Asia Tech Hardware Sunny Optical Technology Group Co Ltd Rating Outperform Price Target Shirley Yang, CFA +852 2123 2660 shirley.yang@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com Sunny Optical 1H25: Premiumization powers profit surge. PT raised to HK$110 Solid 1H25 results. Total revenue grew 4% YoY and is in line with consensus. GM improved by +2.6ppts YoY to 19.8%. Handset lens GM increased to 25-30% (vs. 20-25% in 2024), fueled by higher mix of 6P+ lens (rev. up 9% YoY) and more than ...