The latest report issued by European-based foreign investors: iPhone 3D VCSEL order market share decreased
European-based foreign investors issued the latest report of Wen Mao (3105), stating that the market share of iPhone 3D VCSEL orders will fall from 85% in 2017 to 45% in 2019. Finisar may become the main supplier of back-end 3D VCSEL As a result, indirect impact on the stability of operations has been reduced, and European foreign investment has been adjusted down from the previous "neutral" rating to "inferior to the market". The target price has been reduced from 270 yuan to 205 yuan.
Affected by this, Wenmao's share price opened higher and lower today, and fell more than 5.7% to 253.5 yuan in midday.
European foreign investors said that the 3 iPhones in the second half of 2018 will still use the front-end 3D sensing system, but the new iPhone design in the second half of 2019 will adopt the rear 3D camera sensing function; because the design is different, it is stable The market share of iPhone 3D VCSEL orders will drop from 85% in 2017 to 45% in 2019.
In the Android market, there will also be more and more brand factories adopting similar identification designs, and Wen Mao has a good chance of rapid growth in the Andorid market, but at the same time, there will be more and more integrated component manufacturers to grab Into related fields.
In addition, the higher usable area of ​​epitaxial wafers will also reduce wafer processing requirements. European foreign investors pointed out that according to the channel survey, only 40-50% of the area of ​​VCSEL epitaxial wafers meets the iPhone standard, resulting in increased demand for wafer processing; However, the gradual improvement of process yield and uniformity will reduce wafer processing requirements, which will also indirectly affect the steady growth in related fields.
European-based foreign investors said that due to the fear that the sales of Wen Mao in the field of VCSELs will decline, they decided to revise Wen Mao's 2018 and 2019 earnings per share estimate of 7 to 11%, and the estimated earnings of Wen Mao in 2018 are about 12.4 yuan, 2019 earnings per share fell to 15 yuan. European-based foreign investors issued the latest report of Wen Mao (3105), stating that the market share of iPhone 3D VCSEL orders will fall from 85% in 2017 to 45% in 2019. Finisar may become the main supplier of back-end 3D VCSEL As a result, indirect impact on the stability of operations has been reduced, and European foreign investment has been adjusted down from the previous "neutral" rating to "inferior to the market". The target price has been reduced from 270 yuan to 205 yuan.
Affected by this, Wenmao's share price opened higher and lower today, and fell more than 5.7% to 253.5 yuan in midday.
European foreign investors said that the 3 iPhones in the second half of 2018 will still use the front-end 3D sensing system, but the new iPhone design in the second half of 2019 will adopt the rear 3D camera sensing function; because the design is different, it is stable The market share of iPhone 3D VCSEL orders will drop from 85% in 2017 to 45% in 2019.
In the Android market, there will also be more and more brand factories adopting similar identification designs, and Wen Mao has a good chance of rapid growth in the Andorid market, but at the same time, there will be more and more integrated component manufacturers to grab Into related fields.
In addition, the higher usable area of ​​epitaxial wafers will also reduce wafer processing requirements. European foreign investors pointed out that according to the channel survey, only 40-50% of the area of ​​VCSEL epitaxial wafers meets the iPhone standard, resulting in increased demand for wafer processing; However, the gradual improvement of process yield and uniformity will reduce wafer processing requirements, which will also indirectly affect the steady growth in related fields.
European-based foreign investors said that due to the fear that the sales of Wen Mao in the field of VCSELs will decline, they decided to revise Wen Mao's 2018 and 2019 earnings per share estimate of 7 to 11%, and the estimated earnings of Wen Mao in 2018 are about 12.4 yuan, 2019 earnings per share fell to 15 yuan.
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