Sunny Optical Technology (Group) Company Limited (02382)

Equity Research Report　|　Industry: Optical Components, Camera Modules and Smart Optical Systems Manufacturing　|　Report Date: September 13, 2026　|　Data as of the Hong Kong market close on September 11, 2026; the next trading week is September 14 to September 18, 2026. All monetary amounts are in Hong Kong dollars (HKD).

This report was automatically compiled by AI based on publicly available information for reference only and does not constitute investment advice.

1. Executive Summary

Sunny Optical Technology (02382) recorded revenue of RMB 21.9057 billion in the first half of 2026, up 11.5% year on year; profit attributable to the Company’s shareholders was RMB 1.8084 billion, up 9.9% year on year. However, gross margin edged down from 19.8% in the same period of 2025 to 19.5%, while mobile-phone product revenue declined by approximately 0.8% year on year. Growth mainly came from other products, automotive and XR businesses. Revenue from other products rose approximately 88.5% year on year to RMB 4.0394 billion, while automotive product revenue rose approximately 10.6% to RMB 3.7619 billion. Mobile-phone business remained the largest revenue source, generating RMB 13.1486 billion, or approximately 60% of total revenue.

In 2025, the Company recorded revenue of RMB 43.2291 billion, up 12.9% year on year, and profit attributable to the Company’s shareholders of RMB 4.6391 billion, up 71.9% year on year, with a gross margin of approximately 19.7%. By business structure, mobile-phone product revenue was RMB 27.324 billion, accounting for approximately 63.2% of Group revenue; automotive product revenue was RMB 7.328 billion, up 21.3% year on year; and other-product revenue was RMB 6.184 billion, up 36.7% year on year. The Company has vertically integrated capabilities spanning optical design, optical components, lenses, camera modules and in-vehicle visual solutions. Automotive, broad IoT, robotic vision, XR and AI-related optical businesses represent growth areas beyond mobile phones.

As of September 11, 2026, the share price closed at HKD69.10, with a forward-looking price-to-earnings ratio of approximately 14.55x, a price-to-book ratio of approximately 2.33x and a dividend yield of approximately 1.75%. The share price was above the 20-day, 50-day, 100-day and 250-day moving averages, but slightly below the 10-day moving average. RSI was approximately 58 to 60 and MACD remained positive, indicating that short- and medium-term trends were still relatively strong, although short-term momentum had cooled from the early-September high. Technically, HKD70.90 to HKD74.70 represents the main resistance zone, HKD67.30 to HKD68.00 the first support zone, and HKD64.50 to HKD65.50 the stronger support zone.

The market remains divided over the Company’s future earnings. The median forecasts from 16 broker reports compiled by etnet for 2026 to 2028 profit attributable to the parent are RMB 4.1035 billion, RMB 4.7850 billion and RMB 5.5761 billion, respectively. However, the 2026 median forecast is below the actual 2025 level. In addition, first-half 2026 profit attributable to the parent was RMB 1.8084 billion, implying approximately RMB 2.295 billion of second-half profit under the full-year median forecast. Full-year forecasts are therefore relatively sensitive to the performance of high-end mobile-phone optics, automotive optics and other products in the second half. In July 2026, the Company completed a further RMB 500.0 million capital injection into Goertek Optical, raising its stake to approximately 33.27%; however, it has not quantitatively disclosed the investment’s contribution to full-year 2026 net profit.

2. Company Overview

2.1 Basic Information

2.2 Main Businesses and Product Portfolio

• Mobile-phone products: 2025 revenue of RMB 27.324 billion, up 8.6% year on year and accounting for approximately 63.2% of total Group revenue; mainly includes mobile-phone lenses, mobile-phone camera modules and related optical products
• Automotive products: 2025 revenue of RMB 7.328 billion, up 21.3% year on year and accounting for approximately 17.0% of total revenue; includes in-vehicle lenses, in-vehicle camera modules, intelligent-sensing solutions, smart-cockpit visual products, optical products related to LiDAR, HUDs and intelligent vehicle lighting
• XR products: 2025 revenue of RMB 2.394 billion, down 7.1% year on year and accounting for approximately 5.5% of total revenue; includes AR/VR optical components, optical engines and imaging modules for smart glasses
• Other products: 2025 revenue of RMB 6.184 billion, up 36.7% year on year and accounting for approximately 14.3% of total revenue; includes broad IoT, robotic vision, warehouse automation, handheld photography equipment, precision optical components, microscopes and intelligent inspection equipment
• Technology and product chain: Covers optical design, molds and optical components, lenses, camera modules, in-vehicle visual solutions, XR optics, robotic vision and some complete smart hardware products, while combining optical, electronic, mechanical, algorithm, software and artificial-intelligence technologies to provide solutions

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Sunny Optical is positioned in the upper-middle portion of the value chain comprising “optical components—lenses—camera modules—in-vehicle vision and smart optical systems.” It has vertically integrated capabilities spanning optical design, component manufacturing, lens production, module integration and certain system solutions. The Company is neither an upstream resource company with natural-resource pricing power nor a pure low-margin module contract manufacturer.

• Actual input categories include optical glass, plastic optical materials and glass-plastic hybrid materials; aspherical glass lenses, prisms and color filters; image sensors and other electronic components; voice-coil motors, actuators, connectors and structural parts; as well as coatings, molds, automation equipment and precision inspection equipment.
• Automotive products also involve automotive-grade electronic components and LiDAR-related devices.
• The Company has not publicly disclosed the proportion of procurement represented by each of the above raw-material categories, nor the procurement proportion attributable to its top five suppliers. These input categories are summarized based on product composition and industry manufacturing processes and do not constitute an officially disclosed cost-structure table.
• The 2025 annual report identified limited supplies of certain key raw materials, components and high-end equipment as supply-chain risks, and stated that the Company would reduce reliance on individual suppliers and establish a diversified supplier system.
• For image sensors, high-end equipment and certain core electronic components, the Company is to some extent a price taker. However, it has relatively strong technical and scale advantages in lens design, precision processing, module integration, active alignment and mass-production processes, and contributes more product value to downstream customers than a typical contract manufacturer.
• Downstream customers for mobile-phone products are mainly global smartphone brands and their ODM/EMS supply chains; downstream customers for automotive products are mainly automobile OEMs, Tier 1 suppliers and autonomous-driving solution providers.
• Customer-certification cycles in the mobile-phone industry are relatively long, while customers impose demanding requirements on quality, pricing and delivery. Smartphone manufacturers typically reduce costs through annual price reductions, product iteration and supplier bidding. Pricing pressure is relatively lower for high-end lenses, periscope modules and complex camera solutions than for standardized mid- and low-end products.
• Automotive customer-certification cycles are long and quality-system requirements are high, but once a product enters a vehicle platform, its project life cycle is generally longer than that of mobile-phone products. In-vehicle products must also meet automotive-grade reliability, environmental adaptability, functional-safety and long-term supply requirements, making the bargaining relationship generally more stable than for ordinary consumer-electronics components.
• Customer-concentration data as of December 31, 2024: the largest customer accounted for approximately 15.8% of total Group revenue, compared with 14.0% in 2023; the five largest customers together accounted for approximately 46.2%, compared with 46.6% in 2023.
• As of this research, no updated customer-concentration data publicly disclosed in the Company’s 2025 annual report has been identified. The above is the latest clearly identified data, sourced from the Company’s 2024 annual report. The data source is single and cannot directly replace 2025 data; the latest annual report should prevail.
• The Company’s claims that its mobile-phone lenses, mobile-phone camera modules and in-vehicle camera solutions rank “No. 1 globally” reflect the wording of the Company’s annual reports or results announcements. The original reports of all relevant third-party market-share studies were not obtained for this research, and the figures cannot be regarded as fully independently cross-verified market-share data.
• The Company’s 2024 annual report disclosed that trade receivables turnover days fell from approximately 76 days in 2023 to approximately 70 days in 2024; trade payables and accrued procurement turnover days rose from approximately 86 days to approximately 87 days; and inventory turnover days fell from approximately 66 days to approximately 64 days. A secondary compilation of 2025 data showed trade receivables turnover days of approximately 72 days, trade payables and accrued procurement turnover days of approximately 91 days, and inventory turnover days of approximately 69 days. The slight increase in receivables turnover days in 2025 indicates some working-capital usage. Payables turnover days exceeding receivables turnover days indicate that the Company may have longer payment cycles with certain suppliers or relatively strong supply-chain management capabilities. The 2025 data mainly comes from a secondary compilation of the annual report and has not been fully cross-checked against the original financial tables; the 2025 annual report should prevail.
• Customer concentration: as of December 31, 2024, the largest customer accounted for approximately 15.8% of revenue and the five largest customers together accounted for approximately 46.2%; the corresponding figures in 2023 were 14.0% and 46.6%. As of this research, no updated 2025 annual-report data had been identified. The figures therefore represent 2024 only, are from a single source and were not cross-checked against the 2025 annual report. Supplier concentration: the Company has not disclosed the procurement proportion attributable to its five largest suppliers.

Sunny Optical is positioned in the upper-middle portion of the optical value chain and operates in a manufacturing segment driven by technology, processes, certification and scale, rather than as an upstream resource price setter or a pure low-margin contract manufacturer. Key drivers of further margin improvement include upgrades in the product mix of high-end mobile-phone lenses and periscope modules, increased scale in automotive optics, improvements in capacity and yield, overseas manufacturing, and expansion from components into system solutions and complete products.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Results

The 2026 interim results announcement was disclosed on August 26, 2026, and the figures are unaudited. The Company’s financial statements are presented in RMB, while the trading currency of the shares is HKD.

Revenue and net profit attributable to the parent both grew in the first half of 2026, although profit growth was below the full-year 2025 level. Gross profit was RMB 4.2687 billion, up approximately 9.6% year on year, with gross margin of approximately 19.5%, below 19.8% in the same period of 2025. Net margin based on profit attributable to the Company’s shareholders was approximately 8.3%. By business, mobile-phone product revenue was RMB 13.1486 billion, down approximately 0.8% year on year and still accounting for approximately 60% of total revenue; automotive product revenue was RMB 3.7619 billion, up approximately 10.6%; XR product revenue was RMB 955.7 million, up approximately 11.0%; and other-product revenue was RMB 4.0394 billion, up approximately 88.5%. R&D expenditure in the first half of 2026 was RMB 1.6507 billion, up approximately 1.0% year on year, while administrative expenses were RMB 571.1 million, down approximately 3.7%. Income-tax expense was RMB 252.2 million, up approximately 78.8% year on year, including approximately RMB 50.70 million of Pillar Two top-up tax under the global minimum-tax rules. Full-year 2025 net profit attributable to the parent grew substantially faster than revenue and included relatively significant non-recurring gains, including equity transactions, and should not be directly extrapolated to future years. The operating cash-flow figure of approximately RMB 3.426 billion was not used as a core basis in the minutes and should be checked against the complete cash-flow statement in the Company’s interim report.

3.2 Earnings Forecasts

As of approximately September 7, 2026, etnet showed median forecasts from 16 broker reports for 2026 to 2028 net profit attributable to the parent of RMB 4.1035 billion, RMB 4.7850 billion and RMB 5.5761 billion, respectively, and EPS of RMB 3.7605, RMB 4.3985 and RMB 5.1270, respectively. The only verifiable revenue forecasts were from a single broker: RMB 45.906 billion for 2026E and RMB 49.131 billion for 2027E. These do not represent market consensus.

3.3 Valuation and Institutional Ratings

At the Hong Kong market close on September 11, 2026, the share price was HKD69.10, up HKD0.30 or 0.44% from the previous day. Based on data from Lixinger as of September 10, 2026, when the share price was HKD68.80, trailing P/E was approximately 13.82x, P/B approximately 2.26x, dividend yield approximately 1.75% and total market capitalization approximately HKD75.323 billion. Adjusting approximately for the increase in share price to HKD69.10 while holding other factors constant gives an estimated trailing P/E of approximately 13.9x and P/B of approximately 2.27x. The September 11 valuation is an estimate based on the previous trading day’s ratios and is not an official update by the data platform. The simple arithmetic average of the 16 target prices was approximately HKD83.97, implying approximately 21.5% upside from HKD69.10. However, the target-price range was HKD57 to HKD110, with the average significantly influenced by the high target prices. Report dates, earnings forecasts and valuation methods also differ, so the average should not be treated as a unified target price. Using an illustrative RMB/HKD exchange rate of approximately 1.09, the forward P/E implied by the market’s consensus EPS forecasts is approximately 16.9x for 2026E, 14.4x for 2027E and 12.4x for 2028E. Because the Company reports EPS in RMB while the share price is denominated in HKD, forward P/E is sensitive to exchange rates. Overall, 02382 currently trades at approximately 14x trailing P/E and approximately 2.3x P/B. If growth in automotive optics, AI-related optics, broad IoT and other new products materializes in 2027 to 2028, earnings growth may gradually absorb the valuation. If the mobile-phone business remains weak or new-business margins fall below expectations, earnings forecasts and target prices may be revised downward. First-half 2026 net profit attributable to the parent was RMB 1.8084 billion, while the full-year median forecast was RMB 4.1035 billion, implying approximately RMB 2.295 billion of second-half net profit attributable to the parent, materially above the first-half figure and indicating that full-year forecasts are sensitive to the delivery of mobile-phone products, high-end optical specifications, automotive optics and other products in the second half.

4. Recent News and Announcements

4.1 Company Identity and Research Timing

Hong Kong stock code 02382 corresponds to Sunny Optical Technology (Group) Company Limited, listed on the Main Board of The Stock Exchange of Hong Kong, with the stock name SUNNY OPTICAL. The research is as of September 13, 2026. As that date was a Sunday, the latest Hong Kong trading date was mainly September 11, 2026, while the Company’s announcement records were mainly available through September 2, 2026.

