消费电子系列跟踪研究：折叠屏：多家厂商推陈出新，产业链有望迎来拐点

Investment Rating - The report maintains an "Outperform" rating for the consumer electronics industry, indicating a positive outlook for the sector [2]. Core Insights - The consumer electronics industry is experiencing a significant transformation with the introduction of innovative foldable screen smartphones by major manufacturers such as Honor, Samsung, Xiaomi, and Huawei. This trend is expected to lead to a turning point in the industry chain [2]. - The global shipment of foldable smartphones is projected to grow by 49% year-on-year in Q1 2024, driven by brands like Huawei, Honor, and Motorola. As user pain points such as battery life, weight, and software compatibility are addressed, foldable smartphones are anticipated to enter a rapid growth phase [2]. Summary by Sections Market Performance - The report includes a market performance chart showing a range of percentage changes from -22% to +22% for the consumer electronics sector compared to the CSI 300 index from August 2023 to August 2024 [2]. Product Launches - Honor launched its first small foldable smartphone, the Nova Flip, with a starting price of 5288 RMB, featuring a unique 1:1 square outer screen and advanced specifications [3]. - Xiaomi introduced its first small foldable smartphone, the MIX Flip, and the new lightweight flagship MIX Fold 4, both equipped with high-performance Snapdragon 8 Gen3 processors [4]. - Samsung released the sixth generation of its foldable series, the Galaxy Z Fold 6 and Z Flip 6, featuring advanced AI capabilities and improved durability [5][6]. Future Outlook - The report anticipates that foldable smartphones will become a key focus for major brands in the saturated smartphone market. It highlights the potential for significant growth in the foldable smartphone segment, particularly with the expected entry of Apple into this market with foldable iPhones and iPads by 2026 [8]. - IDC data indicates that the price range for foldable smartphones in China is decreasing, with models priced between 600-800 USD increasing to 14.1% of the market, suggesting a shift towards mainstream adoption [8]. Investment Recommendations - The report suggests focusing on key components of the foldable smartphone supply chain, including flexible OLED panels, UTG covers, hinges, batteries, and thermal management solutions. Specific companies to watch include BOE Technology, TCL Technology, and others involved in these segments [8].