The news that the high-profile Apple Vision Pro has started mass production in December has spread, and the stock prices of the "fruit chain" companies involved in the manufacturing have responded**.
However, when orders and stock prices are "flying together", fruit chain companies are still a little anxious. Under the cooperation model of Apple's "eating meat" and "drinking soup", China's first chain enterprises are also making their own calculations.
"Fruit chain" enterprises are "carnival" again
The iPhone ushered people into the mobile age, and VisionPro will mark the arrival of the era of spatial computing. Apple CEO Tim Cook emphasized the importance of Vision Pro at the launch event.
Schematic diagram of the use of Vision Pro (**Apple's official website).
As the latest category that Cook values very much, Apple's Vision Pro, which has a starting price of up to $3,499, has been officially mass-produced in December, and the Vision Pro industry chain is constantly changing. According to industry chain news, unlike China's ** chain in Apple's iPhone 15 products, China's ** chain accounts for as much as 60% of Apple's visionpro.
In this regard, the reporter of "China Electronics News" verified Ivan Lam, a senior analyst at Counterpoint Research, who has long been concerned about the research of Apple's industrial chain, and said that the proportion of Chinese manufacturers is indeed very large, but it is not as much as sixty percent of the Internet. "The production of the Vision Pro is mainly dependent on Chinese manufacturers, which account for about 30% of the total components**. Ivan Lam said.
Although the above information has not yet been confirmed, it is tangible that Vision Pro will bring new business growth opportunities to manufacturers in the value chain. According to TechInsights**, the global VR headset market (including mixed reality or MR devices) is expected to grow significantly to nearly $7.3 billion in 2024 with the launch of Apple's Vision Pro. Hua Chuang** said that Vision Pro is expected to open a new cycle of consumer electronics, and the product prospects are very broad.
Apple's new category has great market growth space, and fruit chain companies are likely to achieve both orders and stock price growth. For example, the best-selling Air Pods in 2019 drove the performance and stock price of its parts manufacturing and assembly manufacturers, Luxshare Precision and Goertek, to increase significantly, and the stock prices of the two companies tripled in 2019.
The mass production of the new Vision Pro has undoubtedly ignited investors' enthusiasm for investment in the consumer electronics industry - MR concept stocks followed, the stock prices of related fruit chain listed companies, and even the stock prices of more than 90 domestic Apple industry chain concept stocks also rose. Up to now, many domestic "fruit chain" companies have "claimed" the identity of Vision Pro manufacturers.
Cook, accompanied by Wang Chunlai, visited the Luxshare Precision Factory (*tim cook Weibo).
In August this year, Wang Laichun, chairman and general manager of Luxshare Precision, confirmed that he would produce Vision Pro smart headset devices for Apple, "to be able to finalize the cooperation with Apple's cutting-edge products, and it is also Apple's affirmation of Luxshare's precision manufacturing capabilities."
The relevant person in charge of Lens Technology said that in the field of MR headsets, the company and a number of major customers are collaborating to carry out the R&D and production of related appearance, structure and optical components, and the company's new technologies, new materials and new equipment have been deeply applied.
Bozhon Seiko said that the company has provided customers with the testing and assembly equipment required in the production process of Vision Pro, and the equipment has been shipped. Crystal Optoelectronics said on the investor interactive platform that the company maintains close business cooperation with Apple, and has been paying close attention to the development of new products for end customers and actively participating in cooperation.
Why did the VISION PRO chain change in terms of composition?
Those who can fly with the phoenix must be handsome birds. This is Wang Chunlai's expression of his feelings as an Apple businessman. Judging from the experts interviewed by the reporter and the feedback from the industry, it is generally believed that the increase in the proportion of Chinese enterprises in Apple's Vision Pro chain is a reflection of the comprehensive strength of China's consumer electronics chain.
A production line operator at an iPhone production plant in China that has been certified as a "Green Factory" (**Apple's official website).
China, which has a relatively complete ** chain and advanced assembly technology, is the best choice for Apple to make Vision Pro. Hou Lin, a senior analyst at GFK's China Technology Division, said in an interview with China Electronics News that compared with smartphone products with mature industrial chains, Vision Pro is a new product, and its technology, including the first chain, is not fully mature, so a stable production environment and process are needed.
According to Ivan Lam, Chinese manufacturers have played an extremely important role in both Vision Pro products and Apple's overall ** chain, occupying a significant market share.
Well-known foreign ** commented that the flexibility and vitality shown by Chinese ** companies in the development of Vision Pro prototypes can meet Apple's innovative ideas and turn them into reality.
In addition, industry experts believe that Vision Pro has a high proportion of China's ** chain, which may also be Apple's active overture to China. Some Japan** clearly pointed out that the proportion of parts in China (mainland)** in iPhone products is gradually decreasing, of which the new iPhone15 in 2023 accounts for about 2%, and the iPhone14 in 2022 accounts for about 38%, and iPhone13 accounted for 45%, iPhone 12 accounted for 47%。
Vision Pro needed to shape its products with the help of the Chinese market. Zhou Longyu said that VisionPro is a new type of consumer electronics, and the Chinese consumer market has great potential and high acceptance of new products.
