SUNNY OPTICAL(HK:02382) CMS·2025-06-24 01:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the continuous innovation trends in mobile optical technology, with strong growth momentum in automotive, XR, and robotics sectors [1] - The company is expected to benefit from a mild global economic recovery and the ongoing innovation trends in high-end mobile optical imaging, alongside improvements in its product structure [5][7] - The company aims to become one of the top three global providers of automotive vision solutions within 3-5 years, driven by product upgrades and market expansion [5] Summary by Sections Automotive Sector - The company anticipates that the global demand for automotive lenses will exceed 400 million units by 2025, with the average number of lenses per new vehicle increasing from 3.5 to over 4.3 [5] - The company is focusing on expanding its market share through product structure upgrades and international market penetration [5] Mobile Sector - The global smartphone shipment is expected to grow by 0.2% year-on-year to 1.175 billion units in 2025, with the Chinese market growing by 2.2% to 284 million units [5] - The demand for mobile camera modules is projected to increase by 7.1% year-on-year, driven by trends towards miniaturization and high-performance video [5] XR and Robotics - The XR market is entering a rapid development phase, with expected shipments of MR headsets and smart glasses surpassing 10 million units by 2025-2026 [5] - The company has been progressively expanding its robotics portfolio since 2014, targeting a transition from functional robots to intelligent robotic systems [5] Financial Projections - The company forecasts total revenues of 431 billion, 489 billion, and 549 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 35 billion, 41 billion, and 47 billion yuan [7] - The projected EPS for 2025, 2026, and 2027 is 3.18, 3.77, and 4.32 yuan respectively, with corresponding PE ratios of 18.7, 15.8, and 13.7 [7][9]