来源：源媒汇 作者 | 利晋 编辑 | 苏淮 "果链女王"王来春，正在帮胞弟王来喜"组装"一个立讯精密。 立景创新科技股份有限公司（下称"立景创新"）日前在港交所主板递交了上市申请书，联席保荐人为中 信证券、中金公司。 王来春及其兄长王来胜，一起为小弟王来喜孵化长达7年的平台，终于浮出水面。 招股书显示，立景创新为一家精密光学解决方案提供商，主要面向全球消费电子、汽车电子、智慧办公 应用以及智能机器人、XR智能终端、智能眼镜等其他新兴领域的中高端光学模块及系统集成市场。 靠着立讯精密王来春家族及其背后的"果链"，短短几年，立景创新已在消费电子摄像头模块多个细分领 域拿下第一、第二名。 按立景创新2024年出货量、收入计算，全球每6台笔记本电脑就有1台搭载立景创新摄像头模块；同时， 在消费电子摄像头模块领域，立景创新位居全球厂商第2名、中国厂商第1名。其中，在笔记本电脑、平 板电脑摄像头模块上，排在全球厂商第1名。 当下，立景创新的业务正从消费电子延伸到汽车电子、办公领域。不过，无论从创立到业务拓展，立景 创新都离不开"买买买"，由此得以快速实现规模化。 这也催生了一个问题——产生了巨额负债，且以银行贷款、租赁 ...

三星电子曾表示，原本因为关税等有利因素考虑建设墨西哥工厂，但由于一些不确定因素，现已暂停。 此外，业界曾预测三星电子将撤回墨西哥投资，转寻其他国家。 美国政府于5月决定，适用《美国-墨西哥-加拿大协定》的汽车零部件，免征25%的关税。随着零部件免 税决定出台，三星电子生产的摄像头模块也能享受此优惠。三星电子因墨西哥投资的最大障碍——关税 不确定性已消除，加之北美市场对摄像头模块的需求增长，已重新开始审查投资。 业界相关人士分析称，三星电子目前正向特斯拉等供应摄像头模块，随着三星与特斯拉的合作关系扩 大，此举是为了通过墨西哥工厂尽快构建更稳定的供应链。 值得一提的是，三星电子还计划向人形机器人供应摄像头模块。目前，其已接到相关业务订单，正处于 具体化供应量的阶段。 【CNMO科技消息】12月2日，据外媒报道，三星电子正重新推进在墨西哥建设摄像头模块工厂的计 划。此前因政策不确定性而暂停的投资，随着关税问题解决及需求增长，现已重启。 三星电子 据CNMO了解，三星电子于2023年11月在墨西哥设立法人，推进本地化进程，旨在建设用于汽车的摄像 头模块工厂。然而，随着美国关税政策变化及贸易协定重新谈判等不确定性增加， ...

Core Insights - The upstream supply chain for the smartphone industry is experiencing price increases, with SanDisk announcing a price hike of over 10% for all products, potentially signaling a new round of price increases across the board [1] - The domestic smartphone market has shown a "rise and then fall" trend, with high-end market support becoming more pronounced, as evidenced by a 4% year-on-year decline in smartphone shipments in Q2 2025 [2] - The "national subsidy" program has had a stimulating effect on high-end smartphone sales, but its impact is expected to diminish in the second half of the year, leading to increased competition among manufacturers [2][10] Supply Chain Dynamics - Major storage manufacturers have announced production halts for DDR4 products, leading to a price inversion with DDR5, although some manufacturers are reconsidering complete halts due to ongoing supply-demand imbalances [1] - The DRAM price index has increased by approximately 72% in less than six months, with DDR4 and LPDDR4X prices starting to rise in Q2 and expected to continue through the end of the year [5] - Micron's exit from the mobile NAND market is anticipated to result in a slight increase in NAND prices in Q4 [6] Company Performance - Sunny Optical reported a revenue of 19.652 billion yuan in the first half of the year, a 4.2% increase year-on-year, despite a 21% decline in smartphone camera module shipments [3] - Q Technology achieved a revenue of approximately 8.832 billion yuan, a 15.1% year-on-year increase, driven by a 47.9% growth in sales of camera modules for non-mobile applications [3] - The average selling price of camera modules increased by about 27.2%, contributing to revenue growth for Q Technology [3] Market Trends - The high-end smartphone segment, priced above $600, saw a year-on-year shipment increase of approximately 9.2% in the first half of the year, indicating strong resilience [4] - The overall global smartphone shipment is projected to reach 1.22 billion units in 2023, reflecting a slight year-on-year increase of 0.1% [4] - The competitive landscape is shifting, with manufacturers focusing on differentiation and high-quality products to stimulate consumer demand for upgrades [4][10] Strategic Responses - Companies are adapting to rising supply chain costs by increasing inventory and diversifying suppliers for mid-range memory components [9] - Realme plans to enhance its product offerings and marketing strategies, focusing on differentiation to attract younger consumers [10] - The company aims to open 400 new service and experience stores, bringing the total to 900 by the end of the year [10]

