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BofAS Raises SUNNY OPTICAL (02382.HK) TP to HKD69; Remains Conservative on Near-term Outlook
2026-06-26 10:42:59 BofAS issued a research report stating that SUNNY OPTICAL (02382.HK) held its 2026 Investor Day on the 24th. Management remains confident in the adoption of high-end smartphone lens specifications and expects the penetration rate to increase from about 48% in 2026 to 55% by 2030. Meanwhile, new applications such as smart glasses, handheld gimbals, robotics and wearables may continue to bring incremental opportunities. In the automotive segment, the company expects the number of lenses per vehicle to increase in the long term from more than four units in 2025 to 12 to 15 units, while 17-megapixel (17MP) sensing lenses have also begun to emerge. Despite offering more high-end solutions, BofAS remains conservative on its near-term outlook due to weak demand for smartphones and automobiles. The report noted that management emphasized its ambition to enter the data communication optical interconnect business by leveraging years of technological expertise in smartphone and automotive optics, as well as advanced capabilities such as specialty molds and sub-micron high-precision module technologies. The company aims to focus on pluggable transceivers and co-packaged optics (CPO) solutions, covering components to module-level products. Management expects to achieve small-scale volume shipments in 2027. BofAS believes that given the high entry barriers in the data communications industry, the contribution will remain limited, but such diversification could support valuation and provide long-term upside potential. BofAS kept its earnings forecasts for SUNNY OPTICAL largely unchanged for FY2026-FY2027 and introduced a FY2028 earnings forecast. The broker raised its price-to-earnings valuation multiple from 15x to 17x to reflect the company癒礎s expansion potential into data center optics. BofAS lifted its TP from HKD60 to HKD69 and maintained a Neutral rating. (ad/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |