手机ODM厂商竞逐第二增长曲线

Core Insights - Global smartphone shipments are projected to grow by 2% year-on-year in the first half of 2025, while outsourced design orders are expected to increase by 7% [1] - ODM-designed smartphones accounted for 43% of total global shipments, marking the highest level since 2019 [1] Industry Dynamics - ODM companies play a crucial role in the smartphone supply chain, taking on product design and manufacturing responsibilities [2] - Major ODM players like Longqi Technology, Huaqin Technology, Luxshare Precision, and Wistron have engaged in frequent mergers and acquisitions to enhance their market positions [2] - Luxshare Precision has acquired assets from Wistron, with the transaction completed by September 16, 2025, integrating Wistron's subsidiaries into its financial statements [2] Market Restructuring - The global smartphone ODM industry is undergoing a restructuring phase, with Huaqin Technology and Longqi Technology maintaining strong positions [3] - Luxshare Precision has absorbed a significant portion of Wistron's ODM client resources, while other manufacturers have taken on some transferred orders [3] - The trend of mergers and acquisitions is expected to continue, introducing more uncertainty into the industry landscape [3] Business Diversification - ODM manufacturers are accelerating diversification in response to competitive pressures, exploring new sectors such as custom products, LED, and AIoT [4] - The rise of 5G technology and innovations in foldable screens demand higher technical integration and design capabilities from ODMs [4] - ODMs are investing in R&D and upgrading manufacturing facilities to keep pace with ongoing hardware upgrades in smartphones [4] Strategic Shifts - ODM companies are shifting their core strategies to transition electronic manufacturing capabilities to higher growth sectors [5] - While smartphone ODM business remains a stable cash flow source, new ventures require long-term investment and have longer return cycles [5] - The next three years are seen as a critical window for the transformation and upgrading of the ODM industry, with the ability to establish growth in automotive electronics and AIoT being pivotal for competitive positioning [5]