In a research report issued on June 20, Macquarie highlighted Sunny Optical Technology (02382.HK) as a pioneering force in miniaturization, module packaging, lens molding, and voice coil motor (VCM) integration, trends that are encouraging customers to embrace more sophisticated technologies. Despite maintaining Sunny Optical on its buy list, Macquarie has revised its net profit forecasts downward by 4% to 5% for the years 2025 to 2027, citing slower-than-anticipated growth in smartphone module and lens shipments. Concurrently, the target price, derived from a sum-of-the-parts (SOTP) valuation, has been adjusted by 12%, decreasing from HK$112.7 to HK$99. This revised target price corresponds to a projected 2026 P/E ratio of 21.5 times, as opposed to the original target price of HK$112.7, which implied a 2026 P/E ratio of 24.5 times. Notwithstanding these adjustments, Macquarie maintains its 'Outperform' rating for Sunny Optical.