业内人士分析，随着全球智能手机市场回暖，高像素、潜望式和多摄模组需求持续增长，光学供应链企业有望迎来出货反弹。舜宇光学凭借技术积累及稳定 的客户结构，在高端摄像模组领域具备领先优势。 （文/罗叶馨梅）10月10日，舜宇光学科技（02382.HK）发布公告，披露公司9月主要产品出货量情况。数据显示，公司手机摄像模组出货量为4,852万件， 同比增长32%。 公告显示，舜宇光学9月手机镜头出货量为1.18亿件，同比下降1%；车载镜头出货量1,166万件，同比增长25%。公司表示，手机摄像模组出货增长主要得益 于部分旗舰机型项目出货增加，以及新产品结构优化带动整体出货规模提升。 舜宇光学是国内光电行业龙头企业，业务涵盖光学镜头、摄像模组、车载镜头等领域。近年来，公司持续加大在高端手机光学模组、车载镜头及AR/VR光 学系统的研发投入，提升产品竞争力与客户渗透率。 在车载业务方面，随着智能驾驶渗透率提升，摄像头模组应用需求显著扩大。舜宇光学通过优化车规级镜头产品结构和产能布局，进一步增强了在智能汽车 光学系统领域的竞争力。 市场分析指出，受益于终端新品发布及汽车电子业务稳健增长，舜宇光学下半年业绩有望持续改善。公司未 ...

升。 于光电产品分部，手机摄像模组出货量4852.4万件，环比增长15.3% ，同比增长32.0%；其他光电产品 642.2万件，环比增长12.6%，同比减少12.2%。 9月份，车载镜头出货量同比上升25.2%，主要是因为客户端的需求有所提升；环比上升15.8%，主要是 因为应客户需求，8月的部分产品延迟至9月出货。手机摄像模组出货量同比上升32.0%，环比上升 15.3%，主要是因为客户端的需求有所提 格隆汇10月10日丨舜宇光学科技(02382.HK)公布2025年9月各主要产品出货量，2025年9月，于光学零件 分部，玻璃球面镜片出货量283.9万件，环比减少7.3% ，同比增长3.8%；手机镜头出货量1.18亿件，环 比增长1.9%，同比减少1.0%；车载镜头出货量1166.0万件，环比增长15.8%，同比增长25.2%；其他镜 头出货量1156.6万件，环比减增长27.4% ，同比减少20.6%。 ...

人民财讯10月10日电，舜宇光学科技在港交所公告，9月手机镜头出货量1.18亿件，环比增长1.9%，同 比下降1%；车载镜头出货量1166万件，环比增长15.8%，同比增长25.2%；手机摄像模组出货量4852.4 万件，环比增长15.3%，同比增长32%。 ...

车载镜头出货量同比上升25.2%，主要是因为客户端的需求有所提升;环比上升15.8%，主要是因为应客 户需求，8月的部分产品延迟至9月出货。 手机摄像模组出货量同比上升32.0%，环比上升15.3%，主要是因为客户端的需求有所提升。 舜宇光学科技(02382)发布公告，于2025年9月，手机镜头出货量为约1.18亿件，环比增加1.9%，同比减 少1%;车载镜头出货量为1166万件，环比增加15.8%，同比增加25.2%。手机摄像模组出货量为4852.4万 件，环比增加15.3%，同比增加32%。 ...

