先進光成為iPad新鏡頭供應商，與大立光合作以及出貨相機模組 (CCM) 為中長期新成長驅動 / AOET will soon be the new lens supplier for the iPad, and its partnership with Largan and camera module (CCM) shipment will drive growth in the medium to long term

我最新調查指出，先進光 (目前是Mac的最大鏡頭供應商) 將自2H23開始出貨iPad 4P鏡頭。除了iPad訂單，我認為先進光未來有3個值得關注的重要成長趨勢。

1. 受益於新iPad訂單，先進光在2H23的營收與獲利可望在經濟衰退下YoY成長。展望中長期，先進光可能依循舜宇光學在Apple鏡頭供應鏈中的成長模式。亦即取得取得iPad訂單 → iPad訂單供應比重提升 →取得iPhone訂單

2. 大立光分享設計與製造經驗給先進光，為先進光成為iPad新鏡頭供應商的關鍵之一，此合作模式可能未來將一再複製。對大立光 (先進光最大股東) 而言，協助先進光去做相對毛利率較低的鏡頭訂單，對雙方是一個雙贏策略。此外，先進光未來也可以用大立光的專利對競爭對手提出訴訟並保護訂單。

3. 與關鍵美系筆記型電腦品牌客戶達成策略合作。為協助該客戶在2024–2026能逐漸降低中國供應商的供貨比重，先進光最快預計自2024年開始出貨CCM，此垂直整合有利先進光長期獲利能力，為未來新成長驅動。

My latest survey indicates AOET (currently a largest lens supplier for Mac) will begin shipping iPad lenses starting from 2H23. Three trends are worth paying attention to for AOET’s future growth.

1. Benefiting from the new iPad orders, AOET’s revenue and profit in 2H23 could grow YoY amid the recession. Looking into the mid-to-long term, AOET could follow in the footsteps of Sunny Optical’s growth in Apple’s lens supply chain by first getting iPad orders, then increasing the supply ratio of iPad orders, and eventually obtaining iPhone orders.
2. Largan shares design and manufacturing experience with AOET, which is one of the keys for AOET to become a new lens supplier for the iPad. For Largan (the largest shareholder of AOET), it is a win-win strategy for both parties to assist AOET in obtaining lens orders with a relatively low gross margin. In addition, AOET can use Largan’s patents to defend itself against competitors and protect future orders.
3. AOET has reached strategic cooperation with a key US laptop brand client and will start shipping CCMs as early as 2024. It will help the customer reduce its dependence on Chinese suppliers from 2024 to 2026. This move will benefit AOET’s long-term profitability and serve as a new growth driver in the future.