Ming-Chi Kuo: Sunny Optical’s AI Server and Apple Orders Could Resonate, Open Valuation Space

Renowned Apple analyst Ming-Chi Kuo published a supply chain research report, indicating that Sunny Optical is approaching a critical juncture where multiple business lines are moving upward in unison: while deepening its penetration in the Apple ecosystem, the company is actively laying out optical components for AI servers and has secured optical component NPI orders for OpenAI devices, significantly broadening its growth logic.

In terms of Apple's business, Sunny has achieved two significant milestones. First, the company has become a new supplier for MacBook Neo camera module (CCM), with shipment performance exceeding expectations, and the 2026 shipment forecast has been raised from 5 million units to 10 million units. Second, in the iPhone 18 Pro and Pro Max models to be released in the second half of 2026, Sunny will supply variable aperture lenses, with an estimated supply share of 40% to 50%. Kuo pointed out that the price per lens is about 50% higher than that of high-end seven-lens modules, implying a significant increase in Sunny's single unit value for this model.

At the same time, Sunny's customer structure is also extending to the forefront of technology. According to Kuo's disclosure, the company has obtained optical component NPI project orders for OpenAI's smartphones and another portable device. Additionally, the company is actively preparing to enter the CPO (Co-Packaged Optics) and silicon photonic coupling device fields, with relevant samples entering the sampling preparation stage. The products cover optical path deflection components such as collimating lenses, microlens arrays, and microprisms, and the company has determined to accelerate the layout of AI server business through strategic investment and mergers and acquisitions.

Apple Share Expansion: From New Customers to High-Value Component Suppliers

Sunny's entry into Apple's supply chain is accelerating. The MacBook Neo CCM order signifies the company's official status as an Apple CCM supplier, and the doubled shipment expectation further validates the competitiveness of the product. Kuo also pointed out that by 2028, the iPhone's ultra-wide-angle camera module is expected to switch from flip-chip packaging to COB technology, and Sunny has the qualifications to be the supplier of this component, providing potential support for mid-term growth.

The variable aperture lens is the most valuable part of this round of Apple's orders. Compared to the previous seven-lens module, this new type of lens has a higher process barrier and markup space, and Sunny's capture of nearly half of the supply share not only reflects the leap in optical design capability but also indicates a significant increase in component revenue per flagship iPhone. It is worth noting that Kuo made it clear that Largan remains the first supplier, and Sunny's rise is more a share entry in a dual-supplier scenario rather than a direct replacement of Largan.

AI Optical Devices: Exploring the Path from Consumer Electronics to Data Centers

Sunny's extension to AI server optical devices is the most imagination-inspiring information in this survey. With the surge in demand for large model inference, the demand for high-speed optical interconnection in data centers continues to rise, and CPO technology is favored by top cloud vendors due to its low power consumption and high bandwidth advantages, making optical coupling devices a key bottleneck.

With long-term accumulation in the field of precise optical components, Sunny has the technical foundation to enter this track. Currently, the sampling phase has not yet formed substantial revenue, and the management has clearly stated that it will accelerate capability construction through external mergers and acquisitions, implying that there is a certain time window for the realization of related businesses. The market will focus on whether the company has specific investment actions landing and progress in CPO customer certification.

Taking into account the above developments, Sunny's current investment logic has evolved from a single consumer electronics optical supplier to a composite growth story of "high-value Apple components + new track of AI optical devices". Recent catalysts are concentrated on the shipment of the iPhone 18 Pro series (second half of 2026) and the continued increase in MacBook Neo; mid-term highlights are the landing of 2028 iPhone CCM orders and progress in CPO business.