舜宇光学科技(02382.HK)：看好手机光学升级周期及车载光学加速

Group 1 - The core viewpoint is that the company is optimistic about the mobile optical upgrade cycle and the acceleration of automotive optical, maintaining a "buy" rating [1] - The company's net profit forecast for 2025-2027 has been raised to 38/46/57 billion, reflecting a year-on-year growth of 41%/22%/22% [1] - The current stock price of 82.25 HKD corresponds to a PE ratio of 21.6/17.7/14.5 for 2025-2027 [1] Group 2 - The company expects mobile revenue to grow by 5%-10% year-on-year in 2025, with a sequential increase of 18%-28% in H2 2025 due to the release of flagship models [2] - In H1 2025, mobile module revenue remained flat, with ASP improving by approximately 20%, offsetting a 21% decline in shipment volume [2] - The gross margin for mobile business improved significantly, falling within the range of 8%-10% [2] Group 3 - In H1 2025, automotive revenue reached 34 billion, representing an 18% year-on-year increase, with automotive module revenue growing by 35% [3] - The company anticipates automotive revenue to grow by over 20% year-on-year in 2025, driven by the increase in the number and specifications of cameras per vehicle due to ADAS [3] - XR revenue in H1 2025 was 12 billion, a 21% increase, primarily from smart glass projects [3]