2026年投资者日要点——战略深化至“光学+AI”

Sunny Optical Technology Group(2382.HK) 2026 Investor Day Takeaways – Strategy deepening into “Optics + AI” CITI'S TAKE We attended Sunny Optical’s (SO) investor day on 24th June. We believethere is a fundamental strategic re-evaluation and business transformationforSO as mgmt.repositions SO as a crucial enabler of AI opticalinterconnects and embodied AI. Mgmt. outlined three strategic paths: (1)deepening the premium smartphone and smart vehicle core businesses, (2)accelerating the industrialization of optical interconnects for AI computingclusters, and (3) empowering new physical AI terminals like AR glasses andhumanoid robots. SO emphasizes its formidable moat in ultra-precisionmanufacturing and hardware integration, which perfectly complements the Sunny Optical’ s three strategic plans —Mgmt. shares that SO will (1) deepen the 2core businesses: handsets (high-end) and vehicles (intelligent); (2) accelerateoptical devices for AI computing. Gradually industrialize precision optical elements,couplingcomponents,and packaging/testing for optical interconnects;(3)Empower new physical AI terminals with optical capabilities. Steadily advance AR (Continued) Kyna WongAC+852-2868-7820kyna.wong@citi.com Karen Huang+852-2501-2755karen.xw.huang@citi.com Kevin Chen+852-2501-2125kevin.y.chen@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Optical Interconnects & Computing Infrastructure —SO has ultra-precisionmachining capabilities, with tolerances that can be controlled to fractions of amicron or nanometers, which could solve core alignment and coupling challengesin CPO. CTO highlights CPO to become standard for supercomputing in 2028,transmission bandwidth will reach 6.4T to 12.8T and copper will be fully replacedby optics in the future, and optical engines will be fully embedded in computing Handset Business —Mgmt. forecasts that the value share of high-end handsetcameras will rise from 48.5% to 55% from 2026 to 2030. Meanwhile, the smartcamera market in emerging sectors will grow by over 35% CAGR. Mgmt.emphasizes that (1) SO’s variable aperture 4-cut ultra-compact lens moduleachieved million-level mass production. (2) The large-sensor, large-aperture gluedprism periscope module achieved million-level mass production. Mgmt. indicates Smart Driving & Vehicle Optics —Mgmt. indicates that 2026 is the first year ofL3/L4 commercialization, with domestic automakers launching L3 smart drivingsystems in 2H26 and major European automakers beginning mass-deployingL2+/L3 systems in 2026. The number ofcamerasper vehicle will increase to 12-15units per vehicle (vs. 8 cameras in L2+) and specification will upgrade to 8MP oreven 17MP+ (vs. most 3MP in L2+). ForLiDAR, standard configurations will upgrade AR Glasses & Embodied AI —Mgmt. estimates that (1) Data Collection Devices. The market is expected to reach about 3mn units by 2031 and 5 million units by2035. Unit prices range from Rmb100-200k. The generated data is worth from Sunny Optical Technology Group Company description Sunny Optical (SO), established in 1984, is a leading manufacturer of optical-related products in China with strong design and production capabilities. Thegroup is mainly engaged in three business segments: 1) Optical components(DC lens, handset lens and vehicle lens); 2) Optoelectronic products (handsetcamera modules); and 3) Optical instruments (microscopic instruments and Investment strategy We have a Buy rating on Sunny Optical. SO is a major supplier of cameramodules to Chinese smartphone brands and a technology leader in specialtyproducts. We expect SO to benefit from: 1) a rising exposure to handset lensset business which offers higher margins; 2) ramp-up of camera resolutionmigration with advanced features (multi-camera, 100MP+, OIS, PDAF, ultra-thin) for high-end handsets in the 5G era in China; 3) SO's technology edge innew features such as OIS, 3D, dual-camera and array, enabling it to gain Valuation Our HK$88 target price for Sunny Optical shares is based on a 22x 2026E P/E,in-line with the stock's five-year historical average to reflect a new camera Risks Key risks that could prevent the shares from reaching our target price include:1) slower-than-expected shipments of domestic-brand smartphones; 2) highinventory level in China's smartphone supply chain could have negative If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the Appendix A-1 ANALYST CERTIFICATIONThe research analysts primarily responsible for the preparation and content of this research report are either (i) designated by “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other