该行表示，舜宇光学2025年上半年业绩超出预期，主要受智能手机毛利率强劲復甦，以及电动车和 XR(扩展现实)领域持续增长推动。公司对2025年全年积极指引显示，其在高端手机镜头(HLS)及手机摄 像模组(HCM)的市场份额持续提升，同时在车载镜头(VLS)和激光雷达(LiDAR)领域保持领先地位。管 理层认为，凭借公司在相关领域的领先地位，将长期受益于XR、物联网及机器人业务的发展。 中银国际发布研报称，维持舜宇光学科技(02382)"买入"评级，基于24倍2026年预测市盈率(相当于1倍市 盈增长率)，将12个月目标价从90港元上调至100港元。该行将舜宇2025年及2026年每股盈利预测分别上 调7%及1%，以反映智能手机和电动车产品组合的改善。 ...

Core Viewpoint - Zhongyin International maintains a "Buy" rating for Sunny Optical Technology (02382), raising the 12-month target price from HKD 90 to HKD 100 based on a 24x projected P/E ratio for 2026, reflecting a 1x earnings growth rate [1] Financial Performance - Sunny Optical's earnings per share forecasts for 2025 and 2026 have been increased by 7% and 1% respectively, due to improvements in the smartphone and electric vehicle product mix [1] - The company's performance in the first half of 2025 exceeded expectations, driven by a strong recovery in smartphone gross margins and ongoing growth in the electric vehicle and XR (extended reality) sectors [1] Market Position and Outlook - The company continues to gain market share in high-end smartphone lenses (HLS) and smartphone camera modules (HCM), while maintaining a leading position in vehicle-mounted lenses (VLS) and LiDAR technology [1] - Management believes that the company's leadership in relevant fields will allow it to benefit long-term from developments in XR, the Internet of Things, and robotics [1]

Core Viewpoint - The report from Credit Lyonnais indicates an upward revision of Sunny Optical Technology's earnings forecast for the next two years by 5% and 9%, respectively, to CNY 3.69 billion and CNY 4.17 billion, along with an increase in target price from HKD 88.7 to HKD 96.9, while maintaining an "outperform" rating [1] Financial Performance - The company's net profit for the first half of the year was CNY 1.65 billion, exceeding market expectations [1] - Management anticipates a year-on-year revenue growth of 5% to 10% in mobile-related income for the current year [1] Business Segments - The gross margin for mobile lenses (HLS) and mobile lens modules (HCM) is expected to remain similar to the first half of the year [1] - The company projects a year-on-year growth rate of over 20% in automotive-related income, with both automotive lenses (VLS) and automotive lens modules (ACM) revenue expected to grow in the second half of the year [1] Long-term Growth Drivers - The report suggests that Sunny Optical's mobile business profits will continue to improve, while its automotive and XR (extended reality) businesses will drive long-term growth for the company [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Sunny Optical Technology's net profit for the first half of the year reached 1.65 billion yuan, exceeding market expectations [1]. Financial Performance - The company's management expects mobile-related revenue to grow by 5% to 10% year-on-year this year [1]. - The net profit of 1.65 billion yuan is higher than market forecasts [1]. Business Segments - The gross margins for mobile lenses (HLS) and mobile lens modules (HCM) in the second half of the year are expected to be similar to those in the first half [1]. - The company anticipates that automotive-related revenue will grow by over 20% year-on-year, with both automotive lenses (VLS) and automotive lens modules (ACM) revenue expected to increase in the second half [1]. Future Outlook - Credit Lyonnais expects the profitability of Sunny Optical's mobile business to continue improving, while its automotive and XR businesses will drive long-term growth [1]. - The earnings estimates for the company have been raised by 5% and 9% for this year and next year, respectively, to 3.69 billion yuan and 4.17 billion yuan [1]. - The target price for the company has been increased from 88.7 HKD to 96.9 HKD, maintaining an "outperform" rating [1].