高盛对禾赛美股12个月目标价为36美元，港股12个月目标价为281港元，评级"买入"。 高盛发表研报指，禾赛第三季营运利润及净利润分别较高盛预测高125%和200%，主要归因于激光雷达 出货量更高、营运费用降低以及权益投资收入。高盛相信，禾赛科技处于有利地位，能够受益于中国新 能源车市场从2025年开始加速采用导航辅助驾驶，连同低成本产品的推出，将驱动激光雷达在大众车型 中的使用；海外高级辅助驾驶(ADAS)机会，从全球汽车制造商获得设计订单，量产预计于2026及2027 年开始；全球Robotaxi/机器人市场，禾赛在2024年拥有全球Robotaxi市场61%的市占率，并从其他垂直 领域(如自动割草机)获得增量订单。 ...

Core Insights - The company, Sunny Optical Technology (02382), reported a revenue of 19.652 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 4.2% [1] - Shareholder profit reached 1.646 billion RMB, a significant year-on-year increase of 52.56%, with basic earnings per share at 151.56 cents [1] - The revenue growth was primarily driven by increases in sales of automotive-related products, mobile phone-related products, and XR-related products [1] Financial Performance - The company's gross profit was approximately 3.894 billion RMB, an increase of about 20.0% compared to the same period last year [1] - The gross profit margin was approximately 19.8%, up by 2.6 percentage points year-on-year, attributed to improved product mix in mobile lenses and modules, as well as faster growth in higher-margin automotive-related business [1] Market Position and Innovation - In the first half of 2025, the company maintained its position as the global market leader in automotive lenses [1] - The company has been focusing on innovation, completing the development of a new generation of defogging technology, which enhances the water mist dissipation effect for automotive lenses, already applied in multiple automotive projects [1] - The company is also advancing the research and development of high-pixel glass-plastic hybrid automotive lenses, achieving breakthroughs in high-precision simulation and stability, further solidifying its technological leadership in the advanced driver-assistance systems (ADAS) automotive lens market [1]

Core Viewpoint - Sunny Optical Technology (02382) reported a revenue of 19.652 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 4.2% [1] - The company's net profit attributable to shareholders was 1.646 billion RMB, a significant increase of 52.56% year-on-year [1] Revenue Growth - Revenue growth was driven by increases in sales of automotive-related products, mobile phone-related products, and XR-related products [1] - The gross profit for the reporting period was approximately 3.894 billion RMB, up about 20.0% compared to the same period last year [1] Profitability Metrics - The gross profit margin was approximately 19.8%, an increase of about 2.6 percentage points year-on-year [1] - The improvement in gross profit margin was attributed to a better product mix in mobile lenses and camera modules, as well as faster revenue growth in higher-margin automotive-related businesses [1] Market Position and Innovation - In the first half of 2025, the company maintained its position as the global leader in automotive lens market share [1] - The company completed the development of a new generation of defogging technology, enhancing the fog dissipation effect for automotive lenses, which has been applied in multiple automotive projects [1] - The company is advancing the research and development of high-pixel glass-plastic hybrid automotive lenses, achieving breakthroughs in high-precision simulation and stability, further solidifying its technological leadership in the advanced driver-assistance systems (ADAS) automotive lens market [1]