SCS(601555) 证券时报网·2025-02-18 02:47Group 1 - The core viewpoint of the report indicates that Sunny Optical Technology has achieved mass production of large-format periscope products, with multi-group periscope mobile phone lenses developed, which is expected to quickly meet the incremental demand for periscope lenses in low-end models. It is anticipated that with the recovery of mobile phone shipments, improved competition in the optical segment, increased market share from A customers, and product structure improvements, the lens business is expected to see both volume and price increases by 2025 [1] Group 2 - The report highlights significant results from the high-end transformation of mobile modules, with dual-group internal focusing periscope products already in mass production. The gross margin for mobile modules is projected to be between 6% and 8% in the first half of 2024, with an annual guidance indicating an increase in the company's gross margin to between 6% and 10%. The rising penetration of AI in mobile phones is expected to drive sales of high-end multi-camera models, thereby boosting demand for camera modules [1] Group 3 - In the first half of 2024, the gross margin for the company's automotive lenses is expected to remain stable at around 40%. The company has completed the development of automatic heating ADAS automotive lenses and has secured project designations from automotive OEMs. In terms of automotive modules, the company maintains the global leading market share for 8MP lenses and continues to iterate new products. The development of long-range lidar modules and all-solid-state blind-spot lidar has been completed, with multiple project designations achieved. As a leading player in automotive lenses, the company is well-positioned to benefit from the penetration of advanced driving assistance systems and high-level intelligent driving, maintaining high profitability in automotive lenses and modules [1]