存储等核心元器件成本上涨 手机行业竞争格局重构

Core Insights - Honor has launched three new smartphone models targeting different consumer segments, indicating a strategic shift to attract younger and female users under new management [1] - The global smartphone market is facing dual pressures from rising component costs and limited domestic market growth, necessitating a search for new growth opportunities [1] - Omdia predicts that by 2026, the smartphone market will enter a new phase dominated by "cost pressure" and "value creation," with a clear trend of market differentiation [2] Industry Overview - The global smartphone shipment is expected to reach 1.26 billion units in 2025, with a year-on-year growth of 1.9%, primarily driven by mid-to-high-end models [3] - Apple and Samsung are projected to be the strongest performers among the top five smartphone manufacturers, with growth rates of 6.3% and 7.9% respectively, increasing their combined market share to 39% [3] - Other manufacturers like Xiaomi and OPPO are experiencing market share declines, with Xiaomi's shipments dropping significantly in Q4 2025 due to competitive pressures and a shift towards high-end products [3] Market Dynamics - The entry-level smartphone segment, once a stronghold for Chinese manufacturers in overseas markets, is now under pressure due to rising component costs, prompting a shift towards the mid-to-high-end market [4] - Honor's overseas smartphone shipments grew by approximately 55% in the first three quarters of 2025, with Europe being a key market for its high-end strategy [4] - OPPO's shipments of mid-to-high-end smartphones increased from 2.7 million units in Q2 2024 to 4 million units in Q2 2025, reflecting a similar strategic shift [5] Supply Chain Challenges - Rising prices of core components, particularly storage, are significantly impacting the smartphone market, with Omdia highlighting this as a key variable for 2026 [7] - The supply of LPDDR4 and LPDDR5 memory is constrained, leading to intense competition among manufacturers to manage costs and secure supply [7] - The price of DRAM and NAND memory surged by 386% and 207% respectively in 2025, with further increases expected in early 2026 [8] Strategic Adjustments - Manufacturers are adjusting their product strategies in response to rising costs, with many shifting focus from entry-level to mid-range products to maintain profitability [4][9] - The industry is expected to face challenges in maintaining healthy inventory levels, with a recommended storage inventory of 8 to 10 weeks [9]