Goldman Sachs: Raise target price to HK$83.1 for SUNNY OPTICAL (02382), increase profit forecast.

Goldman Sachs released a research report stating that the shipment volume of mobile phone lenses from SUNNY OPTICAL (02382) increased by 1% year-on-year, while the shipment volume of camera modules dropped by 14% and the shipment volume of car lenses increased by 29%. The shipment volumes for the first four months reached 65%, 73%, and 58% of the bank's previous forecast for the first half of the year. The bank maintained a "neutral" rating on the group, with the target price raised from 79.9 Hong Kong dollars to 83.1 Hong Kong dollars. Taking into account the latest shipment volumes, the bank raised Shun Yu Optical's profit forecasts for 2025 to 2027 by 4%, 3%, and 3% respectively. Due to the shift in product mix towards higher-profit car lenses, the bank adjusted the gross profit margin forecasts for the group in 2025 to 2027 by 0.4, 0.2, and 0.2 percentage points.