车载镜头出货量同比上升25.2%，主要是因为客户端的需求有所提升;环比上升15.8%，主要是因为应客 户需求，8月的部分产品延迟至9月出货。 手机摄像模组出货量同比上升32.0%，环比上升15.3%，主要是因为客户端的需求有所提升。 智通财经APP讯，舜宇光学科技(02382)发布公告，于2025年9月，手机镜头出货量为约1.18亿件，环比 增加1.9%，同比减少1%;车载镜头出货量为1166万件，环比增加15.8%，同比增加25.2%。手机摄像模组 出货量为4852.4万件，环比增加15.3%，同比增加32%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表明概不會就本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 自願公告 本公告乃由舜宇光學科技（集團）有限公司（「本公司」）自願刊發。 本公司董事（「董事」，各為一名「董事」）會（「董事會」）謹此宣佈，本公司於2025 年9月各主要產品出貨量詳細如下： 光學零件 | | 2025年9月 | 環比變化 | 同比變化 | | --- | --- | --- | --- | | 產品類別 | （千件） | (%) | (%) | | 玻璃球面鏡片 | 2,839 | -7.3% | +3.8% | | 手機鏡頭 | 117,504 | +1.9% | -1.0% | | 車載鏡頭1 | 11,660 | +15.8% | +25.2% | | 其他鏡頭 | 11,566 | +27.4% | -20.6% | SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED 舜 宇 光 學 科 技（ 集 團 ）有 限 公 司 （於開曼群島註 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][17] Core Insights - The company's mid-year report for 2025 shows revenue of 19.652 billion RMB, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of approximately 1.646 billion RMB, a year-on-year increase of 52.6% [7] - The optimization of product structure has led to a gross margin of 19.8%, an increase of 2.6 percentage points year-on-year, with gross profit of approximately 3.894 billion RMB, a year-on-year increase of 20% [7] - The high-end transformation of the mobile business is significant, with mobile business revenue of 13.25 billion RMB in H1 2025, a year-on-year increase of 1.7%, despite a decline in shipment volumes for mobile lenses and modules [7] - The company has maintained its position as the global leader in automotive lens shipments since 2012, with automotive business revenue of 3.4 billion RMB in H1 2025, a year-on-year increase of 18.2% [7] - The company is vertically integrated across the entire supply chain, positioning itself at the core of the XR supply chain, with XR business revenue of 1.2 billion RMB in 2025, a year-on-year increase of 21.1% [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 31.681 billion RMB - 2024: 38.294 billion RMB - 2025E: 41.601 billion RMB - 2026E: 43.705 billion RMB - 2027E: 45.916 billion RMB - Net profit attributable to shareholders is projected to be: - 2023: 1.099 billion RMB - 2024: 2.699 billion RMB - 2025E: 3.498 billion RMB - 2026E: 3.982 billion RMB - 2027E: 4.439 billion RMB [6][8]

Core Viewpoint - CICC is optimistic about Sunny Optical Technology's continued profit improvement trend, cautiously raising the net profit forecast for 2025/2026 by 3%/4% to 3.62 billion/4.26 billion yuan, with a target price of 99.2 HKD, indicating a potential upside of 25% from the current stock price [1] Group 1: Financial Performance - In the first half of 2025, Sunny Optical reported revenue of 19.65 billion yuan, with year-on-year and quarter-on-quarter growth of 4% and 1% respectively; net profit attributable to shareholders was 1.65 billion yuan, reflecting a year-on-year increase of 53% and a quarter-on-quarter increase of 2% [2] - The company's gross margin improved to 19.8%, up 2.6 percentage points year-on-year and 0.5 percentage points quarter-on-quarter, driven by higher-end product sales in mobile lenses and modules, as well as rapid growth in the automotive sector [2] Group 2: Product Strategy and Market Trends - The mobile optical upgrade continues, with mobile-related revenue growing by 2% year-on-year; the average selling price (ASP) of mobile lenses and camera modules increased by approximately 20% year-on-year, primarily due to a higher proportion of high-end products [3] - The company is expected to continue optimizing its product structure, focusing resources on higher-priced and higher-barrier projects, which will drive profit growth [3] Group 3: Automotive Sector Growth - In the first half of 2025, the shipment volume of automotive lenses increased by 21.7%, and revenue from automotive modules grew by about 35%, attributed to the accelerated penetration of Advanced Driver Assistance Systems (ADAS) [4] - The average number of lenses per vehicle is projected to rise from 3.5 in 2024 to over 4.3 in 2025, indicating significant market expansion potential [4] Group 4: Emerging Business Opportunities - In the XR sector, the company has successfully trialed virtual imaging lenses in AR applications and maintains a leading position in AI glasses imaging lenses/modules [5] - The company is capitalizing on opportunities in handheld imaging and machine vision, with its visual modules expanding into various industry applications, including lawn mowing robots and logistics robots [5]

