Core Viewpoint - The article highlights the resilience and innovative vitality of China's scientific instrument industry in the face of global challenges, showcasing significant growth in overseas revenue among domestic listed companies [2][6]. Group 1: Overview of Overseas Revenue - In 2024, the total overseas revenue of 43 domestic listed instrument companies reached 34.707 billion yuan, marking a new high [6][10]. - Over 60% of the companies reported revenue growth, with 21 companies achieving over 100 million yuan in overseas revenue [6][10]. - The top five companies by overseas revenue are Mindray Medical (16.434 billion yuan), Sunny Optical (9.602 billion yuan), Libang Instruments (1.098 billion yuan), BGI Genomics (913 million yuan), and Huashengchang (717 million yuan) [3][6]. Group 2: Performance Analysis - Among the 43 companies, 27 experienced stable or significant growth, with notable examples including Wanyi Technology, which saw a 447.23% increase in overseas revenue [7][12]. - Conversely, 14 companies faced revenue declines, such as Gaode Infrared, which reported a 50.76% drop [7][15]. - Mindray Medical's overseas revenue accounted for 44.75% of its total revenue, reflecting the effectiveness of its globalization strategy [10][17]. Group 3: Market Dynamics - The article indicates a shift in the market, with three companies achieving over 1 billion yuan in overseas revenue, while 18 companies fall within the 100 million to 1 billion yuan range [13]. - Companies with overseas revenue constituting over 10% of total revenue increased to 22, indicating a growing trend in international market engagement [17]. - Wanyi Technology's strategy of "product leadership, quality excellence, competitive pricing, and superior service" has led to substantial growth in overseas markets [13][17]. Group 4: Emerging Companies - New entrants like Titan Technology and Lihua Technology reported 100% growth in overseas revenue, reflecting successful market expansion strategies [14]. - Titan Technology leveraged partnerships with overseas distributors and acquisitions to enhance its competitive brand presence [14]. Group 5: Future Outlook - Despite external uncertainties, the overall trend indicates a robust commitment from Chinese companies to expand in international markets, suggesting a "fast forward" approach to globalization [17].

Group 1 - The Hang Seng Index increased by 1%, while the Hang Seng Tech Index rose by 0.6% [1] - Minsheng Bank saw a rise of 4%, with Sunny Optical Technology, China Life Insurance, and Li Ning all increasing by over 3% [1]

Core Viewpoint - Nomura's research report indicates that Sunny Optical Technology's management is more optimistic about the automotive lens business outlook, driven by the increasing adoption rate of ADAS in China [1] Group 1: Automotive Lens Business - The company has raised its global automotive lens shipment forecast for this year from 340,000 units to over 400,000 units [1] - Sunny Optical aims to increase its market share in the automotive camera module market, currently holding a 3% market share, with a target to rank among the top three industry players within the next 3 to 5 years [1] Group 2: Smartphone Market - The company anticipates a year-on-year growth of approximately 1% in global smartphone shipments, a decrease from the previous forecast of 2% to 3% growth [1] - It is expected that the growth of the Chinese smartphone market will surpass that of the global market [1]

Group 1 - Hong Kong stocks related to Apple saw an initial surge, with Sunny Optical Technology (02382.HK) rising over 5% [1] - Q Technology (01478.HK) increased by more than 4% [1] - BYD Electronics (00285.HK) and AAC Technologies (02018.HK) both rose over 2% [1]

