Morgan Stanley: Schon Optoelectronics Technology (02382.HK) has released lower shipment volumes than expected, lowering target price to 99 Hong Kong dollars.

Zhijing Finance APP learned that Morgan Stanley released a research report stating that Sunny Optical Technology (02382.HK) maintains a leading position in miniaturization, module packaging, lens shaping, and Voice Coil Motor (VCM) integration, and is driving customers to adopt more advanced technologies. Sunny Optical remains on the buy list of the bank. However, considering that the growth of smartphone module and lens shipments of Sunny Optical is slower than expected, Morgan Stanley has lowered its net profit forecast for 2025 to 2027 by 4% to 5%. The target price based on the Sum of the Parts (SOTP) method has been reduced by 12%, from 112.7 Hong Kong dollars to 99 Hong Kong dollars, equivalent to a forecasted P/E ratio of 21.5 times for 2026. The original target price was 112.7 Hong Kong dollars (based on previously forecasted implied P/E ratio of 24.5 times for 2026), with a rating of "outperform the market".