Minebea與大立光為iPhone 14 Pro超廣角相機VCM規格升級與Pro機種出貨比重增加的贏家 / Minebea and Largan are the winners of the iPhone 14 Pro ultra-wide camera VCM spec upgrade and the increase in Pro model shipments

受益於iPhone 14 Pro超廣角相機規格升級與Pro機種的出貨比重增加， iPhone 14 Pro超廣角相機VCM出貨量/產值同比增長25–30%/65–70% (與iPhone 13 Pro相較)。

1. Minebea和大立光是VCM供應商，出貨比重分別為60–70%和30–40%，為顯著受益者。
2. Minebea取代Alps，成為iPhone 14 Pro超廣角相機VCM一供，這對Minebea市佔率有顯著幫助。
3. 投資人普遍擔憂在大立光在2H22的毛利率受到VCM出貨量提升影響，但因大立光的VCM的單價 (增加約45% YoY) 與出貨量 (增加約60% YoY) 均提升，且VCM出貨有利於鏡頭垂直整合，故大立光VCM事業利潤將有顯著YoY改善。
4. 大立光在iPhone 14 Pro的超廣角相機VCM供應比重提升至30–40% (vs. iPhone 13 Pro的20%)。
5. Minebea與大立光的VCM上游供應商亦顯著受益，包括Shinwa Seiko (信和精工) 與鉅祥。

iPhone 14 Pro’s ultra-wide camera VCM shipments/output values increase by 25–30%/65–70% YoY (vs. iPhone 13 Pro) thanks to the spec upgrade and shipment allocation increase of Pro models.

1. Minebea and Largan are VCM suppliers and significant beneficiaries, with shipment proportions of 60–70% and 30–40%, respectively.
2. Minebea replaced Alps as the first VCM supplier for the iPhone 14 Pro ultra-wide camera, significantly benefiting Minebea’s market share.
3. Investors’ general concern is that Largan’s gross margin in 2H22 will be affected by the VCM shipment increase, but Largan’s VCM price (increased by about 45% YoY) and shipments (increased by about 60% YoY) will both increase and VCM shipments are conducive to vertical integration with lenses to increase profits, so the profit of Largan’s VCM business will have a significant YoY improvement.
4. Largan’s supply in iPhone 14 Pro’s ultra-wide camera VCM increases to 30–40% (vs. 20% in iPhone 13 Pro).
5. Minebea and Largan’s VCM upstream suppliers also benefit significantly, including Shinwa Seiko and G-Shank.