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大行评级|摩根大通:上调舜宇光学科技目标价至75港元 上调今明两年每股盈利预测
Ge Long Hui· 2025-08-21 05:26
Core Viewpoint - Morgan Stanley's report indicates that Sunny Optical Technology's performance in the first half of the year was primarily driven by the strong improvement in smartphone profitability [1] Group 1: Smartphone Business - The better average selling price and gross margin of smartphones are expected to be sustainable until the second half of 2025 and beyond [1] - Despite a decline in shipment volume, the healthier competition in the industry due to market share stabilization is beneficial for Sunny's long-term smartphone business profitability [1] Group 2: Automotive Products - The outlook for the company's automotive products business is stronger than expected and will continue to be a major growth driver for 2025 [1] - This growth is attributed to higher ADAS penetration rates and increased per-vehicle value, along with Sunny's acquisition of more high-margin projects in international markets [1] Group 3: Earnings Forecast and Ratings - Morgan Stanley maintains a "neutral" rating on Sunny Optical, holding a more conservative view on the growth potential of its future smartphone business due to its lower share in high-end projects [1] - Other new businesses, such as robotics, are expected to take longer to contribute significantly [1] - The earnings per share forecasts for 2025 and 2026 have been raised by 19% and 10% to HKD 3.2 and HKD 3.4, respectively, with the target price increased from HKD 65 to HKD 75 [1]
野村:舜宇管理层对汽车镜头业务前景更乐观 上调全球车用镜头出货量预测
news flash· 2025-06-20 02:31
Core Viewpoint - Nomura's research report indicates that Sunny Optical Technology's management is more optimistic about the automotive lens business outlook, driven by the increasing adoption rate of ADAS in China [1] Group 1: Automotive Lens Business - The company has raised its global automotive lens shipment forecast for this year from 340,000 units to over 400,000 units [1] - Sunny Optical aims to increase its market share in the automotive camera module market, currently holding a 3% market share, with a target to rank among the top three industry players within the next 3 to 5 years [1] Group 2: Smartphone Market - The company anticipates a year-on-year growth of approximately 1% in global smartphone shipments, a decrease from the previous forecast of 2% to 3% growth [1] - It is expected that the growth of the Chinese smartphone market will surpass that of the global market [1]