机构：中信建投证券 研究员：刘双锋 核心观点 公司4 月手机镜头出货量同比增长9.2%，车载镜头同比增长28.9%。公司手机镜头稳定增长，摄像模组 有所承压，但结构改善，潜望、大像面模组出货增加，2025 年手机镜头的单价和毛利率有望继续改 善。公司车载镜头维持高增长，2025 年是辅助驾驶爆发的一年，公司车载镜头全球市场占有率继续保 持第一，将深度受益于汽车的传感器数量、配置的提升。其他智能终端方面，公司量产了单色及合色 MicroLED 光机和AR 眼镜，并将业务拓展至机器人。光学行业正从价格战中走出，车载、AI 眼镜、机 器人提供新的增长动力，公司为全球光学镜头、模组龙头，长期看好。 事件 公司披露月度出货：4 月手机镜头出货量同比增长9.2%，车载镜头同比增长28.9%。 简评 2025 年4 月，车载镜头需求提升，增速较快，手机镜头稳定增长。 分业务看，1）光学零件业务，手机镜头：出货量1.03 亿件，环比+9.2%，同比+1.3%；车载镜头：出货 量1157 万件，环比+17.8%，同比+28.9%。2）光电产品：手机摄像模组出货量3925 万件，环比+5.2%， 同比-14.1%。尽管手机摄像模 ...

公开信息显示，港股通汽车ETF（159323）标的指数高度聚焦港股整车板块，乘用车含量在同类指数中 领先，且拥有相对A股稀缺的造车新势力，当前成分股中小鹏汽车、比亚迪股份、理想汽车、吉利汽 车、零跑汽车、长城汽车等龙头车企的合计权重占比近70%。此外，港股通汽车ETF（159323）覆盖汽 车零部件板块，有望深度受益于机器人科技浪潮。 光大证券在研报中指出，看好2025E国内销量提振前景，聚焦智能化主题：1）预计以旧换新驱动的 2025E国内汽车销量提振前景依然可期，建议持续关注订单以及终端优惠变化；2）智驾+机器人共振， 智能化主题或持续发酵，看好已在车端积累充足智驾算法自研能力的车企、以及延伸布局机器人的配套 产业链。 5月12日早盘，港股三大指数集体高开。开盘后，港股通汽车ETF（159323）、恒生科技指数ETF （513180）等热门ETF震荡上行，涨幅持续拉大。港股通汽车ETF（159323）一度涨近3.5%，持仓股 中，舜宇光学科技、小鹏汽车、途虎、敏实集团、京城机电股份、德昌电机控股、理想汽车等涨幅居 前，其中舜宇光学科技涨超10%。 数据方面，近日乘联会数据显示，4月全国乘用车零售量达175 ...

无需港股通，A股账户就能T+0买港股>> 港股苹果概念股拉升，舜宇光学科技涨超10%，瑞声科技、丘钛科技涨超8%，高伟电子涨超6%、比亚 迪（002594）电子涨超5%。 ...

恒生科技指数日内跌超1%，汽车股走弱，蔚来汽车(09866.HK)跌超4.5%，小鹏汽车(09868.HK)跌4%， 舜宇光学科技(02382.HK)跌超3.6%。 ...

