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Apple Pencil sees business opportunities, New Nikko, Ou Feiguang, etc.

Apple released a new low-priced 9.7 iPad, KGI voted that the new product supports Apple Pencil, the new Nikko and Ou Feiguang two suppliers worthy of attention. However, Fubon Investment believes that this iPad lacks surprises, but iPad shipments continue to grow, and optimistic stocks include Spectrum-KY and Ruiyi.
KGI said that the new low-cost 9.7 iPad hardware focuses on Apple Pencil and Crayon (LOGITECH‘s new stylus products for the education market). Looking forward to 2018, shipments of Apple Pencil & Crayon are expected to grow by more than 100% year-on-year to 10 million units, and shipments of 9.7-inch iPads are expected to grow 20-30% year-on-year to 28 million to 30 million units. .
Notable vendors in the supply chain are the new Nikko of Apple Pencil and Crayon MIM components, and Ou Feiguang, a supplier of touch sensors and touch modules.
Since all iPads support Apple Pencil, the related supply chain shipments are strong. Other Apple Pencil manufacturers include assembled Compal, battery soft and hard board Xinxing, Yaohua, battery Xinpu, and quartz components. Skill.
However, Fubon Investment believes that Compal is the supply chain that began to join the iPad in 2015, when the first assembly was the iPad mini. By the end of 2017, Compal’s iPad assembly volume has risen a lot, accounting for 20% of Compal’s total revenue. But Compal’s gross margin has not improved, because Compal’s iPad is priced at less than $400, which is lower than the iPad’s average retail price of $450. Therefore, this newer, cheaper educational version of iPad for Compal The profit contribution is quite limited.
However, in 2017, Ruiyi iPad backlight module shipments grew by 60% year-on-year. This year, shipments will continue to grow. The low-priced iPad is the main kinetic energy, which will bring another wave of sports to Ruiyi. In addition to the pixel upgrade, the new version of the iPad monitor also supports the stylus function. The eDP TCON timing control chip used by the iPad is the only supplier.