4.2 August 2026 Monthly Return of Securities: Share Count Unchanged

On September 2, 2026, the Company disclosed its monthly return of securities for the period ended August 31, 2026. Issued ordinary shares excluding treasury shares totaled 1,078,964,800, treasury shares totaled 15,840,000 and total issued shares totaled 1,094,804,800. These figures were unchanged from the end of July 2026. No changes in share options, warrants, convertible securities or other share-issuance arrangements were disclosed in August 2026. The Company confirmed that it complied with the minimum public-float requirement as of the end of August, with the applicable threshold being 25% of issued shares after deducting treasury shares. As of August 31, 2026, no new share issue, share cancellation or additional repurchase and transfer into treasury shares was identified for August. Source: HKEXnews.

4.3 First-Half 2026 Interim Results: Revenue and Profit Attributable to Shareholders Increased

On August 26, 2026, the Company announced interim results for the six months ended June 30, 2026. Revenue was RMB 21,905.7 million, up approximately 11.5% year on year; gross profit was RMB 4,268.7 million, up approximately 9.6%; and profit for the period attributable to the Company’s shareholders was RMB 1,808.4 million, up approximately 9.9%. Basic EPS was RMB 168.03 cents, compared with RMB 151.56 cents in the same period of 2025. Gross margin was approximately 19.5%, slightly below approximately 19.8% in the same period last year. The Board did not recommend an interim dividend. These interim results were unaudited figures officially disclosed by the Company. The Company did not separately disclose a formal full-year 2026 earnings forecast or profit warning. Source: HKEXnews.

4.4 Segment Performance: Automotive, XR and Other-Product Revenue Grew

For the six months ended June 30, 2026, mobile-phone product revenue was RMB 13,148.6 million, down approximately 0.8% year on year; automotive product revenue was RMB 3,761.9 million, up approximately 10.6%; XR product revenue was RMB 955.7 million, up approximately 11.0%; and other-product revenue was RMB 4,039.4 million, up approximately 88.5%. Mobile-phone business remained the largest revenue source, but revenue and segment profit were under pressure. Automotive, XR and other products continued to grow, with other-product growth mainly involving expansion in robotics, intelligent imaging and broad IoT.

4.5 Buybacks and Treasury Shares

As of August 31, 2026, treasury shares totaled 15,840,000, unchanged from the end of July 2026. No new repurchases or treasury-share cancellations were identified for August. The Company conducted market repurchases earlier in 2026. The next-day disclosure return published in January 2026 showed aggregate repurchases of approximately 1,540,000 shares, with the repurchased shares transferred into treasury. As of the research date, no new repurchase announcement for September 2026 had been identified. However, the monthly return as of the end of August cannot exclude transactions occurring between September 1 and September 13 that had not yet been disclosed.

4.6 Significant Change in JPMorgan’s Interest Disclosure

According to Hong Kong Stock Exchange interest disclosures compiled by etnet, JPMorgan Chase & Co. disclosed on September 3, 2026 an increase of 6,022,298 shares in its long position and an increase of 9,455,609 shares in its short position. The average price of the long position was HKD70.703 per share. Following the disclosure, the long position was 55,831,983 shares, or approximately 5.09% of issued share capital; the short position was 39,981,699 shares, or approximately 3.65%; and the interest in lending pool shares was approximately 19,884,616 shares, or approximately 1.81%. On September 2, JPMorgan disclosed a reduction of 7,772,930 shares in its long position at an average price of HKD71.438 per share, leaving approximately 49,809,685 shares, or approximately 4.54%. These changes may relate to investment management, securities lending or custodial activities and cannot be directly equated with purely bullish or bearish trading.

4.7 Changes in Interests of Entities Related to the Controlling Shareholder

Sun Xu Limited disclosed on August 27, 2026 a reduction of 4,952,095 shares in both its long and short positions, leaving a long position of approximately 379,907,737 shares, or approximately 34.70%. The same number of changes also appeared in interest disclosures involving Gu Jianying, Wang Wenjian, Wang Wenjie, Ni Wenjun and TMF Trust (HK) Limited. The disclosures used interest-category codes such as 1710/1503 as the reasons for disclosure and likely involved interest restructuring among related entities, trust arrangements or other transfers outside the public market. The disclosures alone cannot establish that actual shares were sold for cash. As of the research date, no clear public-market purchase or disposal announcement by the Company’s major controlling shareholders in September 2026 had been identified.

4.8 Further Subscription of Goertek Optical Completed

Ningbo OLi, a subsidiary of Sunny Optical, announced on June 25, 2026 its intention to inject RMB 500.0 million into Goertek Optical and subscribe for approximately RMB 109.76 million of newly registered capital. Following completion, Ningbo OLi would hold approximately 33.27% of the enlarged Goertek Optical, remaining the second-largest shareholder; its stake would rise from approximately 31.12% to approximately 33.27%. The interim results announcement dated August 26, 2026 disclosed that all conditions precedent to the relevant subscription agreement had been satisfied on July 31, 2026, and the agreement was completed on the same day. The Company believes that the investment will strengthen Goertek Optical’s competitiveness in waveguides and wafer-level micro-nano optical components, particularly in areas related to AI and AR products. The Company has not disclosed a quantitative forecast of the investment’s contribution to full-year 2026 net profit.

