SUNNY OPTICAL(HK:02382) Ge Long Hui·2025-06-22 18:58Company Overview - Company participated in the 2025 Investor Day, sharing insights on industry trends and technological advancements in mobile, automotive, XR, and robotics sectors [1] Mobile Optics - The company anticipates a slight increase of 0.2% in global smartphone sales in 2025, driven by miniaturization and high-performance video demand, leading to a projected 7.1% growth in camera procurement value [1] - Despite a year-on-year decline of 25% in smartphone camera module shipments and 5% in smartphone lens shipments from January to May, the company expects significant increases in average selling price (ASP) and gross margin [1] - Future innovations in mobile optics include variable apertures, piezoelectric gimbal stabilization, continuous zoom, integrated module motors, and high-precision AOA assembly, indicating a positive outlook for the company's competitiveness and profitability over the next 2-3 years [1] Automotive Optics - The company predicts that global demand for automotive lenses will exceed 400 million units by 2025, with a year-on-year growth rate of over 26%, and anticipates mass production of 17MP lenses by 2026 [1] - The company plans to enhance its offerings in laser radar miniaturization, smart lighting applications, AR-HUD penetration, and environmental perception modules to increase market share [1] - The acceleration of intelligent driving trends is expected to drive significant growth in the company's second growth curve business [1] XR and Machine Vision - The company holds a leading position in the XR field with comprehensive optical product coverage, and ongoing research in etching technology and silicon carbide is expected to achieve FOV50+ and >1000nits/lm [1] - In the robotics sector, the company has developed modules for various applications, including vacuum cleaners, drones, delivery robots, and lawn mowers, emphasizing the importance of visual perception modules in expanding its reach [1] Profit Forecast and Valuation - The company maintains a profit forecast of 3.519 billion CNY for 2025 and 4.085 billion CNY for 2026, with current stock prices reflecting a P/E ratio of 18.8x for 2025 and 16.0x for 2026 [2] - The target price is set at 99.2 HKD, corresponding to a P/E ratio of 28.7x for 2025 and 24.4x for 2026, indicating a potential upside of 52% from current stock prices [2]