Ming-Chi Kuo reveals Apple iPhone 16-19 series camera roadmap: promoting quadruple reflective prisms, Crystal Optoelectronics is the main beneficiary

According to news on July 11, Ming-Chi Kuo released an investment briefing today, stating that Apple has expanded the iPhone 16 Pro camera system to equip it with the same 5x optical zoom 12MP four-prism periscope lens as the iPhone 15 Pro Max. Crystal Optoelectronics has become an important beneficiary of the supply chain. one.

iPhone 16 (2H24):

• Both iPhone 16 Pro and Pro Max will use quadruple prism cameras (the same specifications as iPhone 15 Pro Max).
• The penetration rate of quadruple reflex prism cameras has increased from 35–40% for the iPhone 15 series to 60–65% for the iPhone 16 series. Therefore, the shipment volume of quadruple reflex prism cameras will increase significantly by approximately 160% YoY in 2024.
• In addition to the growth in shipments, Crystal Optoelectronics’ revenue and profits will also benefit from the increase in supply proportion from 70–75% in 2023 to more than 80% in 2024. Another key is that capital expenditures and R&D expenses will be significantly reduced in 2024, which will also be conducive to profit growth.

iPhone 17 (2H25) & iPhone 18 (2H26):

• The high-end iPhone 17 models are expected to be equipped with upgraded quadruple prism cameras, with the key specification change being an upgrade from the iPhone 16’s 1/3.1" 12MP CIS to 1/2.6" 48 mil CIS. The CIS upgrade benefits the camera quality and zoom function.
• It has not yet been determined whether only the iPhone 17 Pro Max will be equipped with an upgraded quadruple prism camera. If so, the iPhone 18 Pro in 2H26 will also be equipped with an upgraded quadruple prism camera.
• The upgraded quadruple reflection prism camera needs to use a newly designed prism. In order to reduce the height of the quadruple reflection prism camera, the prism needs to be designed to have a shorter appearance. Taking into account the continued improvement of new designs and production yields, Crystal Optoelectronics' prism business revenue and profits are expected to further grow in 2025 and 2026.

iPhone 19 (2H27):

• The quadruple reflective prism camera will once again receive a significant upgrade in specifications on the new iPhone in 2027. The upgrade rate is higher than that of iPhone 17 & iPhone 18. It is expected that the quadruple reflection prism camera of the new iPhone in 2H27 Reflective prism cameras will support higher optical zoom ratios.
• There are several ways to increase the optical zoom magnification. One of the most feasible ways is to increase the number of prisms to lengthen the path of light (if this is the case, it will no longer be called a quadruple reflection prism). If you want to increase the number of prisms, you may need to reduce the size of the prisms, which will also increase the complexity of the prism design. All of the above are beneficial to the operating performance of crystal optoelectronics.

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