Sunny Optical (2382 HK) Buy: 2026 investor day key takeaways

研报英文原文证据摘录

Sunny Optical (2382 HK) Buy: 2026 investor day key takeaways

lities and shore up DSP supply chain resources, 52-WEEK PRICE (HKD)

expediting execution across the optical interconnect roadmap. 96.00

Legacy business: premiumisation against cyclical weakness. Despite prolonged 71.50

memory cost inflation and soft overall smartphone market demand, Sunny Optical 47.00

maintains growth with its two largest customers, with market share gains and above- 06/25 12/25 06/26

Target price: 86.90 High: 90.90 Low: 52.70 Current: 60.90

peer cycle resilience supported by continued advancement of high-ASP products

such as glass-plastic hybrid lenses and periscope modules. The company expects Source: LSEG IBES, HSBC Qianhai Securities estimates

high-end handset cameras to account for 55.0% of the handset camera market in

2030e vs 48.5% in 2026. The automotive segment stands to benefit from hardware Bingyi Zheng* (Reg. No. S1700521060001)

Analyst, A-share Technology Hardware

upgrades for cameras and LiDAR, paired with accelerating ADAS penetration as HSBC Qianhai Securities Limited

L3/L4 autonomous driving enters mass commercialisation. bingyi.zheng@hsbcqh.com.cn

+86 21 5066 2028

AI + optics: diversified AI hardware portfolio. Supported by vertically integrated Yongzhu Wang* (Reg. No. S1700125070003)

Associate

manufacturing and hardware-software fusion, the company targets core growth curves Shenzhen

for the next decade: AI glasses as the near-term trillion-RMB catalyst, data acquisition

devices as the medium-term embodied intelligence infrastructure (a hundred-billion-RMB * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

incremental market), and the company expects embodied intelligence as the long-term not registered/ qualified pursuant to FINRA regulations