Investment Ratings - Luxshare Precision (002475 CH) - Buy, Target Price: RMB 46.43 [2][5] - Will Semiconductor (603501 CH) - Buy, Target Price: RMB 131.00 [2][5] - Sunny Optical (2382 HK) - Buy, Target Price: HK$ 64.00 [2][5] Core Insights - The report highlights the new iPhone 16's camera control features and AI specifications upgrades, which exceeded market expectations [3][10] - The introduction of the iPhone 16 series is expected to support sales momentum due to stable pricing and improved camera capabilities [10][25] - The report upgrades Sunny Optical's rating to Buy based on optimistic revenue growth and operational leverage from R&D and marketing investments [4][25] Summary by Sections Investment Ratings and Target Prices - Luxshare Precision's target price increased by 9% from RMB 42.70 to RMB 46.43 [2] - Will Semiconductor's target price increased by 9% from RMB 120.00 to RMB 131.00 [2] - Sunny Optical's target price increased by 3% from HK$ 62.00 to HK$ 64.00 [2] iPhone 16 Features - The iPhone 16 Pro and Pro Max have screen sizes increased to 6.3 inches and 6.9 inches respectively [3][10] - The A18 chip shows a 100% improvement in GPU performance and a 30% improvement in CPU performance compared to the A16 chip [3][10] - The ultra-wide camera resolution upgraded from 12MP to 48MP, and the telephoto lens zoom improved from 3x to 5x [3][10] Market Outlook - The report expresses confidence in Luxshare Precision's profitability outlook for 2025, positioning it as a top choice in the smartphone supply chain [4][25] - Will Semiconductor is expected to benefit from the domestic CMOS localization trend, with an anticipated increase in market share in the mid-to-high-end Android smartphone CIS market [4][25] - Sunny Optical's projected compound annual growth rate for EPS from 2023 to 2026 is estimated at 52.7%, leading to an upgrade in its rating [4][25]
科技硬件：重点关注新iPhone相机控制功能及AI相关规格升级；上调舜宇光学至买入评级
Huajing Securities·2024-09-24 06:37