Summary of Sunny Optical Technology (Group) Co (02382) 2025 Investor Day Company Overview - **Company**: Sunny Optical Technology (Group) Co - **Event**: 2025 Investor Day held on June 19, 2025 - **Focus**: Market opportunities in optical electronic markets, technological trends, and strategic positioning across key sectors [2][4] Key Industry Insights - **Geopolitical Tensions**: The company has faced challenges due to geopolitical tensions, particularly between China and the US, which have slowed economic recovery [8] - **AI Development**: Breakthroughs in AI are creating new opportunities in mature businesses like handsets and vehicles, driving growth in the optoelectronics industry [9][33] - **Market Competition**: Increased competition in the market is noted, with a focus on innovation and risk management to navigate future challenges [9][10] Financial Performance - **Sales Target**: The company aims for a sales target of 100 billion RMB, emphasizing long-term sustainable development [21][22] - **Market Share**: Sunny Optical ranks number one in market share for headset and vehicle handsets, with a strong focus on technological advancements [23][24] Technological Advancements - **Core Technologies**: The company has developed advanced technologies in optical coating, testing, and precision manufacturing, which support various business areas including automotive and smartphones [26][30] - **AI Integration**: AI is being integrated into smart manufacturing processes to optimize yield rates and enhance product capabilities [36][37] Automotive Sector Insights - **Smart Driving Growth**: The automotive sector is expected to see significant growth, particularly in the vehicle lens market, driven by advancements in electric vehicles (EVs) [41][42] - **Market Projections**: The global number of land sets per car is projected to surpass 4.3 by 2025, with Sunny Automotive maintaining a high market share in vehicle handsets [42][43] - **ADAS Technology**: The company is preparing for mass production of advanced driver-assistance systems (ADAS) with a focus on high pixel cameras and rapid response capabilities [44][45] Smartphone Market Trends - **Sales Forecast**: Global smartphone sales are projected to reach approximately 1.17 billion units in 2025, with a slight increase of 0.2% year-over-year [78] - **High-End Demand**: There is a growing demand for high-end camera modules, particularly in the Chinese market, which is expected to grow by 2.2% [79][80] - **Miniaturization and OIS**: Trends towards extreme miniaturization and improved optical image stabilization (OIS) are driving product development in the smartphone sector [81][82] Future Outlook - **Technological Leadership**: Sunny Optical aims to leverage its technological expertise to navigate competition and contribute to the healthy growth of the optoelectronics industry [63] - **Integrated Solutions**: The company is focused on providing integrated solutions across various domains, enhancing its product portfolio to meet rising market demands [36][63] Additional Insights - **Customer Engagement**: The company encourages feedback and suggestions from investors to foster high-quality development and create more shareholder value [11] - **Innovation Commitment**: Sunny Optical is committed to continuous innovation and technological advancements to maintain its competitive edge in the market [10][21]

Create an Intelligent Vision Build a Brighter Future June 2025 www.sunnyoptical.com 目录 CONTENTS 01 02 Corporate Introduction Future Outlook Corporate Introduction Corporate Introduction A world-leading optical enterprise specializing in the development and large-scale production of optical imaging and optical sensing products 1984 Established 2007 Listed on the Main Board of HKEX The first domestic optical company to be listed in Hong Kong 2017 Selected into the Hang Seng Index 2020 Selected into the Hang S ...

