According to market statistics cited in a research report by Macquarie, Sunway (02382.HK) holds the global first place in the industry with smart phone lens and module sales market share reaching 26% and 13% respectively for the 2023 fiscal year.

In terms of smart phone business, Sunway has raised its global smart phone sales growth forecast from 1.75% to 3.5%; while China's smart phone sales growth forecast has been lowered from 1.1% to 0.4%. The company's management also expects stable lens density for each smart phone.

As for automobile related business, Sunway's market share for automobile lenses in the 2023 fiscal year was 31%; and the market share for advanced driver assistance system related lenses was 50%. Macquarie believes that Sunway maintains an absolute leading position in the automobile lens field and is in a favorable position in the optical radar field.

Macquarie expressed confidence in the upgrade cycle of future smart phone, automobile, and intelligent visual application lenses. At the same time, it maintains a positive view on Sunway and points out that the company is on the Asia market buy list of the industry. Considering these factors, the bank has set Sunway's target price at 65 yuan and gave it an "Outperform" rating. (JS/U)

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