The Zhitong Finance App learned that Goldman Sachs released a research report stating that the profit forecast for Shunyu Optical Technology (02382) for this year and next two years was lowered by 1% and 2%, respectively, and the revenue forecast was lowered by 1% and 2%, respectively, mainly due to the decline in camera module shipments. The bank also lowered the company's forecast price-earnings ratio for 2025 from 23.9 times to 23.3 times, and the target price was lowered from HK$65.8 to HK$63.5. The bank remains cautious about fierce competition in the camera market. It is expected that the company's mixed gross margin will stabilize at 17% to 18% from 2024 to 2026, maintaining a “neutral” rating for the company.

According to the report, Shunyu Optics' mobile phone lens shipments in August increased 15% year over year to 0.124 billion units, compared with Dali Liguang's year-on-year increase of 54%; Shunyu mobile phone camera modules fell 25% year on year to 40 million units, compared with Qiu Titanium Technology (01478), up 1% year on year; and Sunyu car lenses increased 4% year on year to 8 million units, up 9% year on year compared to July. As for Sunyu's first eight months, shipments of mobile lenses, car lenses, and mobile phone camera modules reached 0.874 billion, 70 million, and 0.373 billion pieces, accounting for 68%, 69%, and 66% of the bank's annual forecast, which is roughly in line with expectations.