6月18日，欧冶半导体宣布，公司已完成亿元人民币B3轮融资。本轮融资由光学龙头企业舜宇光学科技 旗下舜宇产业基金战略领投，合肥高投、老股东太极华青佩诚共同参与。这是继B2轮后，欧冶半导体 本年内公布完成的新一轮融资，将进一步巩固公司在智能汽车第三代E/E架构SoC芯片及解决方案领域 的领先地位。 据公开资料，舜宇光学科技是全球领先的综合光学零件及产品制造商，在多个领域拥有深厚的行业积累 和广泛的市场布局。 欧冶半导体成立于2021年，由创始团队和国投招商共同发起设立。公司是国内首家聚焦智能汽车第三代 E/E架构的SoC芯片及解决方案商。欧冶半导体围绕智能汽车第三代电子电气构架，提供系统级、系列 化芯片及解决方案，旗下龙泉系列产品覆盖智能汽车端侧智能部件（CMS后视镜/智能车灯等）、智能 区域处理器（ZCU）和行泊一体中央计算单元的芯片需求，同时具备业界的智能算法，和灵活分层交付 的软件及解决方案，极大降低客户新产品和新特性的开发成本，缩短上车时间。公司还曾获评福布斯 2023中国独角兽企业。 从最新产品动态来看，2025年上海车展期间，欧冶半导体曾携手舜宇光学科技等产业链伙伴共同发布了 极致体验的AI CMS ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][5] Core Views - The company is a global leader in optical components and products, having established a strong market position in mobile camera lenses and automotive optical modules [5][39] - The company has a diversified product portfolio, including optical components, optoelectronic products, and optical instruments, with a focus on high-end applications [5][27] - The report forecasts significant revenue growth, with expected revenues of 434 billion, 456 billion, and 479 billion CNY for 2025, 2026, and 2027 respectively, alongside a projected net profit of 34 billion, 39 billion, and 44 billion CNY for the same years [6][5] Summary by Sections 1. Company Overview - Founded in 1984, the company has evolved from a local enterprise to a global leader in optical manufacturing, listed on the Hong Kong Stock Exchange since 2007 [16][5] - The company has implemented a "famous supporting role" strategy, focusing on eight major applications, and has established a stable partnership with global clients [36][39] 2. Market Position and Product Leadership - The company holds the number one global market share in mobile camera lenses at 30.8% and in mobile camera modules at 12.1% as of 2024 [52][39] - The automotive lens segment has also seen the company achieve the highest global market share, with significant growth in automotive camera modules and advanced driver-assistance systems (ADAS) [66][67] 3. Financial Projections - Revenue and profit forecasts indicate a recovery from previous downturns, with expected revenue growth rates of 21% in 2024 and 13% in 2025 [6][5] - The projected price-to-earnings (PE) ratio for 2025 is 19X, which is lower than the average PE of comparable companies at 24X, suggesting potential undervaluation [6][5] 4. Technological Advancements - The company has maintained a competitive edge through continuous innovation in optical technologies, particularly in high-end mobile and automotive applications [57][39] - The report highlights the successful mass production of advanced optical modules, including periscope and large-format modules, which are critical for future growth [57][59] 5. Global Expansion and Production Capabilities - The company has established multiple production bases both domestically and internationally, enhancing its manufacturing capabilities and service delivery [48][51] - The expansion into markets such as India and Vietnam has positioned the company to better serve global clients and adapt to local demands [48][51]

Investment Rating - The investment rating for Sunny Optical is maintained at Neutral with a target price of HK$83.1, representing an upside potential of 24.4% from the current price of HK$66.80 [13][12][8] Core Insights - The report highlights a muted month-over-month growth in May shipments across various product lines, with handset lens shipments down 5% month-over-month and year-over-year to 98 million units [1][7] - Camera module shipments decreased by 17% year-over-year and 4% month-over-month to 38 million units, attributed to a strategic shift towards mid/high-end projects [1][8] - Vehicle lens shipments showed a year-over-year increase of 28% but a month-over-month decline of 7%, totaling 11 million units in May, driven by growing client demand [1][7] Shipment Summary - Handset lens shipments for the first five months of 2025 (5M25) totaled 498 million units, reflecting a 5% year-over-year decline, tracking 81% of previous first-half estimates [7][8] - Vehicle lens shipments in 5M25 reached 54 million units, marking an 18% year-over-year increase, consistent with 86% of prior estimates [7][8] - Camera module shipments in 5M25 were 186 million units, down 25% year-over-year, tracking 81% of previous estimates, which is lower than the 86% tracked in the same period last year [8][7] Financial Projections - Revenue projections for Sunny Optical indicate a gradual increase from RMB 38.3 billion in 2024 to RMB 56.5 billion by 2027, with net income expected to rise from RMB 2.7 billion in 2024 to RMB 4.8 billion in 2027 [9][13] - The report anticipates a target P/E multiple of 21.0x for 2026, aligning with the company's historical trading range [12][8] Market Context - The report notes competitive pressures in the handset lens market and varying shipment growth expectations for camera modules, which could impact market share and operational efficiency [12][8]

Core Viewpoint - Sunny Optical's May shipments included 98.1 million mobile phone lenses, 10.71 million automotive lenses, and 37.73 million mobile camera modules [1] Group 1: Company Performance - In May, Sunny Optical achieved a mobile phone lens shipment volume of 98.1 million units [1] - The company also reported automotive lens shipments totaling 10.71 million units [1] - Additionally, mobile camera module shipments reached 37.73 million units [1]