# Sunny Optical Technology Group (2382.HK)

Canonical: https://gigainvestors.com/s/2382.HK

Analysis as of: 2026-10-16T07:36:24.325Z. Financial observations: FY2004–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 57.15 per share; close as of 2026-10-15.

Estimated value: low HKD 65.08 per share, central HKD 83.73 per share, high HKD 94.65 per share. Buy at or below the central value HKD 83.73 per share. Valuation as of 2026-10-16T07:36:24.325Z; scenarios are not confidence intervals.

Expected annual return: 14.8% at the stated quote. About 14.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.14×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: 0.14×

- FY2021: 0.13×

- FY2022: 0.08×

- FY2023: 0.03×

- FY2024: 0.07×

- FY2025: 0.08×

### moat: pass

- ROIC, median of available years: 30.3%

- ROIC, second-lowest year: 14.3%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 19.8%

- Recent gross margin (lower of latest and 3-year median): 18.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.4%

- ROIC including acquisitions, ten-year median: 25.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 42.1%

- FY2017: 48.0%

- FY2018: 33.4%

- FY2019: 27.3%

- FY2020: 41.0%

- FY2021: 38.6%

- FY2022: 22.5%

- FY2023: 11.2%

- FY2024: 23.3%

- FY2025: 14.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 13B

- Net income, five-year total: CNY 16B

- Return on incremental invested capital: 11.7%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -9.4 pp

- Working capital / revenue, final three-year average: 2.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.82×

- FY2022: 0.49×

- FY2023: 0.56×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 42.1% vs 14.3%

- Per-share earnings: 1.16 to 2.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: CNY 30B

- Cumulative retained earnings: CNY 24B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.9%

- Per-share value change: CNY 1.31

- Per-share value, starting three-year median: CNY 1.16

- Per-share value, ending three-year median: CNY 2.48

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 0.1%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 2.1B

- Cumulative net income, 10 years: CNY 31B

- ROIC, first three-year median: 42.1%

- ROIC, last three-year median: 14.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.16

- FY2017: CNY 2.64

- FY2018: CNY 2.27

- FY2019: CNY 3.64

- FY2020: CNY 4.44

- FY2021: CNY 4.56

- FY2022: CNY 2.20

- FY2023: CNY 1.01

- FY2024: CNY 2.48

- FY2025: CNY 4.13

### accounting: pass

- Sloan accruals: -2.6%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: 3.0%

- FY2018: -4.7%

- FY2019: -2.2%

- FY2020: -6.5%

- FY2021: -5.1%

- FY2022: -11.6%

- FY2023: -3.1%

- FY2024: -1.4%

- FY2025: -2.6%

## Holders

## Price story

Down 77% since Dec 2021 · sales +10%

Story as of 2026-10-16T10:00:07.435Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.5% a year for ten years

### Sales · FY2024–2025

sales +10%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 15B 

- FY2017: CNY 22B 

- FY2018: CNY 26B 

- FY2019: CNY 38B 

- FY2020: CNY 38B 

- FY2021: CNY 37B 

- FY2022: CNY 33B 

- FY2023: CNY 32B 

- FY2024: CNY 38B 

- FY2025: CNY 42B 

### Gross margin · FY2025

gross margin 19.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 18.3% 

- FY2017: 21.5% 

- FY2018: 18.9% 

- FY2019: 20.5% 

- FY2020: 22.9% 

- FY2021: 23.3% 

- FY2022: 19.9% 

- FY2023: 14.5% 

- FY2024: 18.3% 

- FY2025: 19.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are CNY 42.1 billion.

