高盛：舜宇光学_6 月出货量_手机镜头环比下降 3%；摄像头模块环比增长 11%；评级中性

Investment Rating - The investment rating for Sunny Optical is maintained at Neutral with a 12-month price target of HK$89.00, indicating an upside potential of 18.0% from the current price of HK$75.45 [18][16][10]. Core Insights - Handset lens shipments decreased by 13% YoY and 3% MoM to 95 million units in June, leading to a total of 594 million units in 1H25, which is a 6% decline YoY [8][9]. - Camera modules saw a slight increase of 1% YoY and 11% MoM, totaling 42 million units in June, resulting in a 21% decline YoY to 228 million units in 1H25 [9][8]. - Vehicle lens shipments grew significantly by 45% YoY and 3% MoM to 11 million units in June, contributing to a total of 65 million units in 1H25, which is a 22% increase YoY [8][9]. Summary by Sections Shipment Analysis - Handset lens shipments were 95 million units in June, down 3% MoM and 13% YoY, with 1H25 shipments totaling 594 million units, reflecting a 6% decline YoY [8]. - Camera modules increased to 42 million units in June, up 11% MoM and 1% YoY, with 1H25 shipments at 228 million units, down 21% YoY [9]. - Vehicle lens shipments reached 11 million units in June, up 3% MoM and 45% YoY, leading to 1H25 shipments of 65 million units, a 22% increase YoY [8]. Earnings Revision - Earnings for 2025-2027 have been revised upwards by 3% to 4% due to higher revenues from vehicle lens shipments and improved gross margins driven by product mix changes [10][11]. - The gross margin is expected to improve by 0.1 to 0.2 percentage points across 2025-2027 due to operational efficiencies [10]. Valuation - The target price is derived from a near-term P/E multiple of 21.6x for 2026E, reflecting a correlation between peers' P/E and net income growth [11][16]. - The target price has been raised to HK$89.0 from HK$83.1, aligning with the company's historical trading range [11][16].