Core Viewpoint - Macquarie has downgraded the target price for Sunny Optical Technology (02382.HK) to HKD 99 due to slower-than-expected growth in smartphone module and lens shipments, while still maintaining a "buy" rating based on the company's leading position in advanced technology adoption [1] Group 1: Financial Forecasts - Macquarie has reduced its net profit forecasts for Sunny Optical for the years 2025 to 2027 by 4% to 5% [1] - The target price has been adjusted down by 12% from HKD 112.7 to HKD 99, reflecting a projected price-to-earnings ratio of 21.5 times for 2026 [1] Group 2: Market Position - Sunny Optical remains on Macquarie's buy list due to its leading position in miniaturization, module packaging, lens molding, and voice coil motor (VCM) integration [1]