Apple analyst Ming-Chi Kuo is out with his latest research notes. This time, his report focuses on the key to the growth of Apple's orders in 2025 and 2026 is as follows:

1. The proportion of lens supply in 2025 will rebound significantly from about 5% in 2024 to 15-20%

Sunny Optical's Apple lens orders have gradually recovered since 2H24, and the supply proportion is estimated to be about 5% in 2024. Looking forward to 2025, benefiting from the ultra-thin iPhone 17 and the more mature Apple Intelligence, iPhone shipments in 2025 are expected to grow by about 5% to 230 million units, which will have a more significant impact on the recovery of Sunny Optics' market share.

2. Ship M5 series MacBook Pro camera module (CCM)

 in 2025 Sunny Optics is a first-line CCM supplier for Android, and its design and manufacturing capabilities can meet Apple's high requirements. If the shipment goes well, this order will not only contribute revenue and profit from 2025 and 2026, but also mean that it is expected to become a CCM supplier for iPad and iPhone in the future, which is a source of new growth drivers in the long term.

3. Sunny is expected to receive a high unit price order for the iPhone 18 variable aperture camera shutter and lens in 2026

One of the major upgrades for the high-end iPhone 18 in 2026 is that the wide-angle lens will be upgraded to a variable-aperture camera, which will significantly improve the user experience. According to Kuo’s latest industry survey, Sunny Optics will be the No. 1 supplier of shutter (No. 2 is Luxshare) and the No. 2 supplier of variable aperture lenses (No. 1 is Daliguang). The advantage of Sunny Optics in this order is that it has experience in designing and manufacturing variable aperture cameras (for Android customers), and the shutter order advantage is helpful for lens orders.