4.9 RMB Bond Financing and Debt Position

In July 2026, Sunny Optical Technology Group completed disclosure of the listing and issuance documents for an RMB-denominated bond. The bond had a size of RMB 2,700.0 million, a coupon rate of 2.15% and a maturity date in 2031. This was not a new September 2026 announcement, but it was a recent financing arrangement that may support automotive optics, XR, AI and other new businesses. As of June 30, 2026, bank borrowings were approximately RMB 3,089.9 million, bond liabilities approximately RMB 2,798.0 million and the debt-to-assets ratio approximately 11.0%.

4.10 Regulatory and Accounting-Standard Disclosures

As of September 13, 2026, no new regulatory penalty, listing-rule violation, material litigation or other adverse regulatory announcement dated September 2026 was identified in the HKEXnews records for 02382. The latest Company announcement was mainly the monthly return of securities dated September 2, 2026. The Company’s 2026 interim results announcement disclosed that the interim financial statements were prepared in accordance with HKAS 34 and Hong Kong Financial Reporting Standards. Certain amendments to HKFRS effective in 2026 were adopted during the reporting period. Apart from additional disclosures, the changes in accounting standards had no material impact on the financial position or operating results for the current or comparative periods.

4.11 Overall Assessment of Recent News

As of September 13, 2026, the recent news flow for Sunny Optical was broadly positive, although new September catalysts were limited. Positive factors included first-half 2026 revenue growth of approximately 11.5%, profit attributable to the Company’s shareholders growth of approximately 9.9%, growth in automotive, XR and other-product revenue, and completion of the further Goertek Optical subscription on July 31, 2026. Factors requiring attention included the absence of an interim dividend for 2026, the approximately 0.8% year-on-year decline in mobile-phone product revenue, the slight decline in gross margin, and significant changes in JPMorgan’s long position, short position and lending-pool interest. Key risks include changes in mobile-phone demand and customer product cycles, the commercialization of new businesses such as AI glasses, AR, waveguides and robotics, and uncertainty over future returns from the Goertek Optical investment.

5. Share Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Sunny Optical Technology closed at HKD69.10, still above the 20-day, 50-day, 100-day and 250-day moving averages but slightly below the 10-day moving average, indicating that short-term momentum cooled after the rapid rebound. RSI was approximately 58 to 60, relatively strong but not overbought, while MACD remained positive and the short- to medium-term trend had not clearly weakened. After reaching HKD74.10 on September 1, the share price pulled back and is currently consolidating at elevated levels around HKD67 to HKD72. The estimated Bollinger Bands indicate HKD70.90 to HKD74.70 as an important resistance zone, while HKD64.50 to HKD65.50 is close to the 20-day moving average and the post-breakout retracement area. September 11 turnover of approximately HKD961 million was above the five-day average of approximately HKD710 million, but short selling accounted for approximately 34.09%, indicating that market disagreement remained high even as activity recovered.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a subjective scenario analysis based on closing data as of September 11, 2026. It does not constitute investment advice or a single-point price forecast.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 60%; a subjective heuristic weight based on current technical factors and fund flows, not a statistical probability): Price range of approximately HKD67.30~72.00. Triggers include the share price holding HKD67.30~68.00, turnover remaining around HKD500 million~800 million, no significant industry headwinds or negative Company news, RSI remaining above 50 and MACD remaining positive. If this scenario occurs, the share price may fluctuate repeatedly between HKD67 and HKD72, with some selling pressure near HKD70.90~72.00.
• Moderately weaker/downward movement (medium weight; a subjective heuristic judgment based on current technical factors and fund flows, not a statistical probability): Price range of approximately HKD62.00~67.30. Triggers include a decisive closing-price break below HKD67.30, sustained turnover on down days above recent averages, short-selling remaining at approximately 30% or higher, and simultaneous weakness in mobile-device or technology stocks. A further break below the HKD64.50~65.50 strong-support zone could lead to a search for support around HKD60.00~62.00.
• Stronger rebound (low-to-medium weight; a subjective heuristic judgment based on current technical factors and fund flows, not a statistical probability): Price range of approximately HKD71.00~75.00. Triggers include the share price regaining and holding HKD70.95~71.90, daily turnover rising to approximately HKD1 billion or above, trading volume materially exceeding the recent five-day average, and a simultaneous break above the recent high of HKD74.10. If these conditions occur together, the share price could technically test the estimated upper Bollinger Band near HKD74.70. However, HKD74~75 remains a relatively strong resistance zone, and a rebound before a breakout cannot directly be regarded as confirmation of a trend reversal.

