Xin Lang Cai Jing·2025-09-13 00:05Core Viewpoint - Apple has officially launched the thinnest iPhone Air, fully supporting eSIM technology and eliminating the physical SIM card slot, which may signal the beginning of a new wave of eSIM demand led by smartphones [1][2] Company Overview - Eastcompeace (002017.SZ) has seen its market value double following the announcement of the iPhone Air, indicating a significant market reaction to the eSIM development [1] - The company has established four software platforms related to eSIM: card management, remote subscription management, trusted digital identity security, and digital asset management [3] - Eastcompeace's eSIM products are primarily focused on IoT and industrial applications rather than consumer electronics, which limits direct benefits from the iPhone Air's launch [6][8] Financial Performance - Eastcompeace reported a total revenue of 640 million yuan, a decline of 11.24% year-on-year, with its smart card business, which constitutes 71.47% of total revenue, experiencing a 15.88% drop [5][10] - The digital security and platform business, which includes eSIM products, generated 173 million yuan, showing a modest growth of 2.95% and accounting for 27.05% of total revenue [5][11] - The company's overseas sales fell by 38.83%, indicating challenges in its international strategy [11] Market Dynamics - The global smart card market is maturing, with a projected compound annual growth rate of only 3.5% from 2023 to 2030, while the SIM card market is shrinking at an annual rate of 8-10% [10] - The traditional SIM card market is facing significant pressure due to the rise of mobile payment technologies and QR code payments, leading to a continuous decline in demand [9][12] Future Outlook - The introduction of eSIM technology in smartphones is expected to create a new growth area, but Eastcompeace may face challenges in converting this potential into actual orders in the short term [8] - The company is at a crossroads due to technological shifts, and if it cannot keep pace with innovation, it risks being disrupted despite its current market leadership [12]