Group 1 - The core viewpoint is that Apple is committing to invest an additional $100 billion in domestic manufacturing in the U.S., which is seen as a strategy to mitigate potential punitive tariffs on hardware products [1] - Hongteng Precision and BYD Electronics have seen significant stock price increases, with Hongteng up 7.48% and BYD up 7.24%, indicating strong market sentiment towards Apple-related stocks [1][2] - Citic Securities reports that the current valuation of A/H shares in the Apple supply chain is low, suggesting a potential recovery in sentiment as negative factors dissipate [1] Group 2 - Industrial Fulian's positive earnings forecast has led to a surge in related stocks, with Hongteng Precision nearing a 9% increase [2] - BYD Electronics is set to hold a board meeting on August 29 to approve its mid-term performance, which may further influence stock performance [2] - Companies like瑞声科技 (AAC Technologies) are diversifying their consumer electronics business, with optical and XR sectors expected to drive new growth [2]

Summary of Sunny Optical (2382.HK) Conference Call Company Overview - **Company**: Sunny Optical (2382.HK) - **Industry**: Optical components and modules Key Points from the Conference Call Shipment Performance - **Handset Lens**: - July shipment increased by 4% month-over-month (MoM) but decreased by 15% year-over-year (YoY) to 99 million units - Cumulative shipments for the first seven months of 2025 (7M25) totaled 692 million units, reflecting an 8% YoY decline compared to 23% YoY growth in 7M24 [1][8] - **Camera Modules**: - July shipment rose by 2% MoM but fell by 3% YoY to 43 million units - 7M25 shipments totaled 271 million units, down 19% YoY compared to 8% YoY growth in 7M24 [1][9] - **Vehicle Lens**: - July shipment increased by 3% MoM and 29% YoY to 11 million units - 7M25 shipments reached 76 million units, showing a 23% YoY increase compared to 12% YoY growth in 7M24 [1][9] Financial Performance - **Revenue Projections**: - Revenues for 2025E are projected at RMB 43.66 billion, with a YoY growth of 14% [10][14] - **Net Income**: - Expected net income for 2025E is RMB 3.41 billion, reflecting a 26% YoY increase [10][14] - **Earnings Per Share (EPS)**: - Projected EPS for 2025E is RMB 3.13, with a 26% YoY growth [10][14] Valuation and Price Target - **Target Price**: - The target price remains unchanged at HK$89.0, based on a price-to-earnings (P/E) ratio of 21.6x for 2026E [9][11] - **Valuation Methodology**: - The target P/E multiple is consistent with the company's historical trading range and is derived from the correlation between peers' 2026 P/E and expected net income growth [9][11] Risks and Considerations - **Market Risks**: - Potential risks include unexpected competition in the handset lens market, shipment growth variability in camera modules, and fluctuations in operating expenses [13][14] Conclusion - The company maintains a **Neutral** rating, reflecting cautious optimism amid mixed shipment performance and a stable financial outlook [1][9][14]

Core Viewpoint - The Apple concept stocks in Hong Kong experienced a general rise, driven by Apple's significant stock price increase and strong financial performance in the Greater China region [1] Group 1: Stock Performance - Apple shares rose by 4.24% to $229.35, marking a weekly increase of 13.33%, the largest since July 2020 [1] - Apple's market capitalization surged by over $400 billion, reaching $3.4 trillion, solidifying its position as the third-largest company globally, behind Nvidia and Microsoft [1] Group 2: Financial Results - In the third quarter of fiscal year 2025, Apple's revenue from the Greater China region was $15.369 billion, reflecting a year-on-year growth of 4% [1]

Core Viewpoint - Sunny Optical Technology announced a decline in smartphone lens shipments for July 2025, while experiencing growth in automotive lens shipments [1] Group 1: Smartphone Lens Shipments - The company expects smartphone lens shipments to reach 98.565 million units in July 2025, representing a year-on-year decrease of 14.6% [1] Group 2: Automotive Lens Shipments - The automotive lens shipments are projected to be 11.349 million units, showing a year-on-year increase of 28.8% [1]

Core Viewpoint - Sunny Optical Technology (02382) reported a mixed performance in lens shipments for July 2025, with mobile lens shipments declining year-on-year while automotive lens shipments showed significant growth [1] Mobile Lens Shipments - Mobile lens shipments reached approximately 98.565 million units, representing a quarter-on-quarter increase of 3.7% but a year-on-year decrease of 14.6% [1] - The decline in mobile lens shipments is attributed to the company's focus on mid-to-high-end projects and a significant improvement in product structure compared to the same period last year [1] Automotive Lens Shipments - Automotive lens shipments totaled 11.349 million units, with a quarter-on-quarter increase of 2.7% and a year-on-year increase of 28.8% [1] - The growth in automotive lens shipments is primarily driven by increased client demand [1] Camera Module Shipments - Camera module shipments for mobile devices amounted to 42.629 million units, reflecting a quarter-on-quarter increase of 1.7% but a year-on-year decrease of 2.9% [1]

