Zhitong Finance APP learned that Hua Fu Securities released a research report saying that according to IDC data, the shipment of folding screen smartphones in China in the third quarter increased by 90% year on year. It is noteworthy that Huawei still maintains a market share of 31.7% and continues to be "far ahead" in the folding screen mobile phone market in China. As the best-selling model in Q3, Glory MagicV2 effectively helped Glory gain a market share of 15.1% in the first three quarters. Hua Fu Securities believes that the performance improvement of folding screen terminals is related to the technological progress of two key components-screen and hinge. As differentiated components in folding screen mobile phones, their market scale is expected to fully benefit with the sales growth of folding screens.
Suggest to pay attention to the target:
Technical aspects of cover material:It is suggested to pay attention to the domestic technical progress of core raw materials and their processing technology.Kaisheng Technology (600552.SH), Changxin Technology (300088.SZ), Ruihuatai (688323.SH), etc.
Structural parts:It is suggested to pay attention to the continuous iteration of related materials and their supporting processing technologies.Furong Technology (603327.SH), Dongmu Co., Ltd. (600114.SH), Jingyan Technology (300709.SZ), Tonglian Precision (688210.SH), Golden Sun (300606.SZ), Yuhuan CNC (002903.SZ), etc.
Folding screen terminals are developing rapidly, and Huawei’s glory is outstanding.
According to DSCC data, in Q3 of 2023, the global shipment of folding screen smartphones increased by 16% year-on-year. Among the mobile phone brand manufacturers, Samsung still ranks first in the global market, but its shipments have declined year-on-year, while most domestic brands have maintained a growth trend. As for the China market, according to IDC data, its year-on-year growth rate reached 90% in the third quarter. It is noteworthy that Huawei still maintains a market share of 31.7% and continues to be "far ahead" in the folding screen mobile phone market in China. As the best-selling model in Q3, Glory MagicV2 effectively helped Glory gain a market share of 15.1% in the first three quarters. With the development of folding technology, in addition to the mobile phone market, many well-known brand manufacturers have also begun to lay out folding products in the tablet and notebook market, striving to create unprecedented new high-end products.
The fuselage is thin and light, and the price is close to the people
According to the user feedback of folding mobile phones, the thin grip is the primary factor that affects the user experience. At the same time, in order to enhance the market competitiveness of folding screen mobile phones, brand manufacturers are constantly optimizing their cost structure. According to the data of iResearch, from 2021 to Q3 of 2023, the average body thickness of the main horizontal folding screen mobile phones in the market decreased from 15.1mm to 11.1mm, and the average weight decreased from 289.2g to 252.4g, among which Glory V.
Purse mobile phone takes the lead in bringing the folding screen mobile phone into the "millimeter era" with its body thickness of 8.6 mm.
In terms of the selling price of the whole machine, from 2020 to Q3 in 2023, the average selling price of the mobile phone with horizontal folding screen decreased from 14,032 yuan to 9,942 yuan, and the average selling price of the mobile phone with vertical folding screen decreased from 8,294 yuan to 6,766 yuan, with an overall decrease of nearly 30%, while glory V.
The price of Purse dropped to 5,999 yuan, which greatly reduced the migration cost for users in flagship machine to switch folding screen phones.
Differentiated components continue to iterate, and the sales scale is expected to fully benefit.
The performance improvement of folding screen terminal is related to the technical progress of two key components-screen and hinge.On the screen,With the progress of materials and production technology, UTG and CPI have become commercialized cover solutions. Among them, UTG cover material has development potential in the small and medium-sized folding screen market, while CPI can better exert its fist on the large and medium-sized folding screen.In terms of hinges,After several iterations, its performance is evolving in the direction of more natural folding and shallower crease. At the same time, with the participation of titanium alloy materials, the overall weight of the hinge has been optimized to some extent. Whether it is screen cover or hinge, as differentiated components in folding screen mobile phones, its market scale is expected to fully benefit with the sales growth of folding screens.
Risk warning:The technical iteration of folding screen mobile phone industry chain is less than expected, and the consumer electronics boom is less than expected.