舜宇光學2025年營運動能可望顯著受益於成為Apple新相機模組供應商與iPhone訂單回流 / Sunny Optical’s 2025 business momentum to benefit significantly from being a new CCM supplier for Apple & iPhone orders return

郭明錤 (Ming-Chi Kuo)

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成為Apple新相機模組 (CCM) 供應商：營收翻倍已成為可實現的長期營運目標

1. 舜宇光學預期將在2025年成為Apple的新CCM供應商，並在越南量產與出貨新款M5系列MacBook機型的CCM。有鑒於舜宇光學為全球CCM一線供應商，若MacBook CCM出貨順利，未來可望成為iPhone與iPad CCM的新供應商。
2. 成為Apple CCM的新供應商對舜宇光學意味著兩個新重要趨勢，分別是營收翻倍已成為可實現的長期營運目標，以及垂直整合有利利潤成長。
3. Apple每年的CCM採購金額約130–150億美元，約舜宇光學每年營收的3倍。若舜宇光學在未來數年能持續取得Apple CCM訂單且其他業務同時成長，則長期而言營收翻倍並非不無可能。
4. Apple光學供應鏈中，只有舜宇光學能同時出貨CCM與鏡頭，此垂直整合優勢有利於利潤成長。

iPhone訂單回流：有利2025年營運動能

1. 舜宇光學在2023年因生產問題，故流失iPhone鏡頭訂單給競爭對手，導致供應比重降到極低。
2. 然而，我的最新調查顯示，自2H24開始，iPhone的訂單將逐漸重回到舜宇光學。這應與舜宇光學持續改善生產並與Apple溝通。
3. 舜宇光學的目標是在2025年恢復2023年的鏡頭供應比重，有利該公司2025年營運動能。

Becoming Apple’s new camera module (CCM) supplier: doubling revenue has become an achievable long-term goal

1. Sunny Optical will become Apple’s new CCM supplier in 2025, with mass production and shipments in Vietnam for the CCM of the new M5 series MacBook models. Given that Sunny Optical is a first-tier CCM supplier in the world, if MacBook CCM shipments go smoothly, Sunny Optical may become the new CCM supplier for iPhone and iPad in the future.
2. Becoming Apple’s new CCM supplier implies two important trends for Sunny Optical: doubling revenue has become an achievable long-term goal, and vertical integration supports profit growth.
3. Apple’s annual CCM procurement amounts to approximately $13–15 billion, about three times Sunny Optical’s yearly revenue. If Sunny Optical continues to secure Apple CCM orders in the coming years while growing other businesses, doubling revenue in the long term is not impossible.
4. In Apple’s optical component supply chain, only Sunny Optical can simultaneously supply CCM and lenses. This vertical integration advantage is conducive to profit growth.

Return of iPhone orders: beneficial to business momentum in 2025

1. In 2023, due to production problems, Sunny Optical lost iPhone lens orders to competitors, significantly reducing the company’s supply allocation.
2. However, my latest survey indicates that starting from 2H24, iPhone orders will gradually return to Sunny Optical. This is due to Sunny Optical’s continuous production improvement and communication with Apple.
3. Sunny Optical aims to restore its 2023 lens supply allocation by 2025, fueling its business momentum in 2025.