First Shanghai released a research report stating that according to the “buy” rating for Shunyu Optics (02382.HK), net profit for 24, 25 and 26 is estimated to be $1.18 billion, $1.54 billion, and $1.9 billion, respectively, with a target price of HK$45. As the smartphone market recovers weakly and cooperation between domestic Android customers and major overseas customers progresses smoothly, the company's shipments of mobile phone-related products and ASP will increase to a certain extent; in the automotive sector, the market growth rate is slowing down, and the company may slow down due to industry pressure and other factors. The bank believes in the main line of upgrading mobile phone optical regulations, and looks forward to the steady development of the company's VR/AR business volume and automotive optics.