SUNNY OPTICAL(2382.HK)：2025 INVESTOR DAY TAKEAWAYS

Core Viewpoint - Sunny Optical showcased its R&D advancements and market leadership during its annual investor day, emphasizing its focus on next-generation technologies despite market uncertainties [1] Smartphone Segment - Management has lowered the global and China smartphone shipment growth forecasts for 2025 to 0.2% and 2.2% respectively, reflecting challenging macro conditions and tariffs [2] - Camera module procurement value is expected to increase by 7.1% YoY, driven by trends in miniaturization and high-performance video preferences, which may offset volume weaknesses and support margin recovery in 1H25 [2] Automotive Segment - The automotive sector has shown strong performance driven by the smart driving trend in China, with management revising the 2025 global vehicle lens shipment demand to 400 million units [3] - Sunny has shipped over 41 million hybrid ADAS VLS units in 2024 and anticipates significant market share gains in LiDAR, headlamps, and HUD technologies [3] XR Segment - Sunny has established a leading position in the XR market, ranking No.1 in XR module shipments, with a focus on reducing costs associated with SiC optical waveguides to capitalize on market growth [4] Robotics Segment - The company has achieved the No.1 market share in various non-humanoid robot categories, including vacuum robots and food delivery robots, and is positioned to become a key player in humanoid robotics due to its expertise in vision and optics [5] Valuation - The company maintains its EPS forecasts for 2025, 2026, and 2027 largely unchanged, despite weak YTD shipments in HLS and HCM, and reiterates a BUY rating with a target price of HK$90 based on a 22x 2026E EPS [6]