Financial Performance - For the year ended December 31, 2024, the Group's revenue was approximately RMB 38,294.5 million, representing an increase of approximately 20.9% compared to the previous year[16]. - The profit for the year attributable to owners of the Company was approximately RMB 2,699.2 million, reflecting an increase of approximately 145.5% compared to the previous year[16]. - The Group's gross profit for 2024 was RMB 7,006.0 million, compared to RMB 4,590.4 million in 2023[9]. - The return on equity for 2024 was 11.0%, up from 5.0% in 2023[11]. - The net profit for the year was approximately RMB 2,777.0 million, representing an increase of approximately 141.4%, with a net profit margin of approximately 7.3%[80]. - The basic earnings per share for the year was approximately RMB 248.2 cents, representing an increase of approximately 146.4% compared to the previous year[82]. - Revenue from the Optical Components operating segment was approximately RMB 11,708.1 million, an increase of approximately 22.5% year-on-year, driven by higher sales of handset and vehicle lens sets[66]. - Revenue from the Optoelectronic Products operating segment was approximately RMB 26,156.8 million, reflecting a year-on-year increase of approximately 21.1%, mainly due to growth in handset camera modules and vehicle modules[67]. - The gross profit for the year was approximately RMB 7,006.0 million, an increase of approximately 52.6%, with a gross profit margin of approximately 18.3%, up 3.8 percentage points from the previous year[71]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 53,807.3 million, an increase from RMB 50,297.1 million in 2023[10]. - The total liabilities as of December 31, 2024, were RMB 28,514.4 million, compared to RMB 27,415.5 million in 2023[10]. - As of December 31, 2024, the Group's current assets were approximately RMB 37,470.0 million, an increase of approximately 6.6% from RMB 35,144.0 million as of December 31, 2023[91]. - The Group's gearing ratio was approximately 11.0% as of December 31, 2024, indicating a sound financial position with total borrowings relative to total capital[111]. Operational Highlights - The Group's vehicle lens set business maintained its global No. 1 position in market share, achieving a shipment volume milestone of 100 million units[16]. - The Group's vehicle camera business maintained its position as the global market leader, with shipments exceeding 100,000,000 units[18]. - The Group's smartphone camera and module products saw improvements in average selling price and gross margin, maintaining the number one market share globally[18]. - The Group's shipment volume of vehicle lens sets increased by approximately 12.7% to approximately 102,314,000 units in 2024, maintaining its global No. 1 position in market share[37]. - The shipment volume of handset lens sets increased by approximately 13.1% to approximately 1,324,370,000 units in 2024, also maintaining its global No. 1 position in market share[42]. - The Group achieved mass production of various new handset lens sets with 7 pieces of plastic lens ("7P") and hybrid handset lens sets in 2024[42]. - The Group's 8-mega pixel vehicle modules continue to hold the global No. 1 market share, with significant recognition from both domestic and overseas vehicle manufacturers[48]. - The Group's XR vision modules maintain a global No. 1 market share, with significant advancements in optical module integration for MR devices[52]. Research and Development - R&D expenditure for the year was approximately RMB 2,924.1 million, an increase of approximately 13.9%, accounting for approximately 7.6% of the Group's revenue[74]. - The Group completed the R&D of 8-mega pixel heating vehicle lens sets and 8-mega pixel ultra-low-reflection coating vehicle lens sets, obtaining designated projects from well-known vehicle manufacturers[37]. - The Group has mastered advanced large-lens manufacturing processes for XR optical elements, optimizing display performance and interactive experience[41]. - The Group developed a new 3D super-depth digital microscope in 2024, enhancing its capabilities in high-end precision manufacturing and scientific research[64]. Market Trends and Future Outlook - Global sales of new energy vehicles reached approximately 17,800,000 units in 2024, marking a year-on-year growth of approximately 22.8%[27]. - The digital economy and AI technology are expected to create vast opportunities for the optoelectronics field in 2025[20]. - The robotics market experienced robust growth in 2024, with increasing demand for advanced sensor technologies[31]. - The demand for specifications innovation in smartphone cameras is increasing, with key R&D focuses on large image size, variable apertures, and high optical zoom[33]. Corporate Governance and Social Responsibility - The Group has received an "AA" rating from MSCI and is included in several sustainability indices, reflecting its commitment to ESG principles[19]. - The Group plans to expand its board size and increase the number of female directors to enhance board diversity[19]. - The Group's financial assets include various instruments, representing the maximum exposure to credit risk, with no significant concentration of credit risk due to a diverse customer base[149]. Human Resources and Talent Development - The Group had 33,884 full-time employees as of 31 December 2024, with a focus on competitive compensation and a talent development system[180]. - The Group's talent development system includes modules for new employee development, professional technical personnel, and leadership development[181][182]. - The Group emphasizes a corporate culture centered on "create together" to enhance organizational vitality[188][190]. Leadership - Mr. Wang Wenjian, aged 57, has been appointed as the CEO and executive director since November 26, 2024, bringing extensive experience in operation management and strategic planning[197]. - Mr. Wang Wenjian graduated from Zhejiang University in 1989 and has been with the group since then, indicating a long-term commitment to the company[197]. - Mr. Wang Wenjian was awarded the title of senior economist in December 2022, reflecting his recognized expertise in financial management and capital markets[197].

