Sniper

The Report is produced in Chinese only.

昔日報告:
  17-01-2022 (星期一) 手機鏡頭出貨增幅放緩.佈局車載鏡頭企業更值得關注
  20-12-2021 (星期一) 第二批大型風電光伏基地專案啟動申報,新能源發電行業有望加速發展
  15-11-2021 (星期一) 元宇宙概念湧現,VR/AR行業風行
  25-10-2021 (星期一) 電力行業近期政府文件發佈較多,相信新能源發電提供穩定增長投資機會
  27-09-2021 (星期一) 汽車行業受芯片荒擾動,提供長期佈局期
[第1頁 / 共61頁]

手機鏡頭出貨增幅放緩.佈局車載鏡頭企業更值得關注

近幾年後置鏡頭的數量持續增加,三鏡頭在前年超越雙鏡頭成為智能手機主流,因而拉動手機相機模組出貨量出現較大增長。然而,根據TrendForce的研究報告顯示,多鏡頭經歷數年的高速增長後,從去年下半起鏡頭的出貨量增幅開始出現放緩,估計2022年鏡頭模組出貨量只有2%的按年增幅至49.2億件。

據該研究公司的分析指,四鏡頭的滲透率在2020年下半起大幅提升,主要原因是品牌手機商旗下的中階機型號透過採用更多鏡頭作為銷售賣點,但由於消費者對使用微距與景深鏡頭的頻率較低,加上四鏡頭對整體拍照效果的提升亦有限,在PMIC、Driver IC等半導體晶片以及運費漲價等導致手機成本持續高企,同時又未能有效將成本轉嫁給消費者,結果低階鏡頭搭載的空間被排擠。

參考舜宇光學科技(02382)去年12月各主要產品出貨量數據,手機鏡頭出貨量1.21億件,無論按年或按月皆出現下滑,分別減少7.3%及2.2%;手機攝像模組出貨量雖然按年增加14.6%,但主要是因為去年同期供應鏈中的關鍵零部件缺貨而導致出貨量基數較低。蘋果主要的鏡頭供應商大立光(03008-TW)12月營收為 45.02 億元新台幣,儘管按年仍減8.3%,但按月增 3.45%,為11個月來新高,也是連續7個月上升。當中,主要是受惠於蘋果手機晶片缺貨問題在11月起出現改善。

儘管整體鏡頭出貨量增長趨緩,但據TrendForce的分析指鏡頭解析度仍持續提升。以主鏡頭為例,目前主流產品為1300至4800萬畫素,在2021年佔比超過五成;其次為4900至6400萬畫素的產品,去年佔比升至逾二成,預期滲透率在今年將進一步提高。另外,第三佔比最高的為1200萬畫素產品,目前主要以蘋果及三星的旗艦機為主,但預期蘋果今年推出的新機型也將導入4800萬畫素,導致1200萬畫素產品在2022年將回落至15%。至於超高質達到1.08億畫素的產品,估計滲透率在今年也有望突破5%,這主要是除了原先的三星(Samsung)與小米(1810)以外,Vivo與榮耀(Honor)從去年起也開始導入,但礙於這類不損畫質的超高畫素產品對一般消費者的邊際效益有限,料滲透率提升的速度將不如4900至6400萬畫素的產品。

據DIGITIMES Research的統計,去年全球智能手機出貨年增僅6.1%,當中下半年更不增反跌,連續兩季皆錄得按年下滑,合計不及7億部;儘管手機相機所搭載鏡頭數量有所增加,但受到供應鏈不平衡情況及高規鏡頭需求疲弱,加上行業競爭十分激烈,預料對產品的平均單價及普遍零部件廠的毛利率皆帶來壓力。總體而言,大立光和舜宇光學在高端鏡頭是主要競爭對手,但前者技術和製造優勢明顯,惟增長卻出現放緩;後者是最早進入車載鏡頭的公司之一,佈局也是相對上較為全面,在今年可望擺脫汽車供零部件缺貨的情況下,應可以持續關注其發展。

撰稿: 李浩然研究分析員
電話:
(+852 2277 6516)

電郵地址:
erichyli@phillip.com.hk
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us