vivo技术突破撬动产业链升级 折叠屏供应链迎“国产替代”红利时刻

Core Viewpoint - Vivo is making significant advancements in the foldable smartphone market with the launch of the Vivo X Fold5, which sets new records for weight and incorporates multiple technological innovations, enhancing its competitive edge in the industry [1][4][14]. Group 1: Product Innovations - The Vivo X Fold5 is the lightest foldable smartphone globally, weighing only 217 grams, and features a thickness of 9.2mm when folded and 4.3mm when unfolded, comparable to traditional flagship smartphones [4]. - The device boasts a battery capacity of 6000mAh, utilizing the second-generation semi-solid battery technology, which significantly improves discharge performance in low temperatures, achieving a maximum energy density of 866Wh/L [7][8]. Group 2: Supply Chain and Domestic Production - Vivo's collaboration with supply chain partners has led to a significant increase in the domestic production rate of key components, with over 90% localization in parts like hinges and ultra-thin glass [9]. - The global market for foldable smartphone hinges is projected to exceed 7.8 billion yuan in 2024, with a compound annual growth rate of 24.71% from 2023 to 2028, indicating a robust growth trajectory for the industry [7][9]. Group 3: Market Trends and Competitive Landscape - The foldable smartphone segment is becoming a crucial growth driver in the Chinese smartphone market, with a 53.1% year-on-year increase in shipments, significantly outpacing the overall smartphone market growth [14]. - Vivo's market share in the Chinese foldable smartphone sector surged from 1.8% in the first half of 2022 to 18.7% in the first half of 2024, while competitors like Samsung have seen their market share decline [14][15]. Group 4: Ecosystem Integration - The Vivo X Fold5 introduces cross-ecosystem connectivity, allowing seamless integration with Apple Watch and other Apple devices, which enhances its appeal to high-end users, including a significant number of Apple customers [11][13]. - This integration is expected to create new technical demands for suppliers in areas such as RF chips and IoT modules, further expanding the market opportunities for Vivo and its partners [13].