如果媒體正確引述大立光CEO的發言，這可能是關於該公司今明年展望的最關鍵訊息 / If the media correctly quoted Largan’s CEO’s statements, this could be the most critical information regarding the company’s outlook for this year and next

新聞來源：
大立光下周四法說 三點聚焦
https://udn.com/news/story/7253/8072107

上述新聞提到「林恩平說，今年下半年部分新機旗艦規格下放至其他機種，整體價格（ASP）並未改變。」

Apple是大立光最重要的客戶，大立光也是Apple最大的鏡頭供應商。故上述引用中，指的應該就是2H24新款iPhone 16 Pro與Pro Max均將配備四重反射稜鏡 (潛望鏡) 相機 (2H23新款iPhone 15僅Pro Max配備該相機)。

iPhone 16 Pro與Pro Max配備的四重反射稜鏡相機規格與iPhone 15 Pro Max的一樣，但大立光的出貨單價並未改變，可以得到下列2個關鍵推論。

1. 大立光的出貨價格不受到玉晶光在2H24成為新供應商影響，代表大立光仍極具優勢的主導著iPhone四重反射稜鏡鏡頭 (包含與稜鏡組裝) 的供應。
2. 就算假設大立光是iPhone 16的獨家四重反射稜鏡鏡頭供應商，相同規格的零組件在量產1年後還能維持相同單價，這在Apple供應鏈是極端罕見的事 (連台積電都辦不到)。這代表大立光與Apple所簽署的，並非一般的供應合約。

綜合上述，可得以下2個結論：

1. 大立光具有「某種競爭與談判優勢」，可以維持iPhone 16四重反射稜鏡鏡頭出貨單價不變。而Apple無法用其他鏡頭訂單與未來訂單迫使大立光降價四重反射稜鏡鏡頭，代表大立光的談判優勢可能擴及其他鏡頭訂單與未來訂單。
2. 林恩平提到毛利率取決於產能利用率、價格及良率。因大立光第四季產能利用率滿載 (林恩平先前有說過)，且具有價格優勢與良率提升 (因規格不變)，故大立光下半年的獲利可能會超越市場預期。

Media report source:
Largan’s earnings call next Thursday will focus on three points
https://udn.com/news/story/7253/8072107

The report mentions, “Adam Lin said that some flagship specifications will be extended to other models in 2H24, and the overall price (ASP) has not changed.”

Apple is Largan’s largest customer, and Largan is also Apple’s largest lens supplier. Therefore, the quote likely refers to the fact that the new iPhone 16 Pro and Pro Max will have a tetraprism camera in 2H24 (while only the iPhone 15 Pro Max had this camera in 2H23).

The tetraprism camera specifications for the iPhone 16 Pro and Pro Max are identical to those for the iPhone 15 Pro Max, and the Largan shipment price has not changed. It has two important implications:

1. Largan’s shipment price is not affected by Genius’ new entry into tetraprism lens supply in 2H24, indicating that Largan still has a significant advantage in supplying iPhone tetraprism lenses (including prism assembly).
2. Even assuming that Largan is the exclusive supplier of tetraprism lenses for the iPhone 16, components with the same specifications can still maintain the same unit price one year after mass production, which is extremely rare in the Apple supply chain (even TSMC can’t do it). It means that what Largan and Apple signed is not a general supply contract.

Based on the above, we can draw two conclusions:

1. Largan has a “certain competitive and bargaining advantage” that allows the company to maintain the shipment price of the iPhone 16 tetraprism lenses. Apple cannot force Largan to lower the price of the tetraprism lenses through other lens orders or future orders, indicating that Largan’s bargaining advantage may extend to other lens orders and future orders.
2. Adam Lin mentioned that gross margin depends on capacity utilization, pricing, and yield rates. Largan’s capacity utilization is expected to be fully loaded in 4Q24 (as previously mentioned by Adam Lin), coupled with pricing advantages and improved yield rates (due to unchanged specifications), so Largan’s profits in 2H24 will likely exceed market expectations.