中金：维持舜宇光学科技(02382)跑赢行业评级 目标价99.2港元

Core Viewpoint - CICC is optimistic about Sunny Optical Technology's continued profit improvement trend, cautiously raising the net profit forecast for 2025/2026 by 3%/4% to 3.62 billion/4.26 billion yuan, with a target price of 99.2 HKD, indicating a potential upside of 25% from the current stock price [1] Group 1: Financial Performance - In the first half of 2025, Sunny Optical reported revenue of 19.65 billion yuan, with year-on-year and quarter-on-quarter growth of 4% and 1% respectively; net profit attributable to shareholders was 1.65 billion yuan, reflecting a year-on-year increase of 53% and a quarter-on-quarter increase of 2% [2] - The company's gross margin improved to 19.8%, up 2.6 percentage points year-on-year and 0.5 percentage points quarter-on-quarter, driven by higher-end product sales in mobile lenses and modules, as well as rapid growth in the automotive sector [2] Group 2: Product Strategy and Market Trends - The mobile optical upgrade continues, with mobile-related revenue growing by 2% year-on-year; the average selling price (ASP) of mobile lenses and camera modules increased by approximately 20% year-on-year, primarily due to a higher proportion of high-end products [3] - The company is expected to continue optimizing its product structure, focusing resources on higher-priced and higher-barrier projects, which will drive profit growth [3] Group 3: Automotive Sector Growth - In the first half of 2025, the shipment volume of automotive lenses increased by 21.7%, and revenue from automotive modules grew by about 35%, attributed to the accelerated penetration of Advanced Driver Assistance Systems (ADAS) [4] - The average number of lenses per vehicle is projected to rise from 3.5 in 2024 to over 4.3 in 2025, indicating significant market expansion potential [4] Group 4: Emerging Business Opportunities - In the XR sector, the company has successfully trialed virtual imaging lenses in AR applications and maintains a leading position in AI glasses imaging lenses/modules [5] - The company is capitalizing on opportunities in handheld imaging and machine vision, with its visual modules expanding into various industry applications, including lawn mowing robots and logistics robots [5]