Sunny Optical 2382

[winston]

vested

<Research>UBS Chops SUNNY OPTICAL (02382.HK) TP to $67, Rating Lowered to Sell

UBS released a research report downgrading SUNNY OPTICAL (02382.HK) from Buy to Sell and lowering its target price from HKD70 to HKD67.

This adjustment primarily reflected concerns over the stock’s stretched valuation, with positive earnings factors already priced in by the market, while demand risks persisted.

UBS noted that Sunny Optical’s positive profit alert released last month, combined with the Chinese central government's subsidy support, drove strong shipment volumes in January, boosting its share price radically.

Related News: DBS Elevates SUNNY OPTICAL's TP to $110, Rating Kept Buy

However, uncertainties surrounding market demand remained due to U.S. tariffs and macro risks.

Moreover, market share growth, particularly for iPhone orders, will take time, despite the market’s aggressive forecasts of 24% and 19% EPS growth for FY2025 and FY2026, respectively.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

<Research>CCBI Drops SUNNY OPTICAL (02382.HK) TP to $98; 2H24 Rev./ NP in Line

SUNNY OPTICAL (02382.HK)'s 2HFY2024 revenue grew 12% YoY, in line with market consensus, CCBI released a research report saying.

Of which, handset lens sets (HLS) and vehicle camera modules were the main driving factors.

Operating profit rose 23% YoY, with an operating margin of 6.5%, in line with the Company's profit alert.

Net profit increased 145% YoY and 50% HoH, in line with expectations.

Therefore, CCBI dropped its target price on SUNNY OPTICAL to $98, with rating kept at Outperform.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

Takeaways From Taiwan NDR

We hosted an NDR with Sunny Optical in Taiwan last week.

Questions were mostly related to impacts from the trade war, the vehicle business, handset business’ recovery and some upcoming prospects such as XR and robotics vision.

Overall the investors have turned more positive on Sunny’s outlook compared with half a year ago, but we also believe that investors would prefer a bit more visibility on trade deals before turning positive on the market.

Maintain BUY. Target price: HK$100.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

Sunny Optical lens set deliveries increase in April

Apple supplier Sunny Optical Technology (2382) said it delivered 103 million handset lens sets in April, up 1.3 percent from the same period a year ago.

Some 11.57 million units of vehicle lens sets were recorded last month, a year-on-year growth of 28.9 percent.

However, handset camera modules saw a decline of 14.1 percent to 39.25 million units, mainly due to an improved product mix following the company’s devoting its focus toward mid- to high-end projects.

In the first four months, Sunny Optical Technology's handset lens sets saw a total of about 400 million pieces, down 5.1 percent year-on-year, while vehicle lens sets amounted to over 43 million pieces, up 15.5 percent.

Source: The Standard

https://www.thestandard.com.hk/market/article/302289/

[winston]

not vested

SUNNY OPTICAL Spikes 6%+ as Interim Profit Mounts 52.6%

In the first half of the year, Sunny Optical's revenue hiked 4.2% YoY to RMB19.652 billion, while net profit rose by 52.6% to RMB1.646 billion.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

Sunny Optical (2382 HK)

1H25: Strong Beat On Earnings; Premiumisation Key To Growth

Sunny’s 1H25 net profit was a solid beat at Rmb1,646m, mainly due to the strong beat on margins while revenue was in line with expectations.

For the handset business, spec upgrades are on the rise with shipments of higher-end HLS/HCM continuing to grow.

At the same time, VLS and vehicle camera module shipments have remained robust, with LiDAR expected to be a key growth driver in the coming years with the rollout of ADAS L3+.

Maintain BUY; raise target price to HK$115.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

Bullish Tracker: (02382.HK) SUNNY OPTICAL (TRADING BUY)
Poised for a further rebound along the uptrend baseline

Sunny Optical is attempting a rebound above its long-term uptrend line established since late April 2024, after a 32.2% pullback from its 6M high of HKD91.40.

The stock reclaimed its MA20 yesterday, and momentum looks set to extend with bullish MACD and RSI crossovers.

This should lift the share toward resistance levels at HKD71.2 (61.8% FR), HKD74.7 (MA200) and HKD78.9 (38.2% FR).

Key supports sit at HKD65.7 (78.6% FR), HKD63 (uptrend baseline) and HKD58.7 (6M low). A stop-loss at HKD62.6 helps cap downside. On valuation,

Sunny trades at 16.0x FY26F P/E—a modest 11.1% discount to the industry’s 18.0x—and is projected to deliver an 8% net margin, outperforming the peer average of 6%.

Source: HLIB

[winston]

Why is the share price of Sunny Optical weak?

Sunny Optical's (SEHK: 2382) share price weakness is primarily driven by persistent softness in the global Android smartphone market, intense industry competition and ongoing pricing pressures.

This has overshadowed the company's recent profit growth and shift toward higher-margin non-smartphone sectors.

Specific factors weighing on the stock include:

Weak Smartphone Demand: Sluggish demand and a general downturn in smartphone shipments continue to heavily impact the supply chain, lowering product average selling prices (ASPs).

Automotive Margin Pressures: While Sunny Optical’s automotive and pan-IoT segments have grown, intense industry competition and strong OEM pressure have reduced average selling prices and compressed profit margins in the automotive sector.

Valuation & Market Sentiment: Despite the company reporting resilient earnings and initiating share buybacks, the broader market remains cautious about long-term Android demand and the true volume potential of emerging tech like AI glasses.

Index Exclusion: Sunny Optical's stock suffered additional pressure following its removal from the Hang Seng China Enterprises Index, which negatively affected index-tracking institutional flows.

Source: Google AI

[winston]

BofAS Raises SUNNY OPTICAL (02382.HK) TP to HKD69; Remains Conservative on Near-term Outlook

BofAS issued a research report stating that SUNNY OPTICAL (02382.HK) held its 2026 Investor Day on the 24th.

Management remains confident in the adoption of high-end smartphone lens specifications and expects the penetration rate to increase from about 48% in 2026 to 55% by 2030.

Meanwhile, new applications such as smart glasses, handheld gimbals, robotics and wearables may continue to bring incremental opportunities.

In the automotive segment, the company expects the number of lenses per vehicle to increase in the long term from more than four units in 2025 to 12 to 15 units, while 17-megapixel (17MP) sensing lenses have also begun to emerge.

Despite offering more high-end solutions, BofAS remains conservative on its near-term outlook due to weak demand for smartphones and automobiles.

The report noted that management emphasized its ambition to enter the data communication optical interconnect business by leveraging years of technological expertise in smartphone and automotive optics, as well as advanced capabilities such as specialty molds and sub-micron high-precision module technologies.

The company aims to focus on pluggable transceivers and co-packaged optics (CPO) solutions, covering components to module-level products.

Management expects to achieve small-scale volume shipments in 2027.

BofAS believes that given the high entry barriers in the data communications industry, the contribution will remain limited, but such diversification could support valuation and provide long-term upside potential.

BofAS kept its earnings forecasts for SUNNY OPTICAL largely unchanged for FY2026-FY2027 and introduced a FY2028 earnings forecast.

The broker raised its price-to-earnings valuation multiple from 15x to 17x to reflect the company’s expansion potential into data center optics.

BofAS lifted its TP from HKD60 to HKD69 and maintained a Neutral rating.

Source: AASTOCKS Financial News

https://www.aastocks.com/en/stocks/news ... -news/AAFN