CITIC International lowered the target price for Sunny Optical to 91.38 yuan, maintaining a "Buy" rating

AASTOCKS
2026.02.02 08:27

CMB International's research report pointed out that Sunny Optical (02382.HK) announced a profit warning for the fiscal year 2025, expecting a net profit increase of 70% to 75%, mainly driven by high-end specification upgrades, product mix optimization, and investment income from acquiring shares in GoerTek. Looking ahead to this year, the bank predicts that the group's trends in intelligent driving, mass production of AI/AR glasses, and upgrades in high-end lens specifications will drive revenue growth, enough to offset the weakness in the smartphone business caused by memory cost pressures.

CMB International has lowered the group's earnings per share forecast for this year and next year by 1% to 4% to reflect the headwinds in the smartphone industry; using a sum-of-the-parts valuation (SOTP), it has reduced the target price from HKD 101.47 to HKD 91.38, equivalent to a forecasted price-to-earnings ratio of 23.4 times for the fiscal year 2026; maintaining a "Buy" rating

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