Today, Tianfeng International’s famous Apple analyst Ming-Chi Kuo once again updated relevant information about Apple iPhone 12.
Key conclusions of this report:
1. GSEO’s iPhone 12 low-end 1/2.6” 7P wide-angle lens supply proportion may be lower than market expectations due to delayed shipments.
2. Even if GSEO can solve the quality problem, if it wants to maintain the supply proportion, we expect GSEO will need to bargain the unit price of 7P lens by about 30% to 1.5 US dollars (vs. the consensus of the market is 2–2.2 US dollars). This price reduction will affect 2H20 and the gross profit margin in 2021 will have a significant negative impact.
3. The 7P lens’s revenue and EPS contribution to GSEO in 2H20 may be lower than market expectations.
Ming-Chi Kuo pointed out in the report that the GSEO’s iPhone 12 low-end 1/2.6” 7P wide-angle lens has a coating crack quality problem during PVT verification, so the shipment schedule may be delayed. Our latest industry survey points out that the product is supplied by GSEO. The low-end 1/2.6” 7P wide-angle lens for the 5.4-inch iPhone 12 and the 6.1-inch iPhone 12, the coating crack quality problem was found in the high temperature and high humidity (HTHH; High-temperature & high-humidity) verification process.
The shipment schedule of GSEO’s low-end 1/2.6” 7P wide-angle lens may be delayed. Since the camera module (CCM) equipped with low-end 7P wide-angle lens is mainly supplied by Sharp, the coating cracking problem of GSEO is mainly in the quality verification of Sharp CCM Incidentally, Largan’s low-end 1/2.6” 7P wide-angle lens does not have the HTHH coating quality problem, which means Largan still has a significant 7P lens design and production leadership.
Ming-Chi Kuo previously stated in a report that this year’s iPhone 12 series will include 4 models in 3 sizes. All 4 models will use 7P wide-angle lenses, including the 5.4-inch OLED iPhone (rear dual camera) and 6.1-inch OLED iPhone. (Rear dual camera), 6.1-inch OLED iPhone (rear triple camera + ToF) and 6.7-inch OLED iPhone (rear triple camera + ToF).
At the same time, he emphasized that all the wide-angle lenses of the new iPhone 12 will be upgraded from 6P to 7P. Among them, the wide-angle cameras of 5.4-inch OLED iPhone, 6.1-inch OLED iPhone, and 6.1-inch OLED iPhone (rear three-camera + ToF) use 1/2.6” 7P lens, 6.7-inch OLED iPhone (rear three-camera + ToF) wide-angle camera supports Sensor shift and uses 1/1.9” 7P lens.