该行认为非核心手机零件、如光学零件的供应商可能面临两难困境，包括客户对出货预测趋向保守或持 续推动旗舰及高阶机种规格升级，但同时要求降低中低阶机种的非关键零件成本。因此，将舜宇光学评 级由"买入"降至"中性"，目标价由102港元大削至60港元；同时将丘钛科技评级由"买入"一举降至"减 持"，目标价则由5港元升至7.1港元，上调今年盈测，因处置印度分支权益带来出售收益。 野村发表研究报告指，预期2026年全球智能手机出货量可能按年跌0%至7%，因存储器成本上升可能推 高手机零售价格，一定程度上压抑市场需求。再者，部分手机厂商未能确保有足够存储器供应，最终或 导致2026年出货量缩减。 ...

Core Insights - The core viewpoint of the article highlights the financial performance of Sunny Optical Technology (Group) Co., Ltd. for the first half of 2025, showcasing significant revenue and profit growth [1] Financial Performance - The company reported a revenue of 19.652 billion yuan for the first half of 2025, representing a year-on-year increase of 4.2% [1] - The net profit attributable to shareholders reached 1.646 billion yuan, marking a substantial year-on-year growth of 52.6% [1] Business Segments - Sunny Optical's main business includes the research, manufacturing, and sales of optical components, optoelectronic products, and optical instruments, with applications in smartphones, automobiles, XR (extended reality), and IoT [1] - The growth in revenue is attributed to increased sales in automotive, smartphone, and XR-related products, along with improved product structure leading to higher gross margins [1] Market Reaction - Following the announcement of the financial results, Sunny Optical's stock price surged by 7.14% in the Hong Kong market [1]