- Source: https://eodhd.com/api/fundamentals/SNPTF.US.json#2025-12-31 (filed 2026-10-16T07:36:24.325Z); FY2025: revenue 42113562000; grossProfit 8296128000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2382.HK: Sunny Optical Technology (Group) Company Limited, an investment holding company, engages in designing, researching, developing, manufacturing, and selling optical and optical related products, and scientific instruments. It operates through Optical Components, Optoelectronic Products, and Optical Instruments segments. The Optical Components segment offers vehicle lens sets and optical parts for vehicle light detection and ranging, handset lens sets, glass spherical and aspherical lenses for digital cameras, and other optical components. The Optoelectronic Products segment provides XR visual modules, smart glass camera modules, robotic vision subsystems, handset camera modules, and other optoelectronic products. The Optical Instruments segment offers intelligent equipment and microscopes. It also offers mobile phone products and solutions; automotive lens, headlight, HUD, LiDAR, optical elements, automotive camera modules, and active safety warning systems; infrared thermal imaging lens, surveillance lens, and video conference lens; and mobile phone parts inspection and automotive camera module manufacturing equipment. In addition, the company provides life science, industrial inspection, metallurgical, polarization, and stereo microscope instruments; image analysis software; AR/VR optic components and sensors, and system modules; location and recognition systems; and microbes and pathological medical inspection devices. The company operates in China, rest of Asia, Europe, North America, and internationally. Sunny Optical Technology (Group) Company Limited was founded in 1984 and is headquartered in Yuyao, China.

### Why customers stay

Margins ranged from 14.5% to 19.7% during 2023–25; it earns 30.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/SNPTF.US.json#2023-12-31 (filed 2026-10-16T07:36:24.325Z); FY2023: grossProfit / revenue = 14.5%.

- Source: https://eodhd.com/api/fundamentals/SNPTF.US.json#2024-12-31 (filed 2026-10-16T07:36:24.325Z); FY2024: grossProfit / revenue = 18.3%.

- Source: https://eodhd.com/api/fundamentals/SNPTF.US.json#2025-12-31 (filed 2026-10-16T07:36:24.325Z); FY2025: grossProfit / revenue = 19.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.325Z); 10-year return on capital observations [[2016,0.4211905290316622],[2017,0.48046195891215904],[2018,0.3336153787300683],[2019,0.2725624392664924],[2020,0.4103695356994128],[2021,0.38603081848500875],[2022,0.22534294015453663],[2023,0.11163175676458832],[2024,0.23268596564417815],[2025,0.14328704425372166]]; median 0.30308890899828034. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 17.7% of cash earnings; earns 11.7% on new investment.

- Source: https://eodhd.com/api/fundamentals/SNPTF.US.json#2016-12-31 (filed 2026-10-16T07:36:24.325Z); FY2016: growth capex 508539779.4334884; upkeep 432285220.5665116; owner earnings 1155177779.4334884. Growth capex / owner earnings = 0.44022642097814746.

- Source: https://eodhd.com/api/fundamentals/SNPTF.US.json#2017-12-31 (filed 2026-10-16T07:36:24.325Z); FY2017: growth capex 934958565.4558449; upkeep 783295434.5441551; owner earnings 2653086565.455845. Growth capex / owner earnings = 0.3524040932660647.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.325Z); FY2018: growth capex 458016639.9519203; upkeep 2033388360.0480797; owner earnings 1276888639.9519203. Growth capex / owner earnings = 0.3586974036899305.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.325Z); FY2019: growth capex 1696718961.1983578; upkeep 1376363038.8016422; owner earnings 3860691761.1983576. Growth capex / owner earnings = 0.43948573627429316.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.325Z); FY2020: growth capex 25255998.629023552; upkeep 2651701001.3709764; owner earnings 3820281198.6290236. Growth capex / owner earnings = 0.0066110313131104385.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.325Z); FY2021: growth capex 0; upkeep 2525980000; owner earnings 4069240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNPTF.US.json#2022-12-31 (filed 2026-10-16T07:36:24.325Z); FY2022: growth capex 0; upkeep 3113752000; cash acquisitions 0; owner earnings 1169032000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNPTF.US.json#2023-12-31 (filed 2026-10-16T07:36:24.325Z); FY2023: growth capex 0; upkeep 2487783000; cash acquisitions 1411044000; owner earnings 620982000. Growth capex plus acquisitions / owner earnings = 2.2722784235291846.

