Genius Electronic Optical Co (玉晶光), is planning to invest NT$126 million (US$4.54 million) in setting up a new subsidiary in China’s Xiamen, the company said in a statement to the Taiwan Stock Exchange on Wednesday, as it is seeking approval from the Ministry of Economic Affairs’ Investment Commission.
The supplier of handset camera lenses for Apple Inc’s iPhones said that the subsidiary would focus on “the production of optical lenses and related components.”
Genius would prioritize buying existing plants over constructing new facilities, it said
Photo: David Chang, EPA-EFE
The firm operates four plants in Xiamen, while a new fifth plant is partly operational, Genius said.
Earlier this year, the firm’s board of directors approved capital expenditure of NT$2.1 billion to purchase manufacturing equipment.
Genius has over the past few years made inroads into virtual reality and augmented reality (AR) products, as well as lenses for vehicles, the Central News Agency reported on Wednesday.
The company seeks to increase revenue contribution from non-cellphone lens sales to about 30 to 40 percent within three to five years, the report said.
Genius reported net profit of NT$397.95 million in the first half of this year, down 60.43 percent from the same period last year.
Earnings per share were NT$3.56, down from NT$9.03 a year earlier, company data showed.
In the first seven months, revenue fell 7.93 percent year-on-year to NT$6.75 billion, the data showed.
In June, TF International Securities Group Co (天風國際證券) analyst Kuo Ming-chi (郭明錤) said that Genius might in the future supply Apple with components for a new AR head-mounted display (HMD).
“We predict that Apple will launch an AR HMD device in the second quarter of 2022. The device will provide a video see-through AR experience, so a lens is also needed, and Genius is a key supplier,” Kuo said.
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