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 ...

Core Insights - Sunny Optical Technology (02382.HK), a leading player in the optical lens industry, reported its sales data for July, indicating mixed performance across different product segments [1] Smartphone Segment - The shipment volume of smartphone lenses in July reached 98.565 million units, representing a month-on-month increase of 3.7% but a year-on-year decline of 14.6% [1] - Smartphone camera module shipments totaled 42.629 million units, with a month-on-month increase of 1.7% and a year-on-year decrease of 2.9% [1] Automotive Segment - The automotive lens business showed significant growth, with July shipments reaching 11.349 million units, marking a month-on-month increase of 2.7% and a year-on-year increase of 28.8%, driven by increased client demand [1] Other Products - The shipment of glass spherical lenses was 2.66 million units, reflecting a month-on-month increase of 22.4% and a year-on-year increase of 20.1% [1] - Microscopes saw a shipment of 12,869 units, with a month-on-month decline of 23.4% and a year-on-year decline of 21.9% [1] - Other lens shipments totaled 10.761 million units, with a month-on-month increase of 3.3% and a year-on-year increase of 3.4% [1] - Other optoelectronic products had a shipment volume of 4.355 million units, showing a month-on-month decline of 1.7% and a year-on-year decline of 0.1% [1] Overall Performance - The performance in smartphone and automotive lens segments showed signs of recovery month-on-month, supported by strong sales in the smartphone and new energy vehicle markets [1]

Core Viewpoint - Sunny Optical Technology (Group) Co., Ltd. reported strong performance in product shipments for June 2025, particularly in optical components and a significant increase in demand for automotive lenses, which grew by 44.6% year-on-year [1][5][10]. Optical Components - The shipment volume of glass spherical lenses reached 2,173 thousand units, with a month-on-month increase of 2.2% but a year-on-year decrease of 3.9% [5][9]. - Mobile lens shipments totaled 95,056 thousand units, reflecting a month-on-month decline of 3.1% and a year-on-year drop of 12.7%, attributed to the company's focus on mid-to-high-end projects and improved product structure compared to the previous year [9][10]. - Automotive lens shipments were 11,051 thousand units, showing a month-on-month increase of 3.2% and a year-on-year increase of 44.6%, driven by increased client demand [5][10]. - Other lens shipments amounted to 10,419 thousand units, with a month-on-month decrease of 1.1% and a year-on-year increase of 37.4%, mainly due to significant growth in the Internet of Things (IoT) lens shipments and an increase in market share [9][10]. Optoelectronic Products - Mobile camera module shipments reached 41,932 thousand units, with a month-on-month increase of 11.1% and a year-on-year increase of 0.7%, primarily due to project cycle factors from a specific client [6][11]. - Other optoelectronic products saw shipments of 4,430 thousand units, reflecting a month-on-month decrease of 8.5% but a year-on-year increase of 21.3% [11]. Optical Instruments - The shipment volume of microscopes was 16,797 units, with a month-on-month increase of 3.6% and a year-on-year increase of 42.9% [7][12]. - Cumulative shipments from January to June 2025 included 12,620 thousand glass spherical lenses, 593,544 thousand mobile lenses, 64,782 thousand automotive lenses, 56,127 thousand other lenses, 228,358 thousand mobile camera modules, 21,410 thousand other optoelectronic products, and 118,938 microscopes [12].

Core Viewpoint - Sunny Optical Technology announced a decline in smartphone lens shipments for March 2025, totaling 94.316 million units, a year-on-year decrease of 16.3, attributed to a focus on mid-to-high-end projects and an improvement in product structure [1] Group 1: Smartphone Lens Shipments - The total smartphone lens shipments for March 2025 were 94.316 million units, reflecting a year-on-year decline of 16.3% [1] - The decrease in smartphone lens shipments is primarily due to the company's strategic focus on mid-to-high-end projects, leading to an improved product structure compared to the same period last year [1] Group 2: Other Product Shipments - The automotive lens shipments increased by 16.5% year-on-year and 11.5% quarter-on-quarter, driven by enhanced client demand [1] - The shipment of microscopes reached 26,800 units, marking a significant year-on-year increase of 78.8% and a quarter-on-quarter increase of 46.4% [1] - Smartphone camera module shipments totaled 37.314 million units, showing a year-on-year decline of 10.9%, also due to the company's focus on mid-to-high-end projects and product structure improvement [1]

Investment Rating - The report initiates coverage with a "Buy" rating for Sunny Optical Technology (2382.HK) [5][7]. Core Views - Sunny Optical Technology has established itself as a global leader in the optical components and products manufacturing sector, with a diversified business model serving multiple industries including mobile phones, automotive, and security [3][11]. - The company reported a significant revenue increase of 32.1% year-on-year, reaching 18.86 billion RMB in the first half of 2024, alongside a remarkable net profit growth of 147.1% year-on-year, amounting to 1.08 billion RMB [3][17]. - The report highlights the recovery in smartphone demand and the acceleration of AI-driven optical innovations as key growth drivers for the company [4][52]. Summary by Sections 1. Company Overview - Sunny Optical Technology has over 30 years of experience in the optical field and has maintained a strong growth trajectory, ranking among the top 500 companies in China for nine consecutive years [11]. - The company has a comprehensive industrial layout covering design, R&D, production, and sales of optical and related products, with a leading market share in automotive and mobile phone lenses [11][19]. 2. Smartphone Market Recovery - The report notes a recovery in global smartphone demand, with a shift towards high-end models driving growth in optical system requirements [4][38]. - The company has positioned itself well within the Apple supply chain and continues to hold a critical role among mainstream Android manufacturers, benefiting from optical innovations [4][46]. 3. Automotive Optical Market - Sunny Optical's automotive optical business has seen rapid growth, with revenues increasing from 1.56 billion RMB in 2018 to 5.28 billion RMB in 2023, reflecting a CAGR of 27.7% [65]. - The report emphasizes the importance of advanced driver-assistance systems (ADAS) and the increasing demand for high-precision sensors as key factors driving the automotive optical market [65][73]. 4. XR Product Development - The company is expanding its product matrix in the XR (AR/VR) space, which is expected to become a significant growth driver as the market matures [5][30]. - Continuous R&D efforts in AR/VR lenses and optical modules are aimed at enhancing user experience and reducing costs [5][56]. 5. Financial Forecast and Valuation - The report projects revenues of 38.89 billion RMB, 43.37 billion RMB, and 47.66 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.69 billion RMB, 3.49 billion RMB, and 4.25 billion RMB [5][6]. - The expected price-to-earnings ratios for the years 2024, 2025, and 2026 are 32, 25, and 20 respectively, indicating a favorable valuation outlook [5][6].