Cramer cracked open Apple Inc. (NASDAQ:AAPL) new iPhone 4 to see what derivative stocks might be worth playing.

He cited Cirrus Logic, Inc. (NASDAQ:CRUS), which is up 39% since he recommended it on May 10, and ARM Holdings plc (ADR)(NASDAQ:ARMH), which is up 10% in just two weeks, as two examples of companies that supply Apple and are working. Cramer currently holds shares of Apple in his charitable trust.

However, Cramer recommended OmniVision Technologies, Inc. (NASDAQ:OVTI), which produces the chips for the cameras in both Apple’s iPhone and the new EVO, as well as for notebooks, security equipment and other small camera products. The company is the maker of the camera technology on the iPhone 4 that allows for higher-resolution pictures and video conferencing with other iPhone users.

Cramer said OmniVision makes 55% of its sales from mobile handsets, 30% from notebooks and PCs, and the remaining 15% from everything else. This makes the company a huge player in the mobile Internet tsunami, where smartphones have gone from luxury to necessity and demand will continue to soar higher. According to Morgan Stanley, smartphone unit sales are growing by 41% this year.

“OmniVision’s CameraCube technology, which is the secondary, front-facing camera on the new iPhone, is growing in volume, and its backside illumination technology for a smartphone’s point-and-shoot is on fire,” Cramer said. Besides just Apple, Cramer mentioned the growth for OmniVision will also come from other phone makers who want to offer high-quality cameras. The company is already taking market share for five and eight-megapixel devices, both mobile phone and regular camera.

During the last quarter, OmniVision reported a one-cent-a-share earnings beat, on revenue that soared 74% year over year. The company also raised guidance and said they expect sequential growth as well, as it shipped 125 million sensors last quarter. Gross margins are going up as well as company’s turn towards higher quality cameras instead of the cheaper alternatives.

Cramer pointed out that OVTI trades at just 15.8 times 2011 earnings, and that’s without considering the $6.11 of cash per share on their balance sheet. He said the stock is speculative, but is clearly a winner.

“These Apple derivative smartphone plays don’t seem to play by the same rules as other stocks in this market,” Cramer said. “They can run and run and keep running, which is why OmniVision is such a terrific spec stock.”  Get the scoop on tomorrow’s hottest trade ideas – TODAY! BeaconEquity.com PREMIER PICKS have an amazing track record. Join this select group and ride the profit wave!