SUNNY OPTICAL(HK:02382) KAIYUAN SECURITIES·2025-08-21 03:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The report highlights a positive outlook on the mobile optical upgrade cycle and the acceleration of automotive optical applications, maintaining a "Buy" rating. The forecast for net profit from 2025 to 2027 has been revised upwards due to improvements in ASP and gross margin in the mobile business [4][6] - The company is expected to benefit from the release of flagship models in the second half of 2025, with mobile revenue projected to grow by 5%-10% year-on-year [5][6] Financial Summary - The company's total revenue is projected to increase from 31.681 billion in 2023 to 41.823 billion in 2025, representing a year-on-year growth of 9.2% [7] - The net profit attributable to the parent company is expected to rise from 1.099 billion in 2023 to 3.810 billion in 2025, with a year-on-year growth of 41.1% [7] - The gross margin is forecasted to improve from 14.5% in 2023 to 20.5% in 2025, indicating a positive trend in profitability [7] Business Segments - Mobile business revenue for the first half of 2025 was 132 billion, showing a year-on-year growth of 2%, primarily driven by ASP increases in modules and lenses [5] - Automotive ADAS revenue for the first half of 2025 reached 34 billion, up 18% year-on-year, with expectations for over 20% growth in 2025 [6] - XR revenue for the first half of 2025 was 12 billion, reflecting a 21% increase, mainly from smart glass projects [6]