阳光光学2382.HK 2026年投资者日要点

RatingOutperform Price Target 94.00 HKD 2382.HK Sunny Optical: key takeaways from the 2026 Investor Day Sunny held its Investor Day on 24th Jun, where the management team presented a technologyroadmap and market outlook by segment. No financial guidance updates were provided. Close Date24 Jun 20262382.HK Close Price (HKD)75.90Price Target (HKD)94.00Upside/(Downside)24%52-Week Range91.40/51.50ASIAX1,996.41FYEDecDiv Yield1.6%Market Cap (HKD) (M)81,893EV (HKD) (M)65,892 Optical communications remain at an early stage.Management expects to finalize thestrategy of communication optics by October this year, with small-volume shipments targetedfor 2027. The lack of product showcase underscores the nascent status. The R&D roadmap In core businesses, smartphones remain under pressure while automotive optics drivegrowth.Despite weak overall handset demand, high-end segments (e.g., Huawei, Apple) areresilient, and Sunny is gaining share to offset memory price headwinds. Management expectsthe high-end camera mix to rise from 48.5% in 2025 to 55% by 2030, offsetting volumedeclines. Emerging imaging devices (e.g., gimbal cameras, smart glasses) are set to grow>35%. We model high-end product mix should lift ASPs by +7%/+5% in 2026/27. Autooptics remain the key growth engine, supported by rising ADAS penetration, higher cameraspecs, and new applications (e.g., AR-HUD). Management sees increasing penetration of L2 Overall, the limited updates of communication optics is in line with our view (deep dive ofcommunication optics (CPO) market), but is probably disappointing to many investors. While it’sstill early to tell the upside from the new business, we expect the recovered smartphone marketnext year, and Sunny’s share gain in Apple and auto camera module will support a 23% EBIT EXHIBIT 2:We expect Sunny Optical's handset module and overall GM to decline slightly in 2026 amid surgingmemory price, and to rebound in 2027 as memory price pressure eases EXHIBIT 6:Sunny’s relative P/E against HSI index is inthe lowest range in past 5 years INVESTMENT IMPLICATIONS We rate Sunny Optical Ourperform, PT=HK$94.00. DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respective VALUATION METHODOLOGY Sunny Optical Technology Group Co Ltd We set a HK$94 target price using a P/E multiple of 18x against our 2027 EPS estimate of RMB4.5 RISKS Sunny Optical Technology Group Co Ltd Downside risks to our target price for Sunny Optical include: •Stronger-than-expected margin pressure due to memory price hike•Weaker-than-expected Android phone market•Slower-than-expected pace of ADAS penetration worldwide as well as other technological improvement for auto camera•Slower-than-expected AR/VR adoption globally RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japanese The Bernstein brand has three categories of ratings: Outperform: Stock will outpace the market index by more than 15 pp ••Market-Perform: Stock will perform in line with the market index to within +/-15 pp•Underperform: Stock will trail the performance of the market index by more than 15 pp Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no longer current, and should therefore not be relied upon. Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted, at the present time. The covering analyst may continue to publish research reports on the company