Sunny Optical's net poised to halve

Staff reporter

Apple supplier Sunny Optical Technology's (2382) net profit in 2023 expected to be half of the previous year's at approximately 1.1 to 1.2 billion yuan (HK$1.21 to 1.32 billion).

The net profit in 2022 was approximately 2.40 billion yuan.

The group said the annual decrease is due to the increasing pressure on average selling prices and gross profit margins of handset lens sets and handset camera modules.

The reduction was driven by the slow recovery of the Chinese economy, uncertainties of the global economy, continued weak global demand of the smartphone market, intense industrial competition and the prolonged trend of de-specification of smartphone cameras, the board added.

Its stock price closed at HK$54.05 yesterday.