Core Insights - Sunny Optical Technology (02382.HK), a leading player in the optical lens industry, reported its sales data for July, indicating mixed performance across different product segments [1] Smartphone Segment - The shipment volume of smartphone lenses in July reached 98.565 million units, representing a month-on-month increase of 3.7% but a year-on-year decline of 14.6% [1] - Smartphone camera module shipments totaled 42.629 million units, with a month-on-month increase of 1.7% and a year-on-year decrease of 2.9% [1] Automotive Segment - The automotive lens business showed significant growth, with July shipments reaching 11.349 million units, marking a month-on-month increase of 2.7% and a year-on-year increase of 28.8%, driven by increased client demand [1] Other Products - The shipment of glass spherical lenses was 2.66 million units, reflecting a month-on-month increase of 22.4% and a year-on-year increase of 20.1% [1] - Microscopes saw a shipment of 12,869 units, with a month-on-month decline of 23.4% and a year-on-year decline of 21.9% [1] - Other lens shipments totaled 10.761 million units, with a month-on-month increase of 3.3% and a year-on-year increase of 3.4% [1] - Other optoelectronic products had a shipment volume of 4.355 million units, showing a month-on-month decline of 1.7% and a year-on-year decline of 0.1% [1] Overall Performance - The performance in smartphone and automotive lens segments showed signs of recovery month-on-month, supported by strong sales in the smartphone and new energy vehicle markets [1]

Core Viewpoint - Sunny Optical Technology (02382.HK) reported its shipment volumes for major products in July 2025, highlighting a mixed performance across different segments, with significant growth in automotive lenses but a decline in mobile phone lenses [1] Product Shipment Summary - In the optical components segment, the shipment volume of glass spherical lenses reached 2.66 million units, representing a year-on-year increase of 20.1% [1] - The shipment volume of mobile phone lenses was 98.57 million units, showing a quarter-on-quarter growth of 3.7% but a year-on-year decrease of 14.6% [1] - The shipment volume of automotive lenses was 11.35 million units, reflecting a year-on-year increase of 28.8% [1] - Other lenses saw a shipment volume of 1.08 million units, with a year-on-year growth of 3.4% [1] Optical Products Summary - In the optoelectronic products segment, the shipment volume of mobile camera modules was 42.63 million units, which is a year-on-year decrease of 2.9% [1] - The decline in mobile phone lens shipments is attributed to the company's focus on mid-to-high-end projects and a significant improvement in product structure compared to the same period last year [1] - The increase in automotive lens shipments is primarily due to heightened demand from clients [1]

手机镜头出货量同比下降14.6%，主要是因为公司专注于中高端案子，且产品结构较去年同期显著改 善。 车载镜头出货量同比上升28.8%，主要是因为客户端的需求有所提升。 智通财经APP讯，舜宇光学科技(02382)发布公告，于2025年7月，手机镜头出货量为约9856.5万件，环 比增加3.7%，同比减少14.6%;车载镜头出货量为1134.9万件，环比增加2.7%，同比增加28.8%。手机摄 像模组出货量为4262.9万件，环比增加1.7%，同比减少2.9%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表明概不會就本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED 光電產品 | | 2025年7月 | 環比變化 | 同比變化 | | --- | --- | --- | --- | | 產品類別 | （千件） | (%) | (%) | | 手機攝像模組 | 42,629 | +1.7% | -2.9% | | 其他光電產品 | 4,355 | -1.7% | -0.1% | 光學儀器 | | 2025年7月 | 環比變化 | 同比變化 | | --- | --- | --- | --- | | 產品類別 | （件） | (%) | (%) | | 顯微儀器 | 12,869 | -23.4% | -21.9% | 舜 宇 光 學 科 技（ 集 團 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2382.HK） 自願公告 本公告乃由舜宇光學科技（集團）有 ...

智通财经APP获悉，港股今早探底回升，午后涨幅有所扩大，恒生指数成功站上两万五大关。截止收 盘，恒生指数涨0.69%或171点，报25081.63点，全日成交额为2457.48亿港元；恒生国企指数涨0.55%， 报8981.73点；恒生科技指数涨0.26%，报5546.73点。 国泰海通证券指出，年初以来的中国资产重估行情中，港股整体涨幅较A股更为可观，创新药、新消 费、AI应用等方向亮点纷呈。借鉴历史上港股占优行情，该行认为本轮行情或和其中的2012-2014年具 有一定相似性，港股表现强劲源于部分资产更具稀缺性。展望未来，港股稀缺性资产基本面更优，或吸 引南下持续流入，支撑港股继续向上。 蓝筹股表现 至6%，这带来显著的正向经营杠杆、竞争减少和盈利预估的提升。尽管近期表现优异，但如果增长得 以维持，该行认为该行业估值仍偏低。 1. 苹果概念表现亮眼。截至收盘，高伟电子(01415)涨9.62%，报29.86港元；鸿腾精密(06088)涨6.91%， 报3.25港元；舜宇光学(02382)涨3.3%，报76.75港元；蓝思科技(06613)涨2.93%，报21.1港元。 美国当地时间8月6日，苹果公司宣布追 ...