小摩：升舜宇光学科技目标价至75港元 上半年盈利超预期

Group 1 - Morgan Stanley maintains a "neutral" rating on Sunny Optical Technology (02382) due to a conservative outlook on its future smartphone business growth potential, citing low market share in high-end projects and longer timelines for contributions from new businesses like robotics [1] - The bank raised Sunny Optical's earnings per share forecasts for 2025 and 2026 by 19% and 10% to RMB 3.2 and RMB 3.4 respectively, reflecting stronger smartphone profit margin improvements, with the target price increased from HKD 65 to HKD 75 [1] - Sunny Optical's performance in the first half of the year was primarily driven by strong improvements in smartphone profitability, with better average selling prices and gross margins expected to sustain through the second half of 2025 and beyond, despite a decline in shipment volumes [1] Group 2 - The automotive product segment of Sunny Optical is expected to outperform expectations and will continue to be a major growth driver in 2025, supported by higher ADAS penetration rates and increased vehicle value, along with gaining more high-margin projects in international markets [1]