Core Viewpoint - Sunny Optical Technology announced a decline in smartphone lens shipments for March 2025, totaling 94.316 million units, a year-on-year decrease of 16.3, attributed to a focus on mid-to-high-end projects and an improvement in product structure [1] Group 1: Smartphone Lens Shipments - The total smartphone lens shipments for March 2025 were 94.316 million units, reflecting a year-on-year decline of 16.3% [1] - The decrease in smartphone lens shipments is primarily due to the company's strategic focus on mid-to-high-end projects, leading to an improved product structure compared to the same period last year [1] Group 2: Other Product Shipments - The automotive lens shipments increased by 16.5% year-on-year and 11.5% quarter-on-quarter, driven by enhanced client demand [1] - The shipment of microscopes reached 26,800 units, marking a significant year-on-year increase of 78.8% and a quarter-on-quarter increase of 46.4% [1] - Smartphone camera module shipments totaled 37.314 million units, showing a year-on-year decline of 10.9%, also due to the company's focus on mid-to-high-end projects and product structure improvement [1]

Group 1 - The Hang Seng Tech Index increased by over 5%, with Sunny Optical Technology leading the component stocks with a nearly 13% rise [1] - The Hang Seng Index also saw a significant increase of 4% [1]

Group 1 - The majority of Hong Kong-listed Apple concept stocks experienced declines, with Sunny Optical Technology falling nearly 7% [1] - Specific stock performances include Sunny Optical Technology down 6.81%, GoerTek down 6.08%, BYD Electronic down 5.76%, and AAC Technologies down 3.52% [1]

Investment Rating - The report maintains an "Outperform" rating for Sunny Optical Technology (02382.HK) [5] Core Views - The company is expected to achieve a revenue growth of over 20% year-on-year in 2024, with a significant increase in net profit by 145.5% [1][3] - The optimization of the mobile product structure is notable, with high-end products continuing to increase their market share [2] - The automotive optical sector is experiencing rapid development, with breakthroughs in various applications [2] - The emerging optical field, particularly in AI/AR glasses, is expanding significantly [3] Financial Performance Summary - In 2024, the company reported a revenue of 38.294 billion yuan (YoY 20.87%) and a net profit of 2.699 billion yuan (YoY 145.51%) [1] - Optical components revenue reached 11.708 billion yuan (YoY 22.53%), accounting for 30.6% of total revenue, while optoelectronic products generated 26.157 billion yuan (YoY 21.10%), making up 68.3% [1] - The overall gross margin improved by 3.8 percentage points to 18.3% in 2024, driven by product structure improvements [1] Product Segment Summary - Mobile-related revenue was 25.155 billion yuan (YoY 20.16%), representing 65.7% of total revenue, with the company maintaining the largest global market share in mobile camera lenses [2] - The automotive-related revenue reached 6.039 billion yuan (YoY 14.32%), accounting for 15.8% of total revenue, with the company also leading in the market share of automotive lenses [2] - AR/VR related revenue grew to 2.577 billion yuan (YoY 37.81%), making up 6.7% of total revenue, with the company holding the largest market share in XR visual modules [3] Earnings Forecast and Valuation - The forecast for net profit for 2025-2027 is adjusted to 3.462 billion yuan, 4.124 billion yuan, and 4.869 billion yuan respectively, with corresponding PE ratios of 21.4, 18.0, and 15.2 [3][4]

Investment Rating - The investment rating for the company is maintained at "Buy" [6] Core Views - The company's 2024 annual revenue reached 38.294 billion yuan, a year-on-year increase of 20.9%, with net profit at 2.699 billion yuan, up 145.5% year-on-year. The growth is primarily driven by the recovery in the smartphone market and the rapid development of automotive intelligence [5][6] - The company is expected to benefit from domestic consumption subsidies and innovations in Android optical imaging, while the trend of intelligent driving is anticipated to drive growth in automotive lenses, camera modules, and related businesses [6] Summary by Sections Financial Performance - In 2024, the company's revenue was 38.294 billion yuan, with a gross margin of 18.3%, an increase of 3.8 percentage points year-on-year. The net profit was 2.699 billion yuan, reflecting a significant improvement in profitability [5][6] - The company aims for total revenue of 38.3 billion yuan in 2024, with projections of 43.072 billion yuan and 48.857 billion yuan for 2025 and 2026, respectively [6][7] Product Segments - **Mobile Segment**: Revenue from mobile products in 2024 was 25.2 billion yuan, with a year-on-year increase of 20%. The company maintained its position as the global leader in smartphone lens shipments, with a target to increase shipments by 5% in 2025 [5][6] - **Automotive Segment**: Revenue from automotive products reached 6 billion yuan in 2024, a year-on-year increase of 14%. The company aims for a 15%-20% increase in shipments in 2025 [5][6] - **XR Segment**: Revenue from AR/VR products was 2.6 billion yuan in 2024, a year-on-year increase of 34%. The company is focusing on AI applications to drive growth in this segment [5][6] Future Outlook - The company expects to see continued growth in its mobile and automotive segments, with significant improvements in product structure and profitability. The XR segment is anticipated to remain stable or see slight growth, driven by advancements in AI applications [6][7]