At the just-concluded China International Chain Promotion Expo (hereinafter referred to as the "Chain Expo"), Apple, which had hardly participated in any exhibitions before, "put down its body" and joined hands with Lens Technology, Bozhon Seiko, and Changying Precision to participate in the exhibition.
At the Chain Expo, Ge Yue, Apple's vice president and managing director of Greater China, said: "This year is the 30th year that Apple has entered the Chinese market. Over the past 30 years, we have worked closely with our chain partners to promote the development of smart manufacturing and green manufacturing. Among the world's top 200** companies, 151 have production and manufacturing in China. ”Fruit chain companies are still anxious
Using the money earned from Apple today to plan for a future without Apple" seems to have become a long-term strategic plan for fruit chain enterprises.
The reporter interviewed and found that the growth of the consumer electronics market was weak, and the sales of Apple products were **;The gold content of the "fruit chain" label is off the shelves, and the profit margin is ...... lowIt has become a common anxiety for fruit chain enterprises.
In the past two years, the growth of the smartphone and smart wearable market has been sluggish, and Apple's "cutting orders" have occurred frequently - at the end of 2022, Apple asked to reduce the production of iPhone14 series mobile phones;In the first quarter of 2023, Apple asked the company to reduce the production of parts for the AirPods, MacBook and Apple Watch seriesThe stock of iPhone 15 was lowered, and the stock of components was reduced by about 8%.
Affected by this, Apple's main businesses such as iPhone, iMac and iPad have declined to varying degrees, and Apple's revenue has declined year-on-year for the first time since 2001 for four consecutive quarters. The order volume and operating income of the related "fruit chain" enterprises have been affected, and the stock price has also appeared**.
Industry experts believe that the global smartphone market has entered a period of steady development, and iPhone sales are less than expected, which weakens the gold content of the "fruit chain" label.
When the smartphone industry is in a period of growth, becoming a fruit chain enterprise indicates that the company's strength is in the leading echelon, the technology is relatively leading, and it is likely to be preferred by other mobile phone companies. Hou Lin told reporters, "Now the development of mobile phones and computers are in a stable period, even if it becomes a fruit chain enterprise, it does not mean that the company's technology is ahead of other companies, and it may not be able to get more orders from other mobile phone manufacturers." ”
The news of the mass production of Vision Pro has spread, and Apple's market value has once again exceeded $3 trillion, reaching a record high of 308 trillion dollars. The same news also made the stock price of the "fruit chain" enterprise slightly **.
However, under the cooperation model of Apple's "eating meat" and "drinking soup" chain, the lower profit margin and the uncertainty of Vision Pro shipments have made the "fruit chain" enterprises even more uneasy.
Industry experts**, compared to 2022, the global sales volume is about 2With 2.5 billion iPhones, the higher-priced Vision Pro is not destined to become a best-selling product, with the first generation of Vision Pro in stock at around 400,000 units, and the sales target for 2024 is 1 million units, and it is expected to reach 10 million units in the third year. The order volume of Vision Pro has a very limited impact on the performance improvement of "fruit chain" enterprises, and it is difficult for enterprises to improve profits by taking the "old road" of winning by quantity.
In addition, compared with consumer electronics giants such as Samsung, Sony, and LG on the chain, the bargaining power of China's first-chain enterprises is low. Earlier it was reported that due to lower than expected iPhone sales in 2020, the guaranteed contract could not be realized, and Apple paid 9$500 million in additional compensation. Zhou Longyu analysis believes that Chinese enterprises in Apple's first chain system, product substitutability is stronger, obviously China's first chain enterprises are not as good as Samsung, Apple has the initiative in chain screening.
2023H1 performance of the "second growth curve" of some fruit chain enterprises
Data**: According to the public financial report, at present, fruit chain enterprises have promoted diversified business layout, automotive electronics, new energy vehicles, VR AR, and new energy storage have become their business segments, and the new business revenue of some enterprises has accounted for nearly a quarter of the total revenue. According to the 2023 semi-annual report, the revenue of Shandong Precision and Changying Precision's new energy business accounted for more than 20% of the total revenue. Luxshare Precision's automotive electronics revenue increased by 51% year-on-year89%, Lens Technology's new energy vehicle business revenue increased by 54% year-on-year98%, the revenue of Lingyi Zhizao's photovoltaic energy storage business increased by 117 year-on-year65%。
Industry experts said that the "second growth curve" is particularly important for the performance contribution of fruit chain enterprises, but most of the fruit chain enterprises are still in the throes of transformation, and it is expected that it will take 1-3 years to enter the harvest period.
Manufacture new Apple products with one hand, and plan the layout of the future with the other hand. In the face of the dividends brought by Vision Pro, the anxiety of fruit chain enterprises may be alleviated this time.
Author丨Wang WeiEditor丨Qiu Jiang YongmeiEditor丨Maria Producer丨Lian Xiaodong