联创电子营收规模同比缩减 50%，但光学业务总营收同比增长 6%，达 23 亿元，主要得益于高清广角和车载光学业务的增长，其中车载光学上 半年营收达 16 亿元，同比增长超 100%，车载镜头收入接近 10 亿元， 同比增长超 100%，而手机光学则缩减了 50%。 联创电子车载光学业务主要客户包括比亚迪、极氪和蔚来等国内自主品 牌，其中为蔚来、极氪等品牌提供的单车价值量约为 2000 元以上，比 亚迪主要供应镜头，单车价值量相对较低。预计 2025 年全年车载业务 收入约 35 亿元，2026 年有望冲击 50 亿元。 高清广角业务方面，联创电子最初主要服务 GoPro、大疆和影石三大客 户，但目前影石已转向其他供应商，GoPro 仍是最大镜头供应商，大疆 主要提供避障镜头。预计今年高清广角整体体量为 4 至 5 亿左右。 联创电子在北美市场与英伟达等研发团队保持密切交流，并在墨西哥设 有配套工厂，以便更好地配合北美客户需求。虽然今年上半年进展未达 预期，但镜头出货量仍有所增长，且与马斯克的自驾和机器人逻辑一致， 延续性较好。 Q&A 2025 年上半年联创电子的整体营收情况如何？ 2025 年上半年，联创 ...

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].

高盛发布研报称，仍看好瑞声科技(02018)，并预期光学业务的规模和组合提升，以及汽车、人工智 能/AR眼镜和机器人业务的长期机遇，将进一步改善盈利能力。维持"买入"评级，目标价由62港元升至 63.6港元。该行同时将瑞声2025至27年各年盈利预测分别上调14%、3%及4%，收入预测亦分别上调 1%、1%及3%，以反映今年上半年业绩表现。 瑞声上半年光学业务毛利有所增长，该行预期下半年毛利率将恢复至23.6%，主要受以下因素推动，包 括手机镜头毛利在下半年改善至30%以上;声学业务毛利回复，原因是中高端项目量产;以及汽车声学和 冷却业务多元化，利润率较高。 ...

