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021-58930560First, the optical innovation superimposed scene expands the two-wheel drive
In the era of the mobile Internet, the dependence of information input and output of electronic devices on optical applications continues to increase. We believe that the expansion of optical innovation overlay application scenarios will inject continuous growth momentum into the optical industry chain. The main reasons are: 1. High-definition + wide-angle + telephoto + 3D multi-cam solutions will become mainstream, and penetration rate will continue to increase; 2. Biometrics from mobile phones to multiple terminals Penetration; 3. The rise of intelligent driving and the increasing demand for all-round and high-spec vehicle lenses; 4. The VR/AR real-world interactive upgrade in the 5G era to create new optical scenarios. We are optimistic about upstream optical component suppliers, lens and module manufacturers with outstanding technical reserves and innovative capabilities. We recommend Crystal Optoelectronics and GoerTek. We recommend that we pay attention to Huiding Technology, Weir Shares, Oufeiguang and Lianchuang Electronics.
Second, high-definition and other multi-cam solutions continue to penetrate
Since Sharp launched its first camera phone in 2000, consumers' reliance on real-time photo sharing, short video, and live broadcasting in the mobile Internet era has made optics an important innovation direction for smartphone manufacturers. As mobile phone lens modules continue to upgrade from single cameras to multi-cam solutions for high-definition, wide-angle, telephoto, and 3D, Counterpoint expects that the global penetration rate of three-camera and above models will increase from 15% in 2019 to 50% in 2021. We estimate that this will increase the demand for at least 1.44 billion cameras (based on 1.37 billion smartphone shipments worldwide in 2019), an increase of 35% from the 4.15 billion in 2018, thereby driving demand for lens modules and upstream optical components across the board . In addition, optical innovations such as glass-plastic hybrid lenses and periscope cameras (mini-prisms) will also become the focus of the mobile phone optical industry chain.
3. The rise of mobile phone biometric applications
With the promotion of the full screen, the optical fingerprint under the screen has become the mainstream solution for Android to replace traditional fingerprint unlocking. CINNO Research estimates that global shipments of mobile phones that support off-screen fingerprint unlocking will reach 1.26 billion units in 2024, corresponding to a CAGR of 89% in 19-24. Apple released the iPhone X that supports facial recognition to start a new trend of biometric recognition. The front structured light solution for face unlocking and payment and the post-ToF solution for enhancing shooting effects and supporting somatosensory games are also gradually becoming flagship models such as Huawei and OPPO. Medium application. With the increase in 3D perception penetration rate of mobile phones, the application scenarios are expanding to NB/Pad, industrial control, security, medical and other fields. 3D modules and upstream Vcsel lasers, WLO collimating lenses, narrow-band filters, DOE, Diffuser will become optical New increase in the industrial chain.
Fourth, the 5G era is promising
With the rise of intelligent driving, bicycle vehicle lenses have expanded from high-end categories such as rear-view to side-view, front-view, surround-view, and interior-view. Yole expects the average number of global vehicle-mounted lenses to increase from 1.7 in 1823 to 3 in 2023. With the opening of the 5G curtain, the VR/AR industry ecosystem has gradually matured with the promotion of hardware technology equipment optimization, high-speed network environment support, and application scenario expansion. Realistic interaction based on 3D perception will further enhance the VR/AR user experience and sublimate social Attributes. We believe that VR/AR is expected to become the mainstream wearable device after TWS and smart watches in the 5G era. Fresnel lenses, optical waveguides and 3D sensing related to this will also become a new world of the optical industry chain in the 5G era.
V. Core subject
Crystal Optoelectronics (optical components), GoerTek (optical components), Huiding Technology (fingerprint recognition), Vail (CIS), Ophelia (lens and module), Lianchuang Electronics (lens and module).
risk warning. The 5G replacement and multi-cam penetration rate were lower than expected; market competition intensified the pressure on profits of the industry chain.
Six, stock analysis
Crystal Optoelectronics (002273)
Global market leader in infrared filters
Founded in 2002, Crystal is the world leader in the infrared filter market and is the world's largest supplier of narrow-band filters after VIAVA. At the same time, Crystal actively deployed periscope camera prisms and wafer-level optical components, and cooperated with customers around lens thinning, optical panels, and 3D imaging smart home applications. In addition, according to the company's annual report and mid-term report, Crystal has provided imaging wafer materials by investing in Lumus, a global leader in arrayed optical waveguide hormones, and a joint venture with the world's leading glass supplier SCHOTT. According to Qingting.com, on December 18, 2019, Digilenns, a leader in AR holographic waveguide display technology, announced that it will cooperate with Crystal to jointly expand the Chinese market and seize opportunities for AR industry development.
Established a photoelectric industrial park
Goethe was established in 2001, mainly engaged in the research and development, manufacturing and sales of acousto-optical precision components, acoustic intelligent complete machines, intelligent hardware and other equipment. According to the company's official website and annual report information, the company established the optoelectronic industrial park in 2010, and has exclusively contracted Sony PSVR and Oculus for 16 years. In addition to providing VR/AR acoustic solutions, GoerTek also mastered cutting-edge VR/AR optical technology solutions, provided mainstream Fresnel lenses for VR products, and signed an exclusive generation with WaveOptics, the world's leading diffractive optical waveguide component company Engineering agreement.
Global leader in fingerprint recognition chips
Founded in 2002, Huiding is mainly engaged in chip design, software development and overall solutions in the field of mobile intelligent terminal human-computer interaction and biometrics. According to the 19th Interim Report, the company, as a global leader in fingerprint identification chips, has benefited from the rapid promotion of under-screen optical fingerprint chips since its introduction of under-screen optical fingerprint chips in 18 years. Operating revenue in 1H19 increased by 108% year-on-year to 2.89 billion yuan, of which 86 % Comes from the fingerprint recognition chip. The fingerprint solution under the optical screen is widely used in mainstream brands such as Huawei, OPPO, Vivo, Xiaomi, OnePlus, Meizu, and Lenovo, and has expanded into the fields of tablets, laptops, and IoT.
