Industry Overview - The automotive camera market is experiencing unprecedented growth driven by the electrification and intelligence trends in the automotive industry, with the Chinese market expected to reach 15.68 billion yuan in 2024 and an annual compound growth rate of 19.1% from 2020 [1] - By 2025, the Chinese market is projected to exceed 100 million units in shipments and 23.7 billion yuan in market size, while the global market is anticipated to surpass 13.28 billion USD [1] Technological Advancements - The automotive camera technology is advancing in three major directions: performance upgrades through embedded AI chips for real-time environmental perception, integrated innovation via multi-sensor fusion designs, and domestic substitution with local companies like Sunny Optical and OFILM increasing market share [2] - The integration of advanced technologies such as intelligent dynamic exposure adjustment and HDR will significantly enhance imaging quality under extreme conditions [2] Company Profile: OFILM - OFILM has been actively involved in the smart automotive sector since 2015, obtaining supplier qualifications from over 20 domestic automakers and pursuing certifications from international manufacturers [3] - The company categorizes its smart automotive business into three segments: driving domain, body domain, and cockpit domain, focusing on smart driving, body electronics, and intelligent cockpit solutions [3] Product Offerings - OFILM has achieved mass production of various automotive camera products, including 2M and 8M front-view cameras, 3M and 8M side-view cameras, and multiple models of surround-view cameras [3] - The company has developed a comprehensive solution covering both interior and exterior vehicle scenarios, including driver monitoring systems (DMS) and passenger monitoring systems (OMS) [4] Strategic Initiatives - OFILM is committed to enhancing its automotive camera, lens, laser radar, and automatic parking domain controller product lines, aiming to provide advanced sensor and domain controller solutions for higher levels of autonomous driving [5] - The company plans to increase resource allocation across R&D, sales, and production to drive rapid growth in smart automotive-related revenue, leveraging its strong R&D capabilities and automated manufacturing processes [5]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨宇瞳光学（300790.SZ） [Table_Title] 新消费硬件隐形光学龙头，正式进入发展黄金期 报告要点 [Table_Summary] 10 月 28 日，公司发布 2025 年三季报，报告期内公司实现收入 23.62 亿元，yoy+18.49%，归 母净利润 1.88 亿元，yoy+40.99%，扣非净利润 1.86 亿元，yoy+49.29%。单 Q3 季度收入 9.46 亿元，yoy+27.06%，QoQ+18.22%；公司单 Q3 季度归母净利润 0.8 亿元，yoy+64.91%， QoQ+36.96%，单 Q3 季度扣非净利润 0.83 亿元，yoy+68.27%，QoQ+42.44%。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 宇瞳光学（300790.SZ） cjzqd ...

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Company Dynamics - Sunny Optical Technology announced October shipment data: 1) Mobile optics: mobile camera module shipments reached 44.997 million units, with a year-on-year increase of 33.2% and a month-on-month decrease of 7.3%, driven by increased customer demand. Mobile lens shipments totaled 122 million units, with a year-on-year increase of 5.7% and a month-on-month increase of 4.0%, showing a positive growth trend for the month [1][2] - 2) Automotive-related products: automotive lens shipments reached 12.217 million units, with a year-on-year increase of 40.3% and a month-on-month increase of 4.8%, also driven by increased customer demand [1] - 3) Other fields: shipments of other lenses and optoelectronic products decreased by 6.7% year-on-year and 5.4% month-on-month [1] Comments - The sales growth of mobile optical products continues to recover, with shipments of mobile camera modules and lenses down 8% and 6% year-on-year respectively from January to October, but showing a year-on-year increase of 33% and 6% in October, indicating a monthly improvement trend that aligns with previous expectations due to a lower base last year and the Android peak season inventory rhythm [1] - Considering the ongoing product structure optimization, it is expected that the ASP and gross margin of mobile optical products in the second half of 2025 will show year-on-year increases and stable month-on-month performance [1] - Looking ahead to 2026, despite short-term storage price increases, the company primarily targets the mid-to-high-end terminal market, which is relatively resilient to raw material fluctuations [1] Automotive Optical Growth - In the automotive sector, the company’s automotive lens shipments from January to October increased by 24% year-on-year, in line with expectations, with optimism regarding the growth in the number of cameras per vehicle and specifications due to the increased penetration of advanced driving assistance systems [2] - In the XR sector, with the market's upward revision of expected shipments for Meta AI glasses in 2026, it is anticipated that AI glasses camera modules will contribute stable incremental revenue to the company [2] - The recently launched Meta Ray-Ban Display AR glasses received a positive market response, indicating strong long-term growth potential for AR glasses as an important human-computer interaction interface, with the company’s subsidiary showing strong potential in the field of diffractive waveguides [2] Profit Forecast and Valuation - The company maintains its net profit forecast for 2025 and 2026 at 3.77 billion and 4.50 billion respectively, with the current stock price corresponding to P/E ratios of 18.5x and 15.3x for 2025 and 2026 [2] - The company maintains an outperform rating and a target price of 99.2 HKD, corresponding to P/E ratios of 26.4x and 21.8x for 2025 and 2026, indicating a potential upside of 42% from the current stock price [2]

