CROSBY Research – Sunny Optical (2382 HK/BUY): VLS Shipment continues to exceed expectations

15 Jul 2025

Handset Lens Sets (HLS) shipment in Jun was down by 3.1% MoM and 12.7% YoY to 95.1m units. This decline was primarily due to a strategic focus on mid-to-high end projects. With the accelerated application of higher ASP hybrid glass-plastic lenses, driven by ongoing trends in larger sensor sizes and wider apertures, going forward we believe the company’s ASP and GPM would likely benefit. In 1H25, HLS shipment fell by 6.4% YoY, which is below the full-year growth guidance of +5% for FY25.