Tianfeng International Securities analyst Ming-Chi Kuo said that according to the latest survey, Sun Microelectronics has become the largest supplier of wide-angle camera 7P lens for the iPhone 14 series, and the supply proportion is significantly higher than that of Dalit (3008) and Yujing (3406) and the market consensus; he also analyzed that the average price (ASP) of Dalit’s wide-angle 7P lens is higher than that of Sun Microelectronics and Yujing, so the negative impact of Sun Microelectronics’ market share increase on Dalit’s profitability is lower.
According to Ming-Chi Kuo, the latest survey shows that Sun Micro’s high-grade wide-angle 7P lens (used for two high-grade iPhone 14 Pro) has a shipping proportion of 50-60%; in addition, the lower-grade wide-angle 7P lens (used for two lower-grade iPhone 14) has a shipping proportion of 55-65%; and the supply proportion of Dalit and Yuchip is approximately the same.
According to Ming-Chi Kuo, Sun Microelectronics has significantly increased its production capacity and will continue to obtain more orders from Apple with its price war and improve its capacity utilization; he said that among iPhone lenses, wide-angle lenses make the largest profit contribution, and Sun Microelectronics’ wide-angle lens market share will mainly affect the profitability of Dalit and Yuchip, rather than revenue.
Ming-Chi Kuo emphasized that the ASP of Dalit’s wide-angle 7P lens is 15-25% higher than that of Sun Microelectronics and Tamrac’s. Therefore, the negative impact of Sun Microelectronics’ market share increase on Dalit’s profit is lower; he believes that Sun Microelectronics may become the main supplier of ToF lens for iPhone 15 in 2023, and Tamrac is the main supplier of ToF lens, so the negative impact is expected to be higher than that of Dalit. The negative impact is expected to be higher than that of Dalit.
