Apple’s iPhone 14 lineup’s front camera will upgrade to Auto Focus (AF) vs. the existing Fixed Focus (FF), significantly improving the selfie and video performance, TF International Securities analyst Ming-Chi Kuo says.
— 郭明錤 (Ming-Chi Kuo) (@mingchikuo) June 13, 2022
• The critical hardware upgrades include adding a VCM [Voice Coil Motor] and upgrading to a 6P lens (vs. the existing 5P).
• Winners for the iPhone 14’s front camera upgrade to AF are Genius and Cowell.
– Genius is the main supplier for the 6P lens, and the ASP is about 20% higher than 5P.
– The CCM maker Cowell, under Luxshare ICT group, can benefit from the vertical integration of CCM [CMOS Camera Module] and VCM [Voice Coil Motors], given Luxshare ICT is the new VCM supplier for the front camera.
• It is worth noting that Genius’s iPhone 14 total lens supply proportion will be higher than that of Largan, which is the first time that Genius’s new iPhone lens’s order allocation surpasses Largan.
• Cowell has more growth upside vs. peers in coming years thanks to iPhone’s rear-camera orders.
• Luxshare ICT is a new VCM supplier, but the VCM contribution to its sales/EPS should be limited given its enormous business scale.
iPhone 14 front AF camera supply chain:
– CIS: Sony
– Lens: Genius and Largan
– VCM: Alps and Luxshare ICT
– CCM: LG Innotek and Cowell
MacDailyNews Take: The iPhone’s front camera can certainly stand some improvement, so this will be a welcome new capability and yet another iPhone 14 selling point!
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