Sunny Optical Technology (Group) Company Limited
2382.HK · HKSE
Company research
Sunny Optical Technology (Group) Company Limited (2382.HK) is a world-leading integrated optical components and products manufacturer founded in 1984 and headquartered in Yuyao, Zhejiang Province, China, principally engaged in the design, research and development, manufacture, and sale of optical and optical-related products and scientific instruments. The company operates through three core segments — Optical Components, Optoelectronic Products, and Optical Instruments — offering a broad portfolio that includes glass spherical and aspherical lenses, handset and vehicle lens sets, camera modules, XR visual modules, robotic vision subsystems, and microscopes and intelligent inspection equipment. Sunny Optical holds a dominant global position as the world's largest handset lens sets manufacturer and commands an estimated 30–35% global market share in automotive optical lenses, supplying major smartphone brands such as Apple, Samsung, Huawei, and Xiaomi, with automotive lens shipments exceeding 100 million units for the first time in 2024. Listed on the Hong Kong Stock Exchange in June 2007 and included in the Hang Seng Index since 2017, the company employs approximately 34,393 people across manufacturing bases in Yuyao, Zhongshan, Shanghai, and Xinyang, with operations spanning China, the rest of Asia, Europe, North America, and other international markets.
Research reports
The report maintains a BUY rating with a SOTP-based target price of HK$82.99, arguing that 2026 revenue and net profit should grow at least 7% YoY, driven by high-end smartphone optics, vehicle products, and fast-growing IoT, despite softness in XR. It highlights 2H25 net profit growth of 85% YoY helped by a one-off gain from Goertek Optical, while flagging smartphone and auto industry headwinds and margin pressure as key risks.
CMB International Global Markets (CMBI) · January 30, 2026Sunny Optical (2382 HK) – FY25E profit alert in-line; auto/smart glasses to offset smartphone weakness in 2026Following a FY25 positive profit alert indicating 70–75% YoY net profit growth, the analysts note that underlying earnings (excluding a RMB919m one-off gain from the Goertek Optical deal) are broadly in line with their and consensus estimates, and they keep a BUY rating with a SOTP-based target price of HK$91.38. They expect 2026 growth to be led by smart-driving (auto VLS/CCM) and AI/AR glasses ramp-up offsetting mid- to low-end Android weakness, while citing smartphone shipment declines, memory cost pressures, and execution on XR as key risks.
Emperor Securities & Crosby Securities · September 18, 2025Sunny Optical (2382 HK) – Improving profitability on better product mixThis report reiterates a BUY rating and raises the target price from HK$100 to HK$105 after 1H25 revenue rose 4.2% YoY to RMB19.65bn and net profit surged 52.6% YoY, driven by higher-margin handset and vehicle optics and a 2.6ppt improvement in gross margin to 19.8%. It emphasizes Sunny’s global No.1 position in vehicle lenses (over 30% market share), strong ADAS and LiDAR pipeline, and leading XR smart-glasses modules as core growth engines, while noting handset demand volatility and competitive pricing as principal risks to the thesis.