Core Viewpoint - The company reported a significant increase in revenue and net profit for 1H25, exceeding both internal and market expectations, driven by new product introductions and market share gains [1] Revenue Performance - 1H25 revenue grew by 132% year-on-year to $1.36 billion, while net profit attributable to shareholders increased by 320% to $67 million, slightly surpassing expectations [1] - The revenue growth is attributed to the company's entry into the supply chain for ultra-wide-angle and periscope camera modules for major clients starting in 2H24, alongside a strong performance in front camera supplies [1] Profitability Analysis - The gross margin for 1H25 decreased by 0.8 percentage points to 11.4%, while the operating expense ratio increased by 4.8 percentage points to 5.2% due to scale effects, leading to a net profit margin increase of 2.2 percentage points to 5.0% [1] - The income tax expense for 1H25 was $17.61 million, with $10 million attributed to withholding tax on dividend income from regions outside Hong Kong, indicating strong operational performance when excluding this factor [1] Development Trends - The company is expected to benefit from the steady growth of mobile rear cameras and product upgrades in 2H25, with potential for further market share gains in ultra-wide-angle and periscope modules [1] - Future growth is anticipated from three trends: upgrades in periscope long-focus specifications, expansion of ultra-wide-angle supplies to standard models, and further market share increases in high-end models [1] Optical Innovation - The trend of optical innovation across multiple devices is becoming clearer, with AI enabling advancements in optical technology, particularly in headphones, glasses, and mixed reality products [2] - The company is well-positioned to benefit from these innovations due to its strong manufacturing and production management capabilities, which have historically led to successful product introductions and market share gains [2] Profit Forecast and Valuation - The company maintains profit forecasts of $203 million and $244 million for 2025 and 2026, respectively, with current stock prices reflecting a P/E ratio of 17.5x for 2025 and 14.5x for 2026 [2] - The target price is set at HKD 36.6, corresponding to a P/E of 20.2x and 16.7x for 2025 and 2026, indicating a potential upside of 15% from current stock prices [2]

Core Viewpoint - The company reported a slight earnings beat in 1H25, driven by improved profitability and a shift towards high-end products in mobile optics and automotive sectors [1]. Financial Performance - In 1H25, the company achieved revenue of 19.65 billion yuan, with year-on-year and quarter-on-quarter growth of 4% and 1% respectively [1]. - The net profit attributable to shareholders was 1.65 billion yuan, reflecting a year-on-year increase of 53% and a quarter-on-quarter increase of 2% [1]. - The gross margin improved to 19.8%, up 2.6 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [1]. Product Development and Trends - The company continues to optimize its product structure, with mobile-related revenue growing by 2% in 1H25 despite a decline in shipment volumes for mobile lenses and camera modules [1]. - The average selling price (ASP) for mobile products increased by approximately 20% year-on-year, driven by a higher proportion of high-end products [1]. - The automotive lens shipments grew by 21.7% year-on-year, with module revenue increasing by about 35%, attributed to the accelerated penetration of Advanced Driver Assistance Systems (ADAS) [1]. Emerging Business Opportunities - The company is making strides in XR, handheld imaging, and machine vision sectors, with successful trials in virtual imaging lenses for AR and maintaining a leading position in AI glasses imaging modules [2]. - The company is capitalizing on the tourism economy and hardware-software innovations in handheld imaging, expanding its market presence [2]. - In machine vision, the company is broadening its application scope, with growing business in robotic systems for lawn care and logistics [2]. Profit Forecast and Valuation - The company is expected to continue its profit improvement trend, with net profit forecasts for 2025 and 2026 raised by 3% and 4% to 3.62 billion yuan and 4.26 billion yuan respectively [2]. - The current stock price corresponds to a P/E ratio of 21.9 times for 2025 and 18.4 times for 2026, with a target price of 99.2 HKD, indicating a potential upside of 25% [2].