External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Sunny Optical Technology / Equity Bottom-Up

<ul><li>Sunny announced a FY25E positive profit alert with net profit growth of 70-75% YoY, driven by high-end spec upgrade, improved product mix and investment income from the deal for Goertek Optical Tech.</li><li>Excluding one-off gains of RMB919mn, mid-point of net profit is largely in-line with our/Bloomberg consensus estimates.</li><li>For 2026, we expect the smart driving trend (auto VLS/CCM), AI/AR glasses ramp-up and high-end camera spec upgrade to drive revenue growth, offsetting smartphone weakness on memory cost pressure. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny announced a FY25E positive profit alert with net profit growth of 70-75% YoY, driven by high-end spec upgrade, improved product mix and investment income from the deal for Goertek Optical Tech.Excluding one-off gains of RMB919mn, mid-point of net profit is largely in-line with our/Bloomberg consensus estimates.For 2026, we expect the smart driving trend (auto VLS/CCM), AI/AR glasses ramp-up and high-end camera spec upgrade to drive revenue growth, offsetting smartphone weakness on memory cost pressure. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny Optical (2382 HK) - FY25E Profit Alert In-Line...

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 5th January, <a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology (2382 HK)</a>, a leading player in the global optical space, announced an intention to spin-off and separate list its vehicle-related optical ops.</li>
<li>The spin-off vehicle, Ningbo Sunny Smart Autotech, is the world leader in car camera lenses used for parking and autonomous driving.</li>
<li>The listing form (<a href="https://www1.hkexnews.hk/app/sehk/2026/108140/documents/sehk26012601673.pdf" target="_blank" rel="noopener">Form A1</a>) has now been submitted to the HKEx. Ningbo Sunny's net margins have been consistently solid.</li>
</ul>


Back on the 5th January, Sunny Optical Technology (2382 HK), a leading player in the global optical space, announced an intention to spin-off and separate list its vehicle-related optical ops.
The spin-off vehicle, Ningbo Sunny Smart Autotech, is the world leader in car camera lenses used for parking and autonomous driving.
The listing form (Form A1) has now been submitted to the HKEx. Ningbo Sunny's net margins have been consistently solid.


Sunny Optical (2382 HK): Updated Figures On The Auto Ops Spin-Off

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a>, a leading player in the global optical space, has announced an intention to spin-off and separate list its vehicle-related optical ops.</li>
<li>Sunny Optical is the world leader in car camera lenses used for parking and autonomous driving. </li>
<li>1H15 EBITDA growth was driven by this high-margin automotive segment. It accounted for ~17.5% of Sunny Optical's top line in the first six months of 2025.</li>
</ul>



Sunny Optical Technology Group (2382 HK), a leading player in the global optical space, has announced an intention to spin-off and separate list its vehicle-related optical ops.
Sunny Optical is the world leader in car camera lenses used for parking and autonomous driving. 
1H15 EBITDA growth was driven by this high-margin automotive segment. It accounted for ~17.5% of Sunny Optical's top line in the first six months of 2025.


Sunny Optical (2382 HK)'s Auto Ops Spin-Off Requires Greater Clarity

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.


HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market has recovered from its drawdown during the Iran war and is now trading above its long-term support levels.  Energy remains the top-performing sector YTD.</li>
<li>Value and dividend factors continue to provide the best returns in Hong Kong; momentum has returned since the beginning of April.
</li>
<li>
<a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a> had a reversal breakout technical pattern from a U-shaped bottom.  The company is benefiting from growth in both the AI and data center industries.  
</li>
</ul>


The Hong Kong market has recovered from its drawdown during the Iran war and is now trading above its long-term support levels.  Energy remains the top-performing sector YTD.
Value and dividend factors continue to provide the best returns in Hong Kong; momentum has returned since the beginning of April.


Lenovo (992 HK) had a reversal breakout technical pattern from a U-shaped bottom.  The company is benefiting from growth in both the AI and data center industries.  



Technically Speaking Breakouts & Breakdowns - HONG KONG (April 2026)

China

Sunny Optical Technology (Group) Co., Ltd. is a leading global manufacturer of integrated optical components and products. The company designs, researches, develops, manufactures, and sells optical and optical-related products, including lenses for handsets, vehicles, and security, as well as camera modules, vehicle modules, microscopes, and intelligent inspection equipment. It is headquartered in Yuyao, Zhejiang, China, and was founded in 1984.

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Sunny Optical Technology (2382 HK)

Sunny Optical (2382 HK) - FY25E Profit Alert In-Line...

Sunny announced a FY25E positive profit alert with net profit growth of 70-75% YoY, driven by high-end spec upgrade, improved product mix and...

CMB International

Sunny Optical (2382 HK): Updated Figures On The Auto Ops Spin-Off

The (cont'd) muted market response to Ningbo Sunny's spin-off is indicative. Ningbo Sunny's net margins are impressive. Expect a punchy holdco...

David Blennerhassett

Sunny Optical (2382 HK)'s Auto Ops Spin-Off Requires Greater Clarity

The muted market response to this development is indicative. Investors need to weigh the uplift from the growing vehicle ops, against the holdco...

David Blennerhassett

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

Technically Speaking Breakouts & Breakdowns - HONG KONG (April 2026)

We highlighted Lenovo's significant technical breakout pattern in our April insight, and the shares have more than doubled since the report....

David Mudd

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