We believe dual-cameras will represent the next wave of major smartphone camera tech upgrade, to enhance picture quality (more DSLR-like) and add the ability to capture 3- dimensional images.
For suppliers, a dual-camera design not only doubles the total number of lenses vs a single-camera design, but also increases the complexity of the lenses. Hence we expect lens TAM (total addressable market) should expand meaningfully from higher volume and ASP (average selling price). In our view, a smartphone lens technology leader such as Largan should be one of the biggest beneficiaries as it has >90% exposure to this market.