- Source: https://eodhd.com/api/fundamentals/SNPTF.US.json#2024-12-31 (filed 2026-10-16T07:36:24.325Z); FY2024: growth capex 34103000; upkeep 2226278000; cash acquisitions 64894000; owner earnings 2699159000. Growth capex plus acquisitions / owner earnings = 0.03667697975554608.

- Source: https://eodhd.com/api/fundamentals/SNPTF.US.json#2025-12-31 (filed 2026-10-16T07:36:24.325Z); FY2025: growth capex 615142000; upkeep 2315816000; cash acquisitions 182595000; owner earnings 4519391000. Growth capex plus acquisitions / owner earnings = 0.17651426928982245.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.325Z); Incremental return on capital 0.11729139117646993, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.325Z); Dividend observations: [[2016,228176000],[2017,318130000],[2018,725117000],[2019,623011000],[2020,796458000],[2021,987038000],[2022,1058671000],[2023,517188000],[2024,228267000],[2025,547827000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SNPTF.US.json#2025-12-31 (filed 2026-10-16T07:36:24.325Z); FY2025: cash repurchases 45888441 CNY.

### Are managers owners

Insiders own 37.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2382.HK SharesStats.PercentInsiders = 37.372 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.5% yearly over ten years; actual growth was 19.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.325Z); Ten-year compound average after fade. Initial solved rate -0.02003537603263933. Price 57.15; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7056440816311405 → FY2025 4.12808940527407. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 37.90 per share

