First Read Sunny Optical Technology 2026 Investor Day takeaways

研报英文原文证据摘录

First Read Sunny Optical Technology 2026 Investor Day takeaways

Global Research

25 June 2026ab

First Read

EquitiesSunny Optical Technology

2026 Investor Day takeaways China

Consumer Electronics

12-month rating Sell

Optics + AI: entering optical interconnect with early innings in 2027

We attended Sunny Optical's 2026 Investor Day offline; the most discussed topic was its 12m price target HK$57.00

“Optics + AI” strategy. Sunny sees optical interconnects replacing copper cables in AI

clusters as inevitable and demand for high-precision optical components as certain amid

Price (24 Jun 2026) HK$75.90

uncertain technology roadmaps. Sunny expects shipment of 1.6T optical transceivers/

NPO/CPO to start in 2026/27/28 and single-port 12.8T CPO optical engine in 2032. To RIC: 2382.HK BBG: 2382 HK

this end, Sunny is developing capabilities for all solutions while expecting contribution Trading data and key metrics

from LPO/NPO to materialize earlier. Sunny is undergoing customer qualification at this

52-wk range HK$90.90-52.70

point and expects optical interconnect products to start small-batch shipment in 2027.

Market cap. HK$82.5b/US$10.5b

Despite lack of product details, we believe optical components including FAU, micro-

Shares o/s 1,088m (ORD)

prisms and faraday rotators could be the first entry point for Sunny. Shipment of optical

modules is also planned with support from local supply chain, but mgmt. said upstream Free float 49%

chip supply (we believe is mainly DSP) could be a key bottleneck and so far hasn't Avg. daily volume ('000) 17,288

indicated who end customers are. The company believes its 40 years of end-to-end Avg. daily value (m) HK$1,227.9

optical capabilities and recognized market leadership in handset/auto are competitive Common s/h equity (12/26E) Rmb31.7b