Advancement in camera technology
? Handset spec-upgrades to boost component makers’ profit growth by 18% in FY22F, auto components and AIoT products could be new driver, in our view
? We expect XOV’s smartphone shipments to grow 15% or c.544m units in 2022F, driven by overseas expansion and sustained innovation.
? We reiterate Overweight on China smartphone sector. Sunny Optical, Will Semiconductor and Xiaomi are our sector top picks.