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]

财报显示，公司各项主要指标均实现强劲双位数增长，高级辅助驾驶系统(ADAS)和高阶自动驾驶(AD)解决 方案获得了车企的青睐。去年公司获得100余款新车型定点，截至去年底累计定点车型达310款，覆盖40多 个汽车品牌。 对于像地平线这样的公司来说，项目定点是未来增长的关键驱动力，预示着潜在收入来源。但需要注意的 是，相当部分设计车型可能不会量产，而成功量产的车型也需要一两年时间才能贡献可观收入。 尽管如此，地平线充足的定点项目储备仍推动去年业务高速发展。公司全年营收从15.5亿元增至23.8亿元， 增幅53.6%。年内交付各类解决方案290万套，累计交付量达770万套。 分业务看，授权及服务收入同比劲增70.9%至16.5亿元，公司称这"主要是由于智能汽车行业加速朝着智能化 转型"。产品解决方案收入增长31%至6.64亿元。 这家高级辅助驾驶系统 (ADAS) 和高阶自动驾驶 (AD) 技术供应商去年营收同比增长 53.6% ▶ 地平线去年营收增长53.6%，受益于产品组合变化，毛利率提升近7个百分点至77.3% ▶ 公司预计其征程系列处理硬件累计出货量今年将突破1,000万片 Key takeaways: ...

Core Viewpoint - Horizon Robotics (9660.HK) stands out in the increasingly competitive smart automotive technology sector in China, boasting a nearly 80% gross margin and launching its latest generation products into mass production [1][3]. Financial Performance - The company reported a revenue increase from 1.55 billion to 2.38 billion yuan, a growth of 53.6%, driven by a strong project pipeline and demand for advanced driver-assistance systems (ADAS) and autonomous driving (AD) solutions [3][4]. - Gross margin improved by nearly 7 percentage points to 77.3%, compared to 70.5% in 2023, reflecting a favorable shift in sales structure [4][6]. Product Development and Market Position - Horizon Robotics launched its Horizon SuperDrive (HSD) and Journey 6 series processing hardware, which are expected to be key growth drivers, with anticipated shipments exceeding 10 million units this year [6][7]. - The company secured over 100 new model designations last year, bringing the total to 310 across more than 40 automotive brands, indicating strong market acceptance [3][5]. Revenue Composition - The share of revenue from licensing and services increased from 62% in 2023 to nearly 70%, highlighting the higher profit margins associated with these segments compared to product solutions [5][6]. - The company delivered 2.9 million solutions last year, with a cumulative delivery of 7.7 million units, showcasing robust operational performance [3][4]. Strategic Partnerships - Horizon Robotics established a joint venture with Volkswagen in 2023, positioning itself as a key supplier of smart automotive technology in China, alongside partnerships with major domestic and international automotive brands [6][7]. Research and Development - Despite high gross margins and rapid sales growth, the company remains in a loss position due to significant R&D investments, which rose from 2.37 billion to 3.16 billion yuan, a 33% increase [7]. - Adjusted operating losses narrowed to 1.5 billion yuan in 2024 from 1.69 billion yuan the previous year, indicating progress towards profitability [7].