Ming-Chi Kuo: Sunny Optical has regained Apple’s iPhone lens orders, entered the Mac camera module supply chain, and is expected to double its revenue

On July 17, Ming-Chi Kuo released an investment briefing today, saying that Sunny Optical has become a new camera module (CCM) supplier for Apple, and doubling revenue has become an achievable long-term operating goal. According to public information, Sunny Optical Technology (Group) Co., Ltd. was founded in 1984 and is the world's leading manufacturer of comprehensive optical components and products.

Group Business

The Group is mainly engaged in the design, research and development, production and sales of optical and optical related products. The company has formed eight major business sectors:

1. Mobile phone industry
2. Automotive industry
3. Security industry
4. Microscopic instrument industry
5. Robotics industry
6. AR/VR industry
7. Industrial testing industry
8. Medical testing industry

Ming-Chi Kuo Investment News

Sunny Optical becomes Apple’s new CCM supplier

It is expected that Sunny Optical will become Apple’s new CCM supplier in 2025 and mass produce and ship CCM for the new M5 series MacBook models. Since Sunny Optical is a first-tier CCM supplier, if MacBook CCM shipments go smoothly, it is expected to become a new supplier of iPhone and iPad CCM in the future.

Long-term impact on Sunny Optical

Becoming a new Apple CCM supplier has brought two new trends to Sunny Optical:

1. The long-term operating target of doubling revenue has been achieved
2. Vertical integration is beneficial to profits Growth

Advantages of vertical integration

In the Apple optical supply chain, Sunny Optical is the only supplier that can ship CCM and lenses at the same time. This vertical integration advantage is conducive to profit growth.

iPhone order reshoring

Sunny Optical lost iPhone lens orders in 2023 due to production problems. The latest survey shows that starting from 2H24, iPhone orders will gradually return to Sunny Optical. The goal is to restore the proportion of lens supply in 2023 in 2025, which will be beneficial to the company's operating performance in 2025.

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