Electronic analyst Guo Mingchi stated in a post today that Apple has been using a four fold reflex prism (periscope) camera since the iPhone 15 Pro Max, and has planned to upgrade its specifications in the coming years. The latest supply chain survey shows that iPhones will continue to use glass prisms in the coming years. Crystal Optoelectronics, the first supplier of prisms, is one of the leading beneficiaries in the related supply chain.
Crystal Optoelectronics quickly rose in the afternoon and achieved a limit up.
According to Guo Mingchi, some models of the next four generations of Apple phones are expected to use glass prisms——
In the second half of 2024, both the Pro and Pro Max models of the iPhone 16 series will adopt a quad prism camera (with the same specifications as the iPhone 15 Pro Max); The penetration rate of quad reflex prism cameras has increased from 35% -40% in the iPhone 15 series to 60% -65% in the iPhone 16 series, resulting in a year-on-year increase of approximately 160% in quad reflex prism camera shipments in 2024.
The high-end iPhone 17 model is expected to be equipped with an upgraded quad reflex prism camera. It is currently uncertain whether only the iPhone 17 Pro Max will be equipped with the upgraded quad reflex prism camera. If so, the 2H26 iPhone 18 Pro will also be equipped with the upgraded quad reflex prism camera.
The quad reflex prism camera will once again receive a significant upgrade in specifications on the new iPhone 19 in 2027, with a larger upgrade than the iPhone 17 and iPhone 18. It is expected that the quad reflex prism camera of the 2H27 new iPhone will support higher optical zoom magnification.
Crystal Optoelectronics is a core supplier of optical components for Apple, providing thin film optical panels, microprisms, and other products that can be used for front and rear cameras, facial recognition modules, camera covers, and more in Apple phones. Guo Mingchi stated that the revenue and profit of Crystal Optoelectronics will benefit from the increase in supply proportion (from 70% -75% in 2023 to over 80% in 2024); The capital expenditure and research and development expenses in 2024 will be significantly reduced, which is also conducive to profit growth.
It is worth noting that according to media reports, Apple's embrace of AI is expected to boost demand for iPhones. Apple plans to increase new iPhone shipments by 10% in 2024 and expects iPhone 16 shipments to reach 90 million units in the second half of this year.
As of Wednesday's close, Apple's stock price rose 1.88% to $232.98, setting a new historical high for the seventh consecutive trading day. The company's total market value reached $3.572 trillion, regaining its position as the global "stock king" and widening the gap with Microsoft by $100 billion.
Correspondingly, A-share Apple concept stocks have shown strong performance recently. This week (as of press), Chaoyang Technology, Jiebang Technology, Dongshan Precision, Shennan Circuit, Lante Optics, Hengmingda, Boshuo Technology, Crystal Optoelectronics, Xiangyuan New Materials, and Desai Battery have all seen cumulative gains of over 15%. Other concept stocks such as GoerTek, Lansi Technology, Leading Intelligence Manufacturing, Huanxu Electronics, and Changying Precision have been oscillating upwards for several consecutive months.
Industry insiders believe that with the upcoming launch of the new iPhone and the arrival of the peak season in the consumer electronics industry, the performance of "Guolian" company is poised to take off.
China International Capital Corporation (CICC) stated that in the era of end-to-end AI, it is recommended to prioritize the Apple industry chain, and Android is expected to closely follow. 2H24-2025 may usher in the common prosperity of the Apple and Android industry chains.