Group 1: Market Trends - The upstream supply chain is experiencing price increases, with SanDisk announcing a price hike of over 10% for all products, potentially signaling a new round of price increases across the industry [1] - The domestic smartphone market showed a "first rise then fall" trend in the first half of the year, with a 4% year-on-year decline in smartphone shipments in Q2 2025, ending six consecutive quarters of growth [2] - The high-end smartphone market is showing resilience, with shipments of devices priced over $600 increasing by approximately 9.2% year-on-year in the first half of the year [4] Group 2: Supply Chain Dynamics - Major storage manufacturers have announced production halts for DDR4 products, leading to a price inversion with DDR5, although some manufacturers are reconsidering complete halts due to ongoing demand [1][5] - DRAM prices have surged by about 72% in less than six months, with DDR4 and LPDDR4X prices starting to rise in Q2 and expected to continue through the end of the year [5] - The exit of Micron from the mobile NAND market is anticipated to cause a slight increase in NAND prices in Q4 [6] Group 3: Company Performance - Sunny Optical reported a revenue of 19.652 billion yuan in the first half of the year, a 4.2% increase year-on-year, despite a 21% decline in smartphone camera module shipments [3] - Qiu Tai Technology achieved a revenue of approximately 8.832 billion yuan, a 15.1% year-on-year increase, driven by growth in non-mobile sectors and an increase in average selling prices of camera modules [3] - The company plans to focus on high-end camera modules and expand into automotive and IoT sectors, which has positively impacted their gross margin [3] Group 4: Competitive Strategies - Companies are focusing on product differentiation and high-quality offerings to stimulate consumer demand in a competitive market [2][7] - Realme is planning to enhance its product offerings and marketing strategies, including the introduction of flagship models and the expansion of service outlets [7] - The competitive landscape is intensifying as major brands, including Apple, have launched new flagship products, prompting domestic manufacturers to prepare for aggressive market strategies [7]

Core Viewpoint - The report from Zhongyin International indicates that Qiu Tai Technology benefits from the trend of optical image stabilization (OIS) and periscope lens specifications upgrades in Android smartphones, along with a close collaboration with Goodix Technology to enhance market share in ultrasonic fingerprint modules. The company's performance in the first half of the year was strong, with a gross margin reaching a new high of 7.4% since the second half of 2021, and a net profit of 308 million yuan, representing a year-on-year growth of 168%, in line with previous profit warnings [1] Group 1 - Qiu Tai Technology's non-smartphone business, including IoT and automotive modules, has become a key growth engine, contributing 23.9% to the total revenue of camera modules in the first half of the year [1] - The company is expected to continue securing more design orders from leading original equipment manufacturers (OEMs) in sectors such as automotive, drones, XR, lidar, and robotics due to its ongoing investment in components, modules, and complete machines [1] Group 2 - Zhongyin International maintains a "buy" rating for Qiu Tai Technology and raises the target price from 11.6 HKD to 16.4 HKD [1]