- 2016-11: HKD 39.05 per share

- 2016-12: HKD 33.95 per share

- 2017-01: HKD 45.75 per share

- 2017-02: HKD 49.95 per share

- 2017-03: HKD 56.80 per share

- 2017-04: HKD 64.00 per share

- 2017-05: HKD 60.70 per share

- 2017-06: HKD 70.00 per share

- 2017-07: HKD 93.00 per share

- 2017-08: HKD 112.20 per share

- 2017-09: HKD 124.20 per share

- 2017-10: HKD 114.20 per share

- 2017-11: HKD 130.00 per share

- 2017-12: HKD 99.90 per share

- 2018-01: HKD 108.30 per share

- 2018-02: HKD 130.70 per share

- 2018-03: HKD 144.90 per share

- 2018-04: HKD 130.10 per share

- 2018-05: HKD 159.60 per share

- 2018-06: HKD 146.00 per share

- 2018-07: HKD 129.50 per share

- 2018-08: HKD 99.75 per share

- 2018-09: HKD 90.30 per share

- 2018-10: HKD 68.00 per share

- 2018-11: HKD 75.70 per share

- 2018-12: HKD 69.60 per share

- 2019-01: HKD 77.10 per share

- 2019-02: HKD 93.00 per share

- 2019-03: HKD 93.75 per share

- 2019-04: HKD 95.65 per share

- 2019-05: HKD 66.85 per share

- 2019-06: HKD 80.70 per share

- 2019-07: HKD 92.40 per share

- 2019-08: HKD 108.70 per share

- 2019-09: HKD 115.20 per share

- 2019-10: HKD 126.80 per share

- 2019-11: HKD 128.30 per share

- 2019-12: HKD 134.90 per share

- 2020-01: HKD 126.70 per share

- 2020-02: HKD 121.20 per share

- 2020-03: HKD 104.40 per share

- 2020-04: HKD 110.10 per share

- 2020-05: HKD 102.40 per share

- 2020-06: HKD 124.00 per share

- 2020-07: HKD 145.90 per share

- 2020-08: HKD 114.90 per share

- 2020-09: HKD 118.30 per share

- 2020-10: HKD 128.20 per share

- 2020-11: HKD 152.40 per share

- 2020-12: HKD 169.70 per share

- 2021-01: HKD 204.20 per share

- 2021-02: HKD 194.00 per share

- 2021-03: HKD 177.20 per share

- 2021-04: HKD 189.40 per share

- 2021-05: HKD 197.40 per share

- 2021-06: HKD 245.40 per share

- 2021-07: HKD 235.20 per share

- 2021-08: HKD 235.20 per share

- 2021-09: HKD 204.80 per share

- 2021-10: HKD 210.20 per share

- 2021-11: HKD 235.80 per share

- 2021-12: HKD 246.60 per share

- 2022-01: HKD 199.70 per share

- 2022-02: HKD 186.70 per share

- 2022-03: HKD 126.10 per share

- 2022-04: HKD 116.50 per share

- 2022-05: HKD 123.80 per share

- 2022-06: HKD 127.90 per share

- 2022-07: HKD 106.10 per share

- 2022-08: HKD 107.90 per share

- 2022-09: HKD 75.15 per share

- 2022-10: HKD 68.05 per share

- 2022-11: HKD 90.90 per share

- 2022-12: HKD 92.85 per share

- 2023-01: HKD 105.40 per share

- 2023-02: HKD 89.00 per share

- 2023-03: HKD 94.95 per share

- 2023-04: HKD 82.35 per share

- 2023-05: HKD 73.60 per share

- 2023-06: HKD 78.15 per share

- 2023-07: HKD 75.55 per share

- 2023-08: HKD 64.10 per share

- 2023-09: HKD 54.70 per share

- 2023-10: HKD 65.55 per share

- 2023-11: HKD 74.15 per share

- 2023-12: HKD 70.85 per share

- 2024-01: HKD 47.75 per share

- 2024-02: HKD 50.80 per share

- 2024-03: HKD 39.95 per share

- 2024-04: HKD 38.40 per share

- 2024-05: HKD 42.95 per share

- 2024-06: HKD 48.25 per share

- 2024-07: HKD 43.90 per share

- 2024-08: HKD 48.30 per share

- 2024-09: HKD 57.50 per share

- 2024-10: HKD 50.65 per share

- 2024-11: HKD 62.95 per share

- 2024-12: HKD 68.85 per share

- 2025-01: HKD 69.35 per share

- 2025-02: HKD 86.65 per share

- 2025-03: HKD 71.35 per share

- 2025-04: HKD 65.50 per share

- 2025-05: HKD 60.40 per share

- 2025-06: HKD 69.35 per share

- 2025-07: HKD 73.15 per share

- 2025-08: HKD 83.25 per share

- 2025-09: HKD 90.45 per share

- 2025-10: HKD 75.20 per share

- 2025-11: HKD 63.50 per share

- 2025-12: HKD 65.55 per share

- 2026-01: HKD 62.60 per share

- 2026-02: HKD 58.25 per share

- 2026-03: HKD 53.45 per share

- 2026-04: HKD 63.70 per share

- 2026-05: HKD 83.80 per share

- 2026-06: HKD 61.00 per share

- 2026-07: HKD 56.05 per share

- 2026-08: HKD 71.10 per share

- 2026-09: HKD 63.35 per share

- 2026-10: HKD 57.15 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 18.73 per share, central HKD 25.67 per share, high HKD 29.71 per share

- FY2017: low HKD 27.56 per share, central HKD 38.11 per share, high HKD 44.26 per share

- FY2018: low HKD 35.76 per share, central HKD 48.93 per share, high HKD 56.27 per share

- FY2019: low HKD 53.83 per share, central HKD 75.14 per share, high HKD 87.02 per share

- FY2020: low HKD 70.91 per share, central HKD 98.12 per share, high HKD 113.30 per share

- FY2021: low HKD 74.85 per share, central HKD 102.16 per share, high HKD 117.40 per share

- FY2022: low HKD 57.83 per share, central HKD 63.23 per share, high HKD 70.41 per share

- FY2023: low HKD 59.77 per share, central HKD 64.92 per share, high HKD 71.78 per share

- FY2024: low HKD 60.26 per share, central HKD 74.53 per share, high HKD 83.56 per share

- FY2025: low HKD 66.95 per share, central HKD 85.25 per share, high HKD 95.96 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:05.822Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.