1. What is SUNNY OPTICAL's full-year performance outlook? As of September 9, 2025, according to quarterly performance forecast data: projected revenue of 40.944-44.643 billion yuan, representing a year-over-year growth of 6.9%-16.6%; projected net profit of 3.324-3.832 billion yuan, up 23.1%-42.0% year-over-year; projected adjusted net profit of 3.405-3.623 billion yuan. Focus on whether subsequent financial report disclosures can exceed expectations, as quarterly performance forecast data will provide performance assessment for investors.
2. Latest sell-side views on SUNNY OPTICAL
Haitong International Securities believes that SUNNY OPTICAL achieved stable revenue performance in the first half of 2025, with revenue reaching 19.7 billion yuan, which was largely in line with market expectations. The company's profitability improved significantly, with attributable net profit growing 52.6% year-over-year to 1.65 billion yuan, mainly benefiting from improved gross margins in mobile lens modules and product mix optimization. Although operating expenses increased by 6.8%, R&D investment continued to increase to support long-term innovation. Management remains optimistic about maintaining mid-to-high single-digit revenue growth. While mobile business shipment volumes declined, revenue grew 1.7% with gross margin guidance raised to 25-30%. Automotive business showed strong growth, particularly in LiDAR business, which is expected to become a future revenue pillar. XR and IoT businesses grew rapidly, with smart glasses and AI service robot businesses scaling up quickly.
By business segment: 1) Mobile business: Despite year-over-year decline in mobile lens/module shipments, revenue grew 1.7% with gross margin guidance raised to 25-30%. Mobile business revenue is expected to grow 5-10% in 2025, benefiting from adoption of high-end lens modules and application of advanced optical technologies. 2) Automotive business: Vehicle optics revenue grew approximately 18% year-over-year, with LiDAR business serving as a future growth catalyst, having secured projects worth over 1.5 billion yuan. LiDAR is expected to become a future revenue pillar. 3) XR and IoT business: XR business grew 21% year-over-year, with smart glasses and AI service robot businesses scaling rapidly. AI-driven smart hardware is expected to become a long-term growth frontier.
Industrial Securities believes that SUNNY OPTICAL's first-half 2025 operating revenue was 19.652 billion yuan, up 4.2% year-over-year, with gross profit and net profit growing 20.0% and 55.1% respectively year-over-year, both exceeding expectations. For mobile business, despite declining shipment volumes, product mix optimization and average price increases drove gross margin growth. Automotive business revenue grew 18.2%, maintaining the global No. 1 market share, with LiDAR projects exceeding 1.5 billion yuan. In emerging businesses, XR revenue grew 21.1%, with smart glasses imaging modules holding the global No. 1 market share. AI glasses market shipments are expected to exceed 10 million units. The company's integration with GoerTek's optical business aims to alleviate funding pressure and accelerate capacity formation.
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