3C设备系列报告（一）：3C“钛”时代，折叠新纪元

Investment Rating - The report gives a recommendation rating for the 3C equipment industry [4]. Core Insights - The report highlights the transition into a new era of innovation in the 3C industry, driven by advancements in form factors, materials, and AI technology [4][31]. - The global and Chinese smartphone shipment volumes are expected to recover, with a projected increase in foldable smartphone shipments reaching 100 million units by 2027, reflecting a CAGR of approximately 40% from 2023 to 2027 [3][4]. - The introduction of titanium alloy materials in smartphones is gaining traction, with significant applications in various components such as frames and hinges, enhancing both durability and weight reduction [4][26]. Summary by Sections Historical Review and Capital Expenditure - The smartphone industry has undergone several phases, including rapid growth from 2008 to 2014, a micro-innovation phase from 2015 to 2019, and a 5G-driven growth period from 2019 to 2021, followed by a downturn from 2021 to 2023 [11][13]. - The report notes that global smartphone shipments reached 1.163 billion units in 2023, with a projected recovery in 2024 [19][20]. Foldable Smartphone Market - Foldable smartphones are entering a phase of mass production, with major brands like Huawei and Samsung leading the market, and domestic brands rapidly increasing their market share [3][4][23]. - The report emphasizes the importance of the supply chain for foldable smartphones, particularly in flexible displays and hinges, which are seen as growth areas [4][23]. Titanium Alloy Adoption - The report discusses the increasing use of titanium alloys in smartphones, which are being adopted for their lightweight and strong properties, with applications in various parts of the device [4][26]. - The market for titanium alloy components in smartphones is projected to exceed 20 billion yuan from 2024 to 2027, driven by the demand for foldable and lightweight devices [4]. MIM/3D Printing and Precision Processing - The report analyzes the market potential for MIM (Metal Injection Molding), 3D printing, and precision processing in the context of foldable smartphones, estimating significant revenue elasticity for listed companies involved in these segments [4][23]. - Key companies identified for investment opportunities include Jintaiyang, Dongmu Co., and Yinbang Co. in various segments of the titanium alloy and foldable smartphone supply chain [4]. AI Innovation in Smartphones - The report highlights the emergence of AI smartphones, with expectations for global shipments to reach 170 million units by 2024, representing a 15% penetration rate in the smartphone market [31][36]. - Major manufacturers are developing AI models to enhance smartphone capabilities, which is anticipated to drive the next wave of smartphone upgrades [34][36].