歐菲收購不利舜宇

歐菲科技擬收購富士膠片鏡頭相關專利及富士天津全部股權，以下是野村解讀摘要：

Nomura’s view: a good acquisition for O-film, but it may intensify competition in the auto lens and handset lens industry.

 Automotive lenses: In our view it will not have a negative impact on Sunny’s earnings yet, as different automotive lens products all require long qualification time, but more likely in the form of a potential valuation de-rating.

 Handset lenses: We think this is positive for O-Film in terms of developing its in-house handset lenses in the long run (just as Sunny’s handset lens growth accelerated after it bought Konica Minolta’s Shanghai lens business in 2014). Usually, patents can help to extend lens design freedom, enhance the bargaining power over competitors amid patent arguments, and ease customers’ concerns of using its lenses, especially for overseas markets. But, we don’t know the quality of FUJIFILM’s handset lens patents, because its shipment scale has been small in recent years. The real impacts on handset lens peers will take some time to determine.

 We think O-Film’s acquisition of patents and auto lens plant from FUJIFILM group should have a negative impact on the share prices of Largan (3008 TT, BUY) and Sunny (2382 HK, BUY) in the near term.