"Tianfeng securities predicts that the camera will be upgraded to one of the biggest selling points of the new 2h19 iPhone. Major upgrades include: (1) 6.5-inch OLED, 5.8-inch OLED and 6.1-inch LCD rear camera are upgraded to three camera, three camera and two camera respectively. Three new ultra wide angle cameras are equipped with 12MP / 1um CIS and 5p / f2.2 lenses exclusively supplied by Sony, and (2) the front camera of three new iPhones is upgraded to 12MP CIS + 5p lens (vs. the current 7mp CIS + 4P lens).
Black mirror coating is beneficial to the increase of unit price. In order to make the lens less obvious in appearance, the rear ultra wide-angle lens and front camera lens will adopt black lens coating technology.
According to the assumption of Figure 1 of Tianfeng securities, the shipment of yujingguang's new iPhone rear lens is expected to be very significant in 2h19, with an increase of about 1000% YoY (compared with 2h18), which is the main supplier of rear wide-angle lens and rear ultra wide-angle lens（ 1) Due to the limited improvement of yujingguang's design and production capacity of 6p lens and the limited change of wide-angle lens specifications, yujingguang with price advantage is the main supplier of wide-angle lens for the new 2h19 iPhone, with the proportion increased to 65% (vs. 10% of 2h18). (2) because the new ultra wide-angle lens is 5p, yujingguang has design and production advantages, so the yield is higher than daliguang and is the main supplier (with the proportion of about 80%).
Tianfeng securities predicts that yujingguang is the biggest beneficiary of the new 2h19 iPhone lens. In addition, it also benefits from two new products, namely the flash protection cover of the new 2h19 iPhone camera and the fingerprint under the optical screen of huiding.
(1) Benefiting from being the main supplier of high unit price wide-angle and ultra wide-angle lenses, we estimate that yujingguang will grow by 110 – 120% in 2h19 (compared with 2h18) in terms of the revenue of the new iPhone lens
(2) Yujingguang replaced the existing supplier and became the new exclusive supplier of flash protection cover for new 2h19 iPhone camera (ASP about US $0.2 – 0.3), with a supply proportion of 100%
(3) It will become the supplier of fingerprint optical lens under huiding optical screen, and is expected to ship from 4q19 – 1q20.
Although daliguang has significantly lost orders for the new 2h19 iPhone advanced lens to yujingguang, it is still a leading manufacturer in the lens industry and will continue to benefit from the rapid growth of the lens industry.
(1) The shipment of high unit price periscope and 7p lens is expected to grow rapidly in the next two years
(2) It is the biggest beneficiary of Huawei mobile phone high-level lens
(3) The supply proportion of Samsung lens 2h19 is expected to be higher than the market expectation.
As the timing enters the second quarter, Apple's new machine design is roughly finalized, and many design news flows out one after another. Two new changes have come out of Apple's new iPhone model in the second half of this year. First, the new iPhone flagship will be equipped with three main lenses, and the front lens will rise from 7 million pixels to 12 million pixels. Second, the iPhone se will appear on the market as a revised version of the iPhone Xe.
In his latest report, Guo Mingxuan pointed out that there are two major lens upgrades for the flagship iPhone in the second half of this year. First, the main lens of the 6.5-inch and 5.8-inch OLED models will be upgraded from the previous dual lens to three lenses, and the new three lens will add an ultra wide-angle lens, while the 6.1-inch LCD model with only one lens will be upgraded to dual lens; In addition, the front lens of the three new iPhones will be upgraded to 12 million pixels, much better than the current 7 million pixel front lens.
In order to make the lens less conspicuous in appearance, Guo mingpeng said that the rear ultra wide-angle lens and front lens will adopt black lens coating technology; Guo Mingxuan also named yujingguang (3406) and daliguang (3008) as the main suppliers of rear wide-angle lens and ultra wide-angle lens for the new iPhone.
In addition to the flagship models, Apple's Small-size products also continue to receive market attention. In the past, although the panel size of the 4-inch SE version was small, there were still a group of loyal fans who liked small size. Some Apple fans were looking forward to when the 4-inch products would be launched into the market. It is understood that the modified version of SE will be launched into the market as Xe and have the opportunity to appear in the third quarter.
However, with the progress of the times, with more and more apps for smart phones, it is difficult for the mobile phone panel to return to the small size in the past. It is understood that the screen size adopted by Xe is 4.8 inches, which is larger than the previous 4 inches. However, Xe will also have Liuhai screen, face ID and metal back cover. However, because the size of mobile phones is small, the overall function cannot be as complete as that of flagship models. Therefore, According to the market, Xe will abandon the wireless charging function, and the photographing function will be similar to XR, using a single lens design.
Next, Apple will hold an autumn conference in September, in which it will publish the new iPhone in 2019. Under the circumstances, Guo Mingyu, a Chinese Tianfeng securities analyst who has studied Apple products and its supply chain, said that the biggest selling point of the new iPhone will be the camera upgrade, and this time it is also optimistic that yujingguang, a Taiwan optical factory, will become its biggest beneficiary. Although the leading daliguang lost relevant orders to yujingguang, it is still optimistic about the performance of daliguang due to the continuous growth of the lens industry.
Guo Mingyu said that in order to make the camera configuration less obvious, the new iPhone will adopt black mirror coating technology on the wide-angle lens of the rear camera and the front camera lens, which is also conducive to the improvement of the lens unit price. In addition, yujingguang will be selected as the supplier of wide-angle and ultra wide-angle lenses of rear camera for the new iPhone, and yujingguang will also start to supply in the second half of 2019, which is expected to significantly increase the annual growth rate of yujingguang to 1000%.
As for the situation that yujingguang's annual growth rate will increase significantly, Guo mingpeng pointed out that yujingguang will increase its revenue by 110% to 120% in the second half of 2019 because yujingguang serves as the main supplier of wide-angle and ultra wide-angle lenses for the new iPhone rear camera. In addition, yujingguang will also be the supplier of iPhone camera flash protection cover and China GOODIX optical off-screen fingerprint identification lens, which will boost yujingguang's revenue.
In addition to yujingguang, Guo mingpeng also pointed out that although daliguang, a leading optical manufacturer, lost some lens orders for the new iPhone in 2019 to yujingguang, daliguang still occupies its leading position. In addition, the shipment of periscope lens and 7p lens is expected to grow rapidly in the next two years, and daliguang is the biggest beneficiary of China's Huawei mobile phone advanced lens, And Samsung will continue to see the development of daliguang when the proportion of lens supply in the second half of 2019 is expected to be higher than the market expectation., Read the full text, the original title: iPhone | Guo Mingyu said he would upgrade the three camera configuration, ultra wide angle, and yujingguang was the main supplier
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