Core Viewpoint - The report from Jianyin International maintains a target price of HKD 102 for Sunny Optical Technology (02382) and a "Outperform" rating, indicating a positive outlook based on the company's leading technology and solid customer base [1] Group 1: Financial Forecasts - The financial forecasts for Sunny Optical Technology for the fiscal years 2025, 2026, and 2027 remain largely unchanged [1] - The company reported a shipment volume of 122 million mobile phone lenses for 2025, reflecting a year-on-year increase of 5.7% and a quarter-on-quarter increase of 4% [1] - The shipment of mobile camera modules reached 44.997 million units, showing a year-on-year increase of 33.2% [1] Group 2: Market Trends - The growth in mobile phone lens shipments is primarily driven by strong demand for the new iPhone series and a recovery in the Android market [1] - The shipment of vehicle-mounted lenses (VLS) reached 12.217 million units, with a year-on-year increase of 40.3% and a quarter-on-quarter increase of 4.8% [1] Group 3: Product Development - Non-mobile products are increasingly becoming the main growth and profit driver for the company [1] - The strong growth in vehicle-mounted lenses is attributed to the company's dominant market position and continuous upgrades in specifications, with the proportion of 8-megapixel cameras increasing [1] - Advanced products, including those for Advanced Driver Assistance Systems (ADAS) and intelligent headlights, contribute to sales growth and profitability [1]

Core Viewpoint - Jianyin International maintains a target price of HKD 102 for Sunny Optical Technology (02382) and a "Outperform" rating, indicating a positive long-term investment outlook based on the company's leading technology and solid customer base [1] Group 1: Company Performance - Sunny Optical's 2025 shipment data shows mobile lens shipments of 122 million units, a year-on-year increase of 5.7% and a quarter-on-quarter increase of 4% [1] - The company reported mobile camera module shipments of 44.997 million units, reflecting a year-on-year increase of 33.2% [1] - Vehicle lens shipments reached 12.217 million units, with a year-on-year increase of 40.3% and a quarter-on-quarter increase of 4.8% [1] Group 2: Market Trends - The growth in mobile lens shipments is attributed to strong demand for the new iPhone series and a recovery in the Android market [1] - Non-mobile products are increasingly becoming the main growth and profit drivers for the company, with strong growth in vehicle lenses due to the company's dominant market position [1] - The introduction of higher specifications, such as the increasing proportion of 8-megapixel cameras, along with advanced products like ADAS and smart headlights, contributes to sales growth and profitability [1]

