汇丰：舜宇光学2382HK2026年投资者日要点 AI解锁增长潜能维持买入评级

Sunny Optical (2382 HK) Electronic Equipment &Instruments Buy: 2026 investor day key takeaways + Unlocking the significant potential of Al + optics +Optical interconnectiontargetingsmall-volumemassproductionin 2027 86.9086.90SHARE PRICE (HKD)UPSIDE/DOWNSIDE60.90+42.7%(as of 26 Jun 2026)MARKETDATA asfollows. Optical communicationprogress is thekeyfocus.Sunny Optical is strategicallyinitiating an optical communication business with optical components, where its existingprecision manufacturing capabilities can be rapidly redeployed, targeting small-scalemass production in 2027.The company's long-term ambition is to expand its businessportfolio into optical engines and next-generation solutions, including CPO in the longrun,unlockingtensofbillions inaddressablerevenue.SunnyOptical'ssharepricehasfallen20%sincetheevent(vs.HSCEldown2%inthesameperiod),triggeredbyunfavorabenear-termramp.WeremainpositiveonSunnyOptical'snewbusinessexpansion,whichestablishes a durable second growthlegbeyond itslegacy consumeropticsbusiness.Webelievetherecentsharepriceweaknessmarks agoodbuyingopportunity. Its strategic investment in Aishun Optoelectronics is designed to buildend-to-end optical module capabilities and shore up DsP supply chain resources,expediting executionacross the optical interconnect roadmap. Legacybusiness:premiumisationagainstcyclicalweakness.Despiteprolongedmemory cost inflation and soft overall smartphone market demand, Sunny Opticalmaintains growth with its two largest customers,with market share gains and above-peer cycle resilience supported by continued advancement of high-AsP productssuchasglass-plastichybridlensesandperiscopemodules.Thecompanyexpectshigh-endhandsetcamerastoaccountfor55.0%ofthehandsetcameramarketin2030e vs 48.5% in 2026. The automotive segment stands to benefit from hardwareupgrades forcameras and LiDAR,paired withacceleratingADASpenetrationasL3/L4autonomous driving entersmass commercialisation. Bingyi Zheng* (Reg. No. S1700521060001)yst,A-shareTechnologyHardwareHSBC Qianhai Securities Limitedbingyi.zheng@hsbcqh.com.cn+86 21 5066 2028 Al+optics:diversified Al hardware portfolio.Supportedby vertically integratedmanufacturing and hardware-software fusion, the company targets core growth curvesdevices as the medium-term embodied intelligence infrastructure (a hundred-billion-RMBdestination (2m+ units shipment by 2035, with trillion-RMB market). Yongzhu Wang* (Reg. No. S1700125070003)AssociateShenzhen Employed by a non-US affliate of HSBC Securities (USA) Inc, and isnot registered/qualified pursuant to FINRA regulations MaintainBuywithunchangedTPof HKD86.90:WecontinuetovalueSunnywithaPE approach and assign a 12-month forward target PE of 20x (unchanged). Applyingthe target PE to our 12-month forward EPS estimate of RMB3.79 (unchanged)andusing 2Q26e RMB-HKD of 1.15 (unchanged),we arrive at our TP of HKD86.90(unchanged), implying c43% upside. Accordingly, we maintain Buy rating. Nocountryforbears The 24th edition of the EM Sentiment Survey Click to view Issuer of report: HSBC Qianhai Securities Limited Disclosures&Disclaimer Thisreportmustbereadwiththedisclosuresandtheanalystcertificationsinthe Disclosure appendix, and with the Disclaimer, which forms part of it. View HSBC Qianhai Securities at:https:/www.research.hsbc.com Source: HSBC Qianhai SecuritiesNote: Priced at close of 26 Jun 2026 Downside risks: Slower shipments and lower pricing due to competition; Raw material cost increases; FX volatilty. Disclosureappendix whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and any otherviews orforecasts expressed herein, including any views expressed on the back page of the research report, accurately reflectrecommendation(s) or views contained in this research report: Bingyi Zheng ImportantdisclosuresEquities:Stock ratings and basis forfinancial analysis HSBC and its affiliates, including the issuer of this report ("HSBC") believes an investor's decision to buy or sell a stock should depend on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations and thatinvestorsutilise various disciplines and investment horizonswhen making investmentdecisions.Ratingsshould notbe used orrelied on in isolation as investment advice. Different securities firms use a variety of ratings terms as well as different ratingsystems to describe their recommendations and therefore investors should carefully read the definitions of the ratings used ineach research report. Further, investors should carefully read the entire research report and not infer its contents from the ratingbecause research reports contain more complete infor