In the afternoon of December 8, affected by the report of Tianfeng Securities (4.080, 0.08, 2.00%) Apple analyst Guo Mingchi, Luxshare Precision (002475.SZ) rose rapidly and closed up 6.19%.
Guo Mingchi’s report stated that Luxshare Precision is the winner of Apple’s second-generation meta-universe hardware. Apple has begun planning for the second-generation AR (augmented reality)/MR (mixed reality) headset, with shipments scheduled for the second half of 2024. Luxshare is a second-generation product supplier and even the exclusive supplier at the beginning of this product, and he believes that Apple’s second-generation AR/MR headset shipments will grow significantly.
A related person from Luxshare Precision Securities told The Paper that the AR/MR headset company is technically prepared, but it is not convenient to disclose information about major customers.
Guo Mingchi predicts that Apple will mass-produce the first-generation AR/MR headset by the end of the fourth quarter of next year, but the first-generation product contract manufacturer is Pegatron. The weight of the first-generation headwear product may be 300–400 grams, and it is believed that weight improvement will be one of the key selling points of the second-generation product.
“We predict that Apple will design a new battery system optimized for headsets as early as 2024-2026. The goal is to reduce weight and improve mobility. Generally speaking, Luxshare’s strategy in Apple’s supply chain is We only make products with large quantities, so we believe that the annual shipment volume of Apple’s second-generation AR/MR headsets will reach tens of millions.” Guo Mingchi believes that Luxshare Precision’s worst moment has passed.
In addition to being expected to take over the second-generation AR/MR headsets, Luxshare Precision is expected to OEM many new products from Apple.
Guo Mingchi said that Apple is expected to release the new iPhone SE in 2023 and that Luxshare will be the NPI supplier of iPhone SE in 2023. In the second half of next year, the new Apple Watch includes Apple Watch 8, the new Apple Watch SE and extreme sports versions. Luxshare will manufacture Apple Watch 8 and the extreme sports version of NPI. Apple is expected to launch AirPods Pro 2 in the fourth quarter of next year, and the main chip may be significantly upgraded. Luxshare is the NPI supplier of this product. In addition, Luxshare’s vertically integrated business (mainly Apple Watch SiP and top module) will have significant growth in 2022, which is conducive to profit growth.
Guo Mingchi said that benefiting from the significant growth of several new products NPI and vertical integration business, and the shipment of AirPods will resume year-on-year growth in the first quarter of next year, Luxshare Precision is expected to start accelerating year-on-year growth in the first quarter of next year.
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