折叠屏催化不断，产业链增量未来可期

Investment Rating - The industry is rated positively, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [85]. Core Insights - The foldable screen is identified as the next frontier for smartphones, with significant growth potential in the Chinese market, projected to maintain a 19.8% CAGR over the next five years [2][26]. - The foldable smartphone supply chain is maturing, with key components like flexible OLED displays and hinges seeing substantial increases in BOM (Bill of Materials) costs, with foldable devices costing nearly 70% more than non-foldable counterparts [2][39]. - Major Chinese manufacturers, particularly Huawei, are leading the foldable smartphone market, with Huawei surpassing Samsung in global shipments for the first time in Q1 2024 [30][28]. Summary by Sections 1. Foldable Screens: The Next Frontier for Smartphones - The smartphone market is entering a phase of structural innovation, with foldable screens becoming a focal point for hardware advancements [6][8]. - The high-end smartphone market is expanding, with foldable devices contributing to this growth as they offer unique user experiences [21][19]. - China is projected to maintain a dominant position in the foldable smartphone market, capturing around 40% of the global share [26][23]. 2. Maturing Supply Chain for Foldable Smartphones - The BOM for foldable smartphones has significantly increased, with key components like display modules and mechanical structures seeing over 50% value increases [39][2]. - Flexible OLED materials are essential for foldable devices, with the market for UTG (Ultra-Thin Glass) and CPI (Colorless Polyimide) solutions rapidly expanding [45][50]. - The hinge market for foldable devices is expected to exceed 7.8 billion yuan by 2024, with a CAGR of 24.71% from 2023 to 2028 [61][58]. 3. Key Companies - Pegatron Holdings: Positioned to benefit from the PCB industry upgrade, with a diverse product line including FPC and HDI [74]. - Luxshare Precision: Deeply integrated with major consumer electronics clients, poised to benefit from a wave of device upgrades driven by AI [78]. - Changying Precision: A leading manufacturer of precision components, expected to accelerate hinge adoption in the consumer electronics sector [83].