Optical lens: high-value optical components

The continuous upgrade and innovation of mobile phone lenses has brought about the continued explosion of lens demand. Counterpoint predicts that the penetration rate of three cameras will reach 50% in 2021. The mainstream configuration of three cameras and four cameras will directly increase the demand for the number of lenses and modules. At the same time, new fields such as automobile intelligence, home appliance intelligence, and VR/AR have also brought new impetus to the growth of lens demand.

Global shipments of smartphones equipped with triple cameras are expected to increase from 230 million in 2019 to 750 million in 2022. In the next four years, global mobile phone camera shipments will reach a CAGR of 15.3%, and the camera module market will exceed 2500. 100 million yuan. Benefiting from the rapid increase in the penetration rate of multi-camera cameras such as three-camera and four-camera cameras, despite the steady growth of global smartphone shipments, optical lenses will also usher in rapid growth.

As the key basic components of electronic terminals, optical lenses are mainly used in consumer electronics, automobiles, security monitoring, industrial control and other fields. With the advent of the new imaging era, the importance of the lens as the "eye of equipment" in consumer electronics has become increasingly significant and has become an important medium for human-computer interaction. In recent years, the global demand for consumer electronic products has been strong, and the rapid development of VR/AR and the upgrading of smart phones have put forward direct requirements for the upgrade of the lens, and the industry has huge room for development.

Through continuous development, the optical lens industry has formed a complete industrial chain. Optical lenses are at the core of the optical component industry chain. The industry chain includes upstream optical lens raw materials (optical glass, optical plastics). The midstream optical components are mainly the manufacturing of optical components such as spherical lenses, aspheric lenses and filters, as well as glass lenses, The manufacturing of plastic lenses, glass-plastic hybrid lenses, etc., while the downstream is the application of optical lenses, including smart phones, tablets, sports cameras, smart driving, smart homes, security monitoring, etc., and VR/AR.

The production of optical lenses mainly uses raw materials such as nitrate materials, plastic mechanical parts, metal mechanical parts, and electromechanical parts. The impact of raw materials provided by the upstream industry on optical lens products is mainly reflected in price factors and quality factors. For example, the price increase of electronic components and other materials will cause the ex-factory price of electro-optical lenses to increase; if the quality of optical raw materials cannot meet the industry standards, the quality of optical lenses will be difficult to guarantee or lens shipments. reduce.

Optical lens is one of the more valuable optical components. The camera module consists of several lenses, VCM voice coil motor, spacer ring, image sensor, FPC, etc. Among them, image sensors, lenses, and voice coil motors are high barriers. In terms of value chain composition, image sensors account for approximately 52% of camera modules, followed by modules (20%) and optical lenses (19%).

Introduction to the optical lens industry chain The upstream core components of optical modules mainly include optical lenses, CIS chips, filters, motors, etc.

The domestic optical lens company Sunny Optical Technology's revenue in its optical components business in 2018 was about 5 billion (accounting for 20% of total revenue), and the revenue of other mainstream optical lens companies was between 1 billion and 3 billion. The gross profit margin of upstream component companies in the optical field is generally higher at 20%-40%, and the net profit margin is at the level of 10%-20%.

Midstream camera module. The domestic optical lens module company OFILM's camera module revenue in 2018 was 24.4 billion, and Sunny Optical's 2018 module business revenue was about 20 billion (80% of total revenue). The gross profit margin of the optical module business is generally 10%-15%, and the net profit margin is between 5%-10%.

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