CROSBY Research – Smartphone Sector Update: Sunny Optical and Q-Tech’s May shipment review

13 Jun 2024

Sunny’s Handset Lens Sets (HLS) shipment growth momentum accelerated to 9.6% YoY in May to 103.5m units (Apr: +6.4% YoY). In 5M24, HLS shipment increased 24.6% YoY to 525.6m units, on low comparison base caused by the weak global smartphone demand during the same period of last year. We believe it’s well on track to reach management’s guidance of 5% YoY HLS shipment growth in FY24. Handset Camera Modules (HCM) shipment declined 6.9% YoY in May (Apr: -1.1% YoY) to 45.5m units. In 5M24, HCM shipment increased 22.2% YoY to 247.4m units, ahead of HCM’s flattish full year shipment guidance.