天馬首度打入Apple供應鏈，為Apple再造智能家庭策略的新受益者 / Tianma is set to debut in Apple’s supply chain, becoming a new beneficiary of Apple’s revamped smart home strategy

1. 我預測Apple可能將在1H24推出配備約7吋面板的全新設計HomePod，天馬為獨家面板供應商。
2. 配備面板的HomePod可強化與其他自家硬體產品整合，為該公司智慧家庭策略的關鍵轉向。
3. 正向看待天馬在Apple供應鏈的長期成長趨勢。天馬未來可望依循比亞迪電子或京東方在Apple供應鏈的成長模式，意即從低階產品開始做起，逐步提高出貨比重與透過技術能力升級並取得更高規的產品。若出貨順利，天馬的下一個Apple訂單可能是iPad面板。
4. 天馬目前Android手機面板產能滿載，產能利用率優於競爭對手。若此產能滿載狀況能持續至2H23，則2023年的營收與利潤或能擊敗市場預期。

Tianma is set to debut in Apple’s supply chain, becoming a new beneficiary of Apple’s revamped smart home strategy.

1. I predict that Apple will unveil a redesigned HomePod featuring a 7-inch panel in 1H24, with Tianma as the exclusive panel supplier.
2. The HomePod, which equips a panel, could enable tighter integration with Apple’s other hardware products, marking a significant shift in the company’s smart home strategy.
3. Tianma’s long-term prospects in Apple’s supply chain look promising. It’s poised to follow the growth path of BYD Electronics or BOE by starting with low-end products and gradually increasing its shipment allocation, and obtaining higher-end products through technology capacility upgrades. Tianma’s next orders from Apple may be iPad panels if the shipment goes well.
4. Tianma’s Android smartphone panel production capacity is full currently, and its capacity utilization rate surpasses its competitors. If this trend continues until 2H23, its revenue and profit in 2023 could exceed market expectations.