Group 1: Company Overview - The company maintains its forecast for Shunyu Optical Technology's net profit attributable to shareholders at 3.77 billion and 4.50 billion yuan for 2025 and 2026, respectively, with current stock price corresponding to P/E ratios of 18.5x and 15.3x for those years [1] - The target price is set at 99.2 HKD, implying a potential upside of 42% based on the 2025/2026 P/E ratios of 26.4x and 21.8x [1] Group 2: Recent Performance - In October, the company reported a total of 44.997 million mobile camera module shipments, reflecting a year-on-year increase of 33.2%, while mobile lens shipments reached 122 million, showing a year-on-year growth of 5.7% [2] - The automotive sector saw a significant increase in shipments, with 12.217 million vehicle lenses shipped in October, marking a year-on-year growth of 40.3% [2] - Other optical products experienced a decline, with shipments down 6.7% year-on-year [2] Group 3: Market Trends and Future Outlook - The year-to-date performance for mobile optical products shows a recovery trend, with a 33% year-on-year increase in October, indicating a gradual improvement in demand [3] - The company is expected to see an increase in average selling price (ASP) and gross margin for mobile optical products in the second half of 2025, driven by product structure optimization [3] - The automotive optical segment is projected to grow steadily, with a year-to-date increase of 24% in shipments, supported by rising penetration of advanced driver-assistance systems [4] - The company anticipates stable growth contributions from AI and AR glasses, particularly with the positive market response to Meta's Ray-Ban Display [4]

Core Viewpoint - Sunny Optical Technology (02382) experienced a nearly 3% increase in stock price, currently trading at 71.1 HKD with a transaction volume of 144 million HKD, indicating positive market sentiment towards the company's performance and outlook [1] Group 1: Shipment Data - The company announced that by October 2025, the shipment volume of mobile phone lenses is expected to reach approximately 122 million units, reflecting a quarter-on-quarter increase of 4.0% and a year-on-year increase of 5.7% [1] - The shipment volume of automotive lenses is projected to be around 12.22 million units, with a quarter-on-quarter increase of 4.8% and a significant year-on-year increase of 40.3% [1] - The shipment volume of mobile camera modules is estimated at 44.99 million units, showing a quarter-on-quarter decrease of 7.3% but a year-on-year increase of 33.2% [1] Group 2: Demand Drivers - The year-on-year increase of 40.3% in automotive lens shipments is primarily attributed to an increase in client demand [1] - The year-on-year increase of 33.2% in mobile camera module shipments is also driven by heightened client demand [1]

Core Viewpoint - Sunny Optical Technology (02382) reported an increase in mobile lens shipments and a significant rise in automotive lens shipments, indicating strong client demand in both sectors [1] Group 1: Mobile Lens Shipments - The mobile lens shipment volume reached approximately 122 million units in October 2025, representing a quarter-on-quarter increase of 4.0% and a year-on-year increase of 5.7% [1] - The shipment volume of mobile camera modules was 44.997 million units, showing a quarter-on-quarter decrease of 7.3% but a year-on-year increase of 33.2% [1] Group 2: Automotive Lens Shipments - The automotive lens shipment volume was approximately 12.217 million units, with a quarter-on-quarter increase of 4.8% and a year-on-year increase of 40.3% [1] - The significant year-on-year growth in automotive lens shipments is attributed to increased client demand [1]

Core Viewpoint - Sunny Optical Technology (02382) experienced a nearly 3% increase in stock price, currently trading at 71.1 HKD with a transaction volume of 144 million HKD [1] Group 1: Shipment Data - The company announced that by October 2025, the shipment volume of mobile phone lenses is expected to reach approximately 122 million units, representing a quarter-on-quarter increase of 4.0% and a year-on-year increase of 5.7% [1] - The shipment volume of automotive lenses is projected to be around 12.22 million units, with a quarter-on-quarter increase of 4.8% and a year-on-year increase of 40.3% [1] - The shipment volume of mobile camera modules is estimated at 44.99 million units, showing a quarter-on-quarter decrease of 7.3% but a year-on-year increase of 33.2% [1] Group 2: Demand Insights - The year-on-year increase of 40.3% in automotive lens shipments is primarily attributed to an increase in client demand [1] - The year-on-year increase of 33.2% in mobile camera module shipments is also due to heightened client demand [1]