Jingwu Financial News | Xinhua Huifu released a Research Report indicating that Sunny Optical (02382) saw a 5.2% year-on-year decline in mobile phone lens shipments in May, with 37.7 million mobile camera modules shipped, down 17.1% year-on-year. However, the increase in the proportion of high-value modules supports the average selling price (ASP). The company is accelerating its shift towards automotive optics and XR fields, which contribute nearly 30% of revenues, and is currently trading at 15.8 times the forecasted PE for 2025.
Q TECH (01478) shipped 32.4 million camera modules in May, representing a year-on-year decline of 17.5%, but there was a slight month-on-month increase of 1.9%. The proportion of high-end modules increased to 51%, supporting the strategic transition to high-margin products. The product structure is shifting towards higher-end offerings.
The report pointed out that competition in the mobile components Industry is intensifying, and the maturity of the low-end market supply chain has limited the growth of shipments for leading manufacturers. Global Smart Phone shipments are expected to rebound by about 7% in 2024, with growth in the first quarter of 2025 slowing to 1.5%. Demand in China is supported by government subsidies, while American Dealers are stocking up in anticipation of potential tariffs.
The report emphasizes that the upgrade cycles of AI smartphones, foldable phones, and periscope lenses will support demand for advanced optical modules, giving Sunny Optical a structural advantage in the high-end module field.
