PDF原文 公告日期：2016-04-05
昂纳科技集团(00877) O-Net reported a solid set of FY15 results, with 36.6%/90.4% YoY growth in revenue and net profit, meeting our expectations. We believe O-Net would be able to sustain several years of hyper growth, underpinned by a strong 100G product pipeline. Though lowering 2016E profit by 7.1%, we nudged up our 2017E profit by 3.6% on the back of raising FY17 revenue estimate by 11.6%. We raised our price target to HKD3.20 (from HKD2.90), pegging on 2017E 13.0x PER (previous on 2016 17.0x PER). Maintain Outperform. Strong set of FY15 results, on recovery of core business. O-net’s FY15 revenue surged 36.6% YoY, driven by a strong recovery in its optical networking business (+16.5% YoY, excluding acquisition) and rising new business contribution (14.2% of total revenue versus 6.0% in FY14). The gross margin of its optical networking business dropped from 35.1% in FY14 to 32.2%, which instead led to strong sales growth. On enhanced economies of scale, operating profit surged 68.9% YoY and net profit jumped 90.4%, as higher finance cost was offset by lower effective tax rate on R&D expenses tax deduction. Likely several years of hyper growth like ahead. Looking forward, O-Net intends to focus on three strategic fields – communications (100G passive and active), data centre (transceivers) and sensing, with each market potentially multiple bigger than its traditional passive optical business. With several 100G transceivers (for data centre) to be launched in 2016 and a strong pipeline of sensing products, O-Net is likely to experience several years of hyper growth, in our view. O-Net a dark horse in high-end technology. Boosting five R&D centres located in Shenzhen, US, Canada, Germany and France, O-Net’s rise as an emerging dark horse in many new application fields is on solid footing with strong in-house R&D and upstream chips supply, in our view. O-Net’s products portfolio will fit various application markets including data centre, self-driving car, and VR. Compelling valuation. On the back of a strong 100G product pipeline, we raised our 2016/17E revenue by 8.1%/11.6%. On assumption of lower 2016E gross margin (mainly in traditional networking), we lowered 2016E profit by 7.1%, but revised up 2017E profit by 3.6% on enhanced economies of scale. We raised our price target to HKD3.20 (from HKD2.90), pegging on 2017E 13.0x PER (previous 2016E 17.0x PER). O-Net trades at 2016/17E 14.3x/9.6x PER, looking compelling compared with its global peers (17x-20x).
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