中金：维持舜宇光学科技跑赢行业评级 目标价 99.2 港元
CICC maintains SUNNY OPTICAL with an "outperform" industry rating and a target price of HKD 99.2. It is expected that the sales of mobile optical products will exceed expectations, with the net profit attributable to the parent company for 2025/2026 revised up by 4%/6% to RMB 3.77 billion / 4.50 billion. The shipment volume of mobile camera modules increased by 32.0% year-on-year, while the shipment volume of automotive lenses increased by 25.2% year-on-year. The company's product structure optimization strategy will enhance the ASP and gross margin of mobile optical products, and it remains optimistic about the expansion of the automotive optical market
According to the Zhitong Finance APP, China International Capital Corporation (CICC) released a research report stating that due to better-than-expected sales of mobile optical products, it has raised the net profit attributable to the parent company of SUNNY OPTICAL (02382) for 2025/2026 by 4%/6% to RMB 3.77 billion / 4.50 billion. The current stock price corresponds to a P/E of 21.3x/17.6x for 2025/2026. It maintains an outperform rating and a target price of HKD 99.2, corresponding to a P/E of 26.4x/21.8x for 2025/2026, representing a 24.1% increase from the current stock price.
CICC's main points are as follows:
SUNNY OPTICAL announced September shipment data
- Mobile optics: The shipment of mobile camera modules was 48.524 million units, up 32.0% YoY / 15.3% MoM, mainly due to increased customer demand. The shipment of mobile lenses was 118 million units, down 1.0% YoY / up 1.9% MoM, mainly due to product structure adjustments. 2) Automotive-related products: The shipment of automotive lenses was 11.66 million units, up 25.2% YoY / 15.8% MoM.
The peak season for Android stocking is approaching, and the sales trend of mobile optical products is improving YoY
In terms of mobile camera modules, the company's September shipment volume increased by 32.0% YoY, showing significant improvement compared to the trend from January to August. The firm believes this is due to a low base last year and the general advance in stocking pace by Android customers, with Xiaomi releasing new models a month earlier this year. Competitor Q Technology's September shipments increased by 40.5% YoY, which may also be a contributing factor. For mobile lenses, the company's September shipment YoY trend improved compared to the previous month, mainly influenced by the stocking peak season for Android and the release of new Apple models. However, due to the company's greater focus on high-end products compared to last year, the YoY shipment still saw a slight decline. Considering the company's continued strategy of optimizing product structure, the firm expects the ASP and gross margin of mobile optical products to improve YoY.
The automotive optical market is steadily expanding, and the AR waveguide leader has reached a cooperation agreement
In the automotive sector, the company's automotive lens shipments from January to September increased by 23% YoY, in line with the trends in the intelligent driving industry. The firm remains optimistic about the growth in the number of cameras per vehicle and the enhancement of specifications driven by the increasing penetration of high-level intelligent driving, with the company expected to benefit fully as a global leader. In terms of AR, the company announced on October 9 that it has confirmed cooperation with Goertek. If the transaction is completed, Shanghai Aolai will become a wholly-owned subsidiary of Goertek Optical, and Ningbo Aolai will hold a 31.31% stake in Goertek Optical, making it the second-largest shareholder. The firm believes this move is expected to synergize resources between both parties and accelerate the large-scale production of etched process diffraction waveguides.
Risk Warning: Weak demand for consumer electronics, automotive intelligence not meeting expectations, XR demand not meeting expectations
