Guo Mingchi: Apple enters the smart home IP camera market for the first time, production is expected to start in 2026, with Goertek Inc. (002241.SZ) as its exclusive supplier.

On November 12, Tianfeng International analyst Guo Ming Ji wrote that Apple will for the first time enter the smart home IP camera market, with mass production expected in 2026 and a target annual shipment volume of tens of millions. Goertek Inc. has obtained the NPI for this product and will be the exclusive assembly manufacturer. This new product is expected to be integrated wirelessly with Apple's other hardware products. Currently, the global shipment volume of smart home IP cameras is around 30-40 million units, and Apple's long-term shipment target for this product is to reach tens of millions of units annually. This move by Apple also represents the company's continuous exploration of growth possibilities in the home market. Guo Ming Ji believes that the user experience of this product will benefit significantly from Apple's strong ecosystem and integration with Apple Intelligence and Siri. In addition, Guo Ming Ji points out that health management features will become a new selling point for AirPods, with shipments expected to resume growth from 2024. Goertek Inc. will obtain the NPI for the new AirPods in 2026. Goertek Inc. has obtained the NPI for two new products from Apple in 2026, and their cooperation relationship has returned to normal. Apple's business is expected to regain growth momentum in 2025.