③ Fund-Flow and Liquidity Background

As of September 11, 2026, single-day turnover was approximately HKD961 million, compared with approximately HKD546 million on the previous trading day. Turnover over the latest five trading days was approximately HKD547 million, HKD808 million, HKD681 million, HKD546 million and HKD961 million, respectively, with a five-day average of approximately HKD710 million. The platform indicated a turnover rate of approximately 1.26%; this figure came from Webull and may be affected by the definition of free-float shares. Overall, Sunny Optical is a relatively actively traded mid- to large-cap technology stock in Hong Kong, with relatively sufficient liquidity under normal conditions. However, the relatively high proportion of short-selling turnover may increase intraday volatility. According to the 2025 annual report, as of December 31, 2025, Sun Xu and related controlling shareholders held approximately 35.61%, Wang Wenjian approximately 3.05%, JPMorgan Chase & Co. disclosed a long position of approximately 5.11%, UBS Group AG a long position of approximately 7.30%, BOCI Trustee approximately 0.42%, and other public shareholders approximately 48.31%. More recent interest disclosures showed Sun Xu Limited at approximately 34.70% and Gu Jianying’s long position at approximately 34.73% as of July 28, 2026; JPMorgan’s long position at approximately 5.09%, short position at approximately 3.65% and lending-pool interest at approximately 1.81% as of September 3, 2026; and BlackRock’s long position at approximately 5.32% as of July 23, 2026. These shareholder figures are subject to reporting lags and do not represent the complete holdings structure on September 11, 2026. Certain institutional interests may involve derivatives, lending pools or hedging arrangements and cannot be simply equated with directional long-term holdings. In practical terms, controlling shareholders holding more than approximately 30%, relatively concentrated public-float shares, institutional interest disclosures and high short-selling participation may result in considerable share-price elasticity and intraday volatility when major news or concentrated fund flows occur.

Verifiable volume-confirmation signals: if daily turnover reaches approximately HKD1 billion or above on a sustained basis during the coming week and the share price simultaneously closes above HKD71.90, this may be regarded as confirmation of increased short-term fund participation. If turnover rises but the share price cannot hold HKD70.90~71.90, this would more likely reflect high-level turnover or widening disagreement between bulls and bears rather than a straightforward upside breakout.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the share price can hold the HKD67.30~68.00 first-support zone.
• Observe whether the HKD64.50~65.50 strong-support zone is broken on high volume, and monitor HKD60.00~62.00 as the next observation area.
• Observe whether the HKD70.90~74.70 resistance zone is decisively broken, particularly whether the recent high of HKD74.10 can be exceeded.
• Observe whether turnover can remain at approximately HKD1 billion or above and whether the closing price can move above HKD71.90. These are observation guidelines only and not trading instructions.

The above scenario analysis is based on closing data as of September 11, 2026, together with historical prices and technical-indicator calculations. Short-term share-price performance will also be affected by news flow, fund flows, the broader market environment, technology-sector performance and short-selling activity. Technical indicators have inherent lags and limitations. This analysis does not guarantee future actual performance and does not constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear their own investment risks.

6. Industry Structure and Competitor Analysis

6.1 Industry Status

The core industries in which Sunny Optical operates can be divided into three segments: mobile-phone lenses, mobile-phone camera modules, and in-vehicle cameras and intelligent vision. Key industry barriers include optical and structural design, yield and precision manufacturing, customer certification, automotive-grade reliability, system integration, large-scale delivery and overseas localized manufacturing capabilities.

6.2 Competitive Landscape

• The mobile-phone lens industry is relatively concentrated. According to industry disclosures citing TSR data, the three largest mobile-phone lens suppliers by 2024 shipments were Sunny Optical at approximately 1.328 billion units and approximately 30.0% market share; Largan at approximately 867 million units and approximately 19.6%; and AAC Technologies at approximately 647 million units and approximately 14.6%. The three together accounted for approximately 64.2%, compared with approximately 62% in 2023.
• The above mobile-phone lens market data comes from TSR reports cited in filings of other listed companies rather than from Sunny Optical’s own disclosure. The original TSR report was not obtained for this research, so the figures constitute third-party industry data and cannot be regarded as fully independently verified official statistics.
• Competition in mobile-phone lenses focuses on high-pixel-count designs, compatibility with large-format sensors, periscope and multi-camera modules, complex optical structures, ultra-thin designs, low shoulder height, large-scale yield and customer-certification capabilities.
• Major competitors in mobile-phone camera modules include Sunny Optical, Q Technology, O-Film and, to some extent, AAC Technologies, Truly International and Lishen Innovation. Module operations are closer to manufacturing and system assembly, and customer pricing pressure is generally greater than in high-end lens operations.
• The automotive-camera and intelligent-vision industry remains in the penetration phase of intelligent driving. Competitors include traditional automotive-parts and Tier 1 suppliers, mobile-phone optics and camera-module companies, and LiDAR companies. Major barriers include automotive certification, long-term reliability, algorithms and system integration, OEM designations and mass-production experience.
• Compared with mobile phones, automotive customer introduction takes longer, but project life cycles and the number of cameras per vehicle have growth potential. Sunny Optical’s vertical integration in lenses, modules, smart cockpits and LiDAR-related optics is a differentiated advantage over ordinary lens manufacturers.
• 2025 segment gross margins were 14.7% for mobile-phone products, compared with 12.9% in 2024; 31.9% for automotive products, compared with 35.3%; 19.6% for XR products, compared with 11.8%; and 27.5% for other products, compared with 29.3%. Automotive revenue grew rapidly, but segment gross margin declined, indicating that the increase in Group gross margin did not reflect simultaneous improvement across all business segments.

