European foreign capital issued today (3105) The latest report pointed out that the market share of stable iPhone 3D VCSEL orders will drop from 85% in 2017 to 45% in 2019, Finisar will become the main supplier of back-end 3D VCSEL Indirectly, it has an impact on the stable operation. As a result, the European foreign investment has been lowered to a stable rating. From the previous "neutral" to "inferior to the broader market", the target price has been lowered from 270 yuan to 205 yuan.
The stable stock price was affected by this. It opened higher today and fell more than 5.7% to 253.5 yuan in the afternoon.
European foreign investment said that the three 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; The market share of orders for iPhone 3D VCSELs will drop from 85% in 2017 to 45% in 2019.
In the Android market, more and more brand factories will adopt similar identification design, and there is a good chance to grow rapidly in the Andorid market, but at the same time, more and more integrated component manufacturers will grab Into related fields.
In addition, the higher available area of ​​the epitaxial wafer will also reduce the wafer processing demand. According to the European foreign investment, according to the channel survey, only 40-50% of the VCSEL epitaxial wafer meets the iPhone standard, resulting in an increase in wafer processing and processing demand; However, the gradual improvement in process yield and uniformity will reduce wafer processing and processing requirements, which will indirectly affect the growth of the related fields.
European foreign investment said that due to the steady decline in sales in the VCSEL field, it is decided to repair the stable 2018, 2019 per share profit forecast of 7-11%, estimated to be stable in 2018 per share profit 12.4 yuan, 2019 per share profit fell to 15 yuan. European foreign capital issued today (3105) The latest report pointed out that the market share of stable iPhone 3D VCSEL orders will drop from 85% in 2017 to 45% in 2019, Finisar will become the main supplier of back-end 3D VCSEL Indirectly, it has an impact on the stable operation. As a result, the European foreign investment has been lowered to a stable rating. From the previous "neutral" to "inferior to the broader market", the target price has been lowered from 270 yuan to 205 yuan.
The stable stock price was affected by this. It opened higher today and fell more than 5.7% to 253.5 yuan in the afternoon.
European foreign investment said that the three 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; The market share of orders for iPhone 3D VCSELs will drop from 85% in 2017 to 45% in 2019.
In the Android market, more and more brand factories will adopt similar identification design, and there is a good chance to grow rapidly in the Andorid market, but at the same time, more and more integrated component manufacturers will grab Into related fields.
In addition, the higher available area of ​​the epitaxial wafer will also reduce the wafer processing demand. According to the European foreign investment, according to the channel survey, only 40-50% of the VCSEL epitaxial wafer meets the iPhone standard, resulting in an increase in wafer processing and processing demand; However, the gradual improvement in process yield and uniformity will reduce wafer processing and processing requirements, which will indirectly affect the growth of the related fields.
European foreign investment said that due to the steady decline in sales in the VCSEL field, it is decided to repair the stable 2018, 2019 per share profit forecast of 7-11%, estimated to be stable in 2018 per share profit 12.4 yuan, 2019 per share profit fell to 15 yuan.
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