Founder Securities(SH:601901) 智通财经网·2025-07-31 03:41Core Viewpoint - The global camera module market is expected to grow from $36 billion in 2023 to $46 billion by 2029, driven by innovations in optics, the acceleration of automotive intelligence, and the increasing popularity of new consumer imaging devices [1] Group 1: Mobile Phones - The focus of competition in mobile phone configurations is shifting towards optical technology upgrades, with innovations such as periscope cameras and OIS optical stabilization penetrating mid-range models [2] - New technologies like variable apertures and hybrid lenses are expected to accelerate penetration into high-end models, driven by industry leaders [2] - Continuous attempts by mobile manufacturers to innovate in optical technology are likely to sustain steady growth in the mobile optical market [2] Group 2: Smart Imaging Devices - Optical systems are a crucial component of smart imaging devices, with professional drones typically equipped with around six cameras, and optical lenses accounting for nearly 60% of the BOM cost of handheld smart imaging devices [3] - Companies like DJI, Insta360, and GoPro are continuously innovating their products, and the demand for short video creation is driving the growth of drones and handheld smart imaging devices [3] - The increase in shipments of drones and handheld smart imaging devices is expected to accelerate the expansion of the related optical module market [3] Group 3: Automotive - The "intelligent driving equality" era is expected to begin in 2025, with companies like BYD leading the way, marking a turning point for high-level intelligent vehicles [4] - The number of cameras used in high-level intelligent vehicles is projected to increase from 3-8 to 8-12, with pixel requirements rising from 2M to 8M [4] - The growth in sales of high-level intelligent vehicles is anticipated to drive significant revenue growth for companies in the optical industry chain [4] Group 4: XR Devices and Robotics - Optical modules are essential for creating immersive experiences in XR devices, with major manufacturers pushing for technological upgrades and market maturity [5] - The global demand for VR/AR cameras is expected to rise from 60 million units in 2024 to 227 million units by 2029 [5] - Robotics companies like Tesla and UTree Technology are advancing humanoid robot technology, which is expected to open up consumer applications and growth potential in the optical industry chain [5]