6.3 Major Competitors

Compared with Q Technology, O-Film and Truly International, Sunny Optical has more complete vertical integration across optical design, lens manufacturing, camera modules and in-vehicle vision. Compared with Largan, its business is more diversified, covering mobile-phone modules, automotive optics and smart optical systems. Compared with AAC Technologies, Sunny Optical’s core strengths are more concentrated in optical lenses, modules and in-vehicle vision, while AAC Technologies has stronger foundations in acoustics, haptics and precision structural parts.

7. Risk Factors

• Mobile-phone business still accounts for more than approximately 60% of Group revenue, while first-half 2026 mobile-phone product revenue declined approximately 0.8% year on year. If smartphone demand, customer product cycles or camera-specification upgrades fall short of expectations, Group revenue, capacity utilization and mobile-phone lens and module profitability may come under pressure.
• Mobile-phone camera modules are closer to manufacturing and system assembly than high-end lenses. Customers typically reduce costs through annual price reductions, product iteration and supplier bidding. Even if mobile-phone revenue continues to grow, pricing pressure may constrain margin improvement.
• Automotive product revenue is growing rapidly, but segment gross margin fell from 35.3% in 2024 to 31.9% in 2025. If automotive-project ramp-up is accompanied by price reductions, product-mix changes or high initial mass-production costs, automotive revenue could grow while profit contribution falls below expectations.
• The Company is investing substantially in automotive optics, XR, AI-related optics, robotic vision and broad IoT, but existing data do not quantify the future profit contribution of these businesses. If commercialization of AI glasses, AR, waveguides, robotics or other smart hardware falls short of expectations, returns on related capital expenditure, R&D and capacity investments may be below expectations.
• Ningbo OLi, a subsidiary of Sunny Optical, has made a further RMB 500.0 million capital injection into Goertek Optical, raising its stake to approximately 33.27%. The investment supports positioning in waveguides and wafer-level micro-nano optical components, but the Company has not disclosed its quantitative contribution to full-year 2026 net profit. Investment returns and synergies remain uncertain.
• Supplies of certain core raw materials, electronic components and high-end equipment are limited. The Company has not disclosed the procurement proportion of each input category or the procurement proportion attributable to its five largest suppliers. Any supply constraints affecting image sensors, high-end equipment or other core components could affect production delivery, costs and product yields.
• The latest clearly identified customer-concentration data is for 2024: the largest customer accounted for approximately 15.8% of revenue and the five largest customers together for approximately 46.2%. Updated data from the 2025 annual report was not confirmed in this research. Changes in major-customer orders, certification results or supplier shares could therefore cause greater revenue volatility than the apparent diversification of the business suggests.
• First-half 2026 gross margin was approximately 19.5%, below 19.8% in the same period of 2025. At the same time, the median 2026 full-year net-profit forecast of RMB 4.1035 billion is below actual 2025 net profit of RMB 4.6391 billion and implies second-half profit of approximately RMB 2.295 billion. If high-end mobile-phone optics, automotive optics and other products underperform in the second half, market earnings forecasts and valuation may be revised downward.
• As of September 11, 2026, the share price was HKD69.10, relatively close to the HKD70.90~74.70 resistance zone. Short selling accounted for approximately 34.09% of September 11 turnover, while JPMorgan’s disclosed long position, short position and lending-pool interest all changed significantly. These interests may involve securities lending, custody, derivatives or hedging arrangements and cannot simply be regarded as directional trades, but they may increase short-term share-price volatility.
• The shares trade in HKD, while financial statements and earnings forecasts are mainly presented in RMB. Changes in the RMB/HKD exchange rate affect HKD-denominated P/E, EPS conversion and investment-return comparisons. The Company also did not recommend an interim dividend for the first half of 2026, limiting dividend support for investors.