21 August 2025 | 10:20PM HKT AAC (2018.HK): 2H25 GM to improve on handset lens mix upgrade and acoustics recovery; TP up to HK$63.6; Buy AAC's 1H25 optical GM increased while blended GM was down to 20.7% (report link), and we expect to see GM recover in 2H25E to 23.6%, driven by (1) handset lens GM improvement to over 30% in 2H25E on better mix towards 6P & above, (2) acoustics GM recovery on mass production of mid-/high-end projects (SLS speaker etc.), and (3) diversification to automotive acoustics and co ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 130.36 HKD [6][12] Core Insights - The company's revenue for the first half of 2025 was 19.65 billion CNY, representing a year-on-year growth of 4%. The gross margin improved to 19.8%, up by 2.6 percentage points. The net profit attributable to shareholders was 1.65 billion CNY, showing a significant year-on-year increase of 53% [1] - The company is expected to achieve earnings per share of 3.16 CNY, 3.61 CNY, and 4.11 CNY for the years 2025, 2026, and 2027 respectively, with a projected average PE ratio of 33 times for comparable companies in 2026 [2][12] Financial Performance Summary - **Revenue Forecast**: The company is projected to generate revenues of 31.83 billion CNY in 2023, increasing to 51.79 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 10% from 2025 to 2027 [4][14] - **Net Profit**: The net profit attributable to shareholders is forecasted to rise from 1.10 billion CNY in 2023 to 4.51 billion CNY in 2027, reflecting a strong recovery trajectory [4][14] - **Gross Margin**: The gross margin is expected to improve from 14.5% in 2023 to 19.3% in 2027, indicating enhanced profitability [4][14] - **Earnings Per Share (EPS)**: The EPS is anticipated to grow from 1.00 CNY in 2023 to 4.11 CNY in 2027, showcasing robust earnings growth [4][14] Business Segment Insights - **Mobile Business**: The mobile segment generated 13.25 billion CNY in revenue for the first half of 2025, with a year-on-year growth of 1.7%. The shift towards high-end products is expected to drive higher average prices and gross margins [11] - **Automotive Business**: The automotive segment reported revenue of 3.4 billion CNY in the first half of 2025, marking an 18% year-on-year increase. The company is capitalizing on the growing demand for advanced driver-assistance systems (ADAS) [11] - **XR and IoT Business**: The XR segment achieved revenue of 1.2 billion CNY in the first half of 2025, growing by 21% year-on-year. The company is expanding its presence in the IoT market, particularly in handheld photography devices [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11] Core Views - The company is expected to benefit from continuous growth in mobile and automotive sectors, with a positive outlook on AI+AR and sports/panoramic camera growth opportunities [2][4] - The company's revenue for H1 2025 reached 19.65 billion, with a year-on-year growth of 4.2%, and a net profit of 1.646 billion, reflecting a year-on-year increase of 52.6% [4] - The report forecasts net profits for 2025-2027 to be 3.52 billion, 4.16 billion, and 5.52 billion respectively, with corresponding valuations of 25.6, 21.7, and 16.3 times [7][8] Revenue and Profitability - The company's revenue is projected to grow from 31.681 billion in 2023 to 67.268 billion by 2027, with a compound annual growth rate (CAGR) of 32% [2][4] - The net profit margin is expected to improve, with net profit increasing from 1.099 billion in 2023 to 5.522 billion in 2027, indicating a strong recovery and growth trajectory [2][4] Business Segments - The mobile business generated 13.25 billion in H1 2025, with a year-on-year growth of 1.7%, maintaining a leading position in global lens and module shipments [4][7] - The automotive segment reported revenue of 3.4 billion in H1 2025, reflecting an 18% year-on-year increase, with significant advancements in lens technology and module business [4][7] - The AR/VR business achieved revenue of 1.2 billion in H1 2025, growing by 21.1% year-on-year, indicating strong demand and market penetration [4][7] Financial Metrics - The company's earnings per share (EPS) is projected to rise from 1.00 in 2023 to 5.04 in 2027, showcasing robust growth potential [2][4] - The price-to-earnings (P/E) ratio is expected to decrease from 81.9 in 2023 to 16.3 in 2027, reflecting improved profitability and valuation attractiveness [2][4] Market Position - The company is positioned to capitalize on the growing demand for high-end optical components in both mobile and automotive applications, supported by strategic partnerships with major tech firms [4][7] - The report emphasizes the company's technological advancements and market leadership in key segments, which are expected to drive future growth [4][7]

Investment 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]

Investment Rating - The report maintains a "Buy" rating for Sunny Optical Technology (02382.HK) with a target price of HKD 105, corresponding to a 25x P/E for 2026 [3][5]. Core Views - Sunny Optical's revenue for H1 2025 reached HKD 196.5 billion, a year-on-year increase of 4.2%. The mobile segment generated HKD 132.5 billion, up 1.7%, while the automotive segment saw a significant growth of 18.2% to HKD 34 billion, and the XR segment grew by 21.1% to HKD 12 billion [1][2]. - The company's gross profit for H1 2025 was HKD 38.9 billion, reflecting a 20% increase, with the gross margin improving from 17.2% to 19.8% due to faster growth in high-margin automotive business and improved margins in mobile lenses and modules [1][2]. - The net profit attributable to shareholders for H1 2025 was approximately HKD 16.5 billion, marking a substantial year-on-year increase of 52.6% [1]. Summary by Sections Mobile Optical - The demand for mobile optical products is driven by the need for extreme miniaturization due to foldable and ultra-thin devices, as well as innovations in video stabilization and all-focus experiences. The revenue from mobile lenses with six or more elements grew by over 9%, and the revenue from glass-plastic hybrid lenses more than doubled [2]. Automotive Optical - Sunny Optical holds the leading global market share in automotive lenses, with a focus on pixel upgrades and advanced cleaning technologies. The company also maintains the top market share for 8MP automotive modules and has secured over HKD 1.5 billion in designated projects for L3 and above intelligent driving [2]. XR and IoT - The company has achieved full-link optical product coverage in the XR sector, including interaction modules, display modules, and complete machine ODM. In the broader IoT space, there is a growing demand for handheld imaging devices, and the company is expanding its scale in robotics, particularly in navigation and AI recognition [3]. Financial Projections - Revenue projections for Sunny Optical are estimated at HKD 409 billion, HKD 476 billion, and HKD 559 billion for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is expected to be HKD 35.3 billion, HKD 42.0 billion, and HKD 52.4 billion for the same years [3][4].

Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, driven by strong growth in automotive and AR/VR segments, despite a slight decline in mobile product shipments [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 19.652 billion yuan, a year-on-year increase of 4.2% [1] - Net profit reached 1.646 billion yuan, reflecting a substantial year-on-year growth of 52.6% [1] - The gross margin improved to 19.8%, up by 2.6 percentage points compared to the previous year [1] Group 2: Mobile Business - The mobile segment saw a decline in shipment volumes, with mobile lens and camera module shipments down approximately 6% and 21% year-on-year, respectively [2] - However, the average selling price (ASP) for mobile lenses and camera modules increased by around 20%, contributing to improved profitability [2] - The company expects mobile lens gross margins to continue to rise, projecting a gross margin of 25%-30% for 2025 [2] Group 3: Automotive Business - The automotive segment experienced a significant increase in shipments, with car-mounted lens shipments rising by 21.7% to 65 million units, maintaining the company's leading global market share [3] - The company has deepened strategic collaborations with major autonomous driving platforms, enhancing its market position [3] - The automotive segment is expected to see revenue growth exceeding 20% year-on-year for the full year 2025 [3] Group 4: Emerging Businesses - The XR business showed rapid revenue growth in H1 2025, primarily due to the company's strong involvement in the smart glasses sector [4] - The company is also making advancements in robotics, with applications in navigation, obstacle avoidance, and AI recognition, expanding its market presence [4] - The company aims to leverage its technological advancements and strategic upgrades to drive sustained growth in these emerging sectors [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant increase in net profit of 52.6% year-on-year for the first half of 2025, with revenue reaching 19.652 billion yuan, a 4.2% increase [5] - The growth in profitability is attributed to improvements in product structure and higher revenue from automotive-related businesses [5] - The company is expected to benefit from the ongoing trend of high-end innovation in mobile optics and the growth of its automotive and XR (Extended Reality) businesses [5] Financial Performance Summary - **Revenue and Profitability**: In 25H1, the company achieved revenue of 196.52 billion yuan and a net profit of 16.46 billion yuan, with a gross margin of 19.8% [5] - **Segment Performance**: Revenue from mobile, automotive, and XR-related businesses was 132 billion yuan, 34 billion yuan, and 12 billion yuan, respectively, with year-on-year growth rates of 1.7%, 18.2%, and 21.1% [5] - **Mobile Business**: Despite a decline in shipment volume, the average selling price (ASP) for mobile lenses and camera modules increased by approximately 20% year-on-year, leading to improved profitability [5] - **Automotive Business**: The company maintained its position as the global leader in automotive lens shipments, with a 21.7% increase in shipment volume in 25H1 [5] - **Emerging Businesses**: The XR business is expected to continue growing, supported by the company's strong presence in smart glasses, while the robotics sector is expanding in various applications [5] Financial Projections - The company forecasts total revenue of 422 billion yuan, 475 billion yuan, and 529 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 35 billion yuan, 42 billion yuan, and 48 billion yuan [5][6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.21 yuan, 3.87 yuan, and 4.42 yuan, respectively [6][10]