8. Conclusion and Outlook

The Company’s core growth logic is gradually expanding from product upgrades in mobile-phone lenses and modules to automotive optics, in-vehicle vision, robotic vision, broad IoT, XR and AI-related optics. Other-product revenue grew rapidly in the first half of 2026, while automotive and XR revenue also continued to increase. The Company’s capabilities in lens design, precision manufacturing, customer certification, module integration and automotive-grade products provide a foundation for expanding into longer-life automotive projects and system solutions. The debt-to-assets ratio was approximately 11.0% in the first half of 2026, with bank borrowings of approximately RMB 3.0899 billion and bond liabilities of approximately RMB 2.7980 billion. In addition, 2025 capital expenditure of approximately RMB 2.931 billion was fully funded by internal resources. Overall expansion still requires attention to capital-use efficiency and returns from new capacity.

The sustainability of earnings improvement depends on whether the mobile-phone business can maintain product-mix upgrades in high-end lenses and modules, and whether new businesses such as automotive, XR, AI, robotics and broad IoT can maintain reasonable margins alongside revenue growth. Automotive segment gross margin declined from 35.3% to 31.9% in 2025, demonstrating that revenue expansion does not necessarily translate into simultaneous margin expansion. Group gross margin also edged down year on year in the first half of 2026. Accordingly, attention should focus on the actual contribution of new-business ramp-up, yield improvement, conversion of customer designations into mass production and the proportion of high-end products to consolidated gross margin and net profit.

Technically, the share price rebounded from approximately HKD54 to HKD60 in mid-July to the end of August 2026, reached HKD74.10 on September 1 and then fell back to HKD69.10. It remains above the short- and medium-term moving averages, but the high proportion of short-selling turnover, at approximately 30.93% to 39.98%, indicates significant disagreement between bulls and bears. Subsequent performance may depend on whether the share price can hold HKD67.30 to HKD68.00 and break the HKD70.90 to HKD74.70 resistance zone while turnover remains at approximately HKD1 billion or above. The above is an observation based on available data only and does not constitute a buy or sell recommendation.

Data Sources

• https://www.sunnyoptical.com/webfile//temps/202604317462754261.pdf
• Sunny Optical Technology (HK2382) Business Outlook_F10_Tonghuashun Financial Services Network
• Annual Report 2025
• Annual Report 2025
• Management Discussion and Analysis
• Annual Report 2025
• Annual Report 2025
• Annual Report 2024
• Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
• Annual Report 2025
• In the mobile-phone lens field, according to a TSR research report, the three largest manufacturers by 2024 annual sales were Sunny Optical, Largan and AAC Technologies, with shipments of 1.328 billion, 867 million and 647 million units, respectively, representing 30%, 19.6% and 14.6%, respectively. The three manufacturers together held 64.2% market share, compared with 62% in 2023. Compared with 2023, the market share of the top three manufacturers increased in 2024.
• Q Technology (Group) Company Limited Announces 2025 Full-Year Results—Company News—About Q Technology—Camera Module and Fingerprint Recognition Module Manufacturer—1478.HK
• AAC Technologies (02018.HK) 2025 Management Discussion and Analysis_Stock Channel_Securities Star
• O-Film Group Co., Ltd. 2025 Interim Report
• https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0330/2026033003334.pdf
• https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0826/2026082601115.pdf
• 02382.HK Sunny Optical | Company Information—Earnings Forecast Overview—etnet
• https://reportify.cn/reports/1236720999152619520?utm_source=openai
• GMT EIGHT - Daiwa: Raises target price for SUNNY OPTICAL (02382) to HKD 73, reiterates "Outperform" rating.
• Sunny Optical Technology - Pan-IoT cushions Android drag; Apple aperture sets up FY27 growth
• Sunny Optical Technology (Group) Company Limited (HKG:2382) Historical Stock Price Data
• Sunny Optical Technology (02382) P/E | Valuation | Fundamentals—Lixinger
• Listed Company Information Title Search
• https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0902/2026090200467.pdf
• 02382 Sunny Optical SUNNY OPTICAL—Free Real-Time Stock Quote—Changes in Disclosure of Interests—etnet
• 02382 Sunny Optical SUNNY OPTICAL—Free Real-Time Stock Quote—Changes in Disclosure of Interests—etnet
• https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0625/2026062500753_c.pdf
• Individual Stock Research—Company Information—Quote Data—AASTOCKS.com
• 02382 Sunny Optical Individual Stock Quote | Stocks—now.com Finance
• Short Selling Records—East Money
• Annual Report 2025

This report was automatically retrieved, compiled and generated by AI based on publicly available information. Information is as of the Hong Kong market close on September 11, 2026; the next trading week is September 14 to September 18, 2026. All monetary amounts are in Hong Kong dollars (HKD). Information may differ in terms of timeliness; specific data should be verified against the Company’s official announcements and authoritative data terminals. This report is for information and research reference only, does not constitute investment advice, and investors should make independent judgments and bear their own investment risks.