消费电子行业点评报告：一季度折叠屏手机销量同比增长49%，横折产品份额首次超过竖折

Investment Rating - The report assigns an "Overweight" rating to the consumer electronics industry, particularly highlighting the potential of the foldable smartphone supply chain [2][6]. Core Insights - In Q1 2024, global foldable smartphone sales increased by 49% year-on-year, with Huawei achieving the highest market share for the first time, surpassing Samsung [2]. - The share of horizontal foldable products exceeded vertical foldable products for the first time, accounting for 55% of global foldable smartphone shipments [2]. - The growth in foldable smartphone sales is driven by the introduction of 5G models, with 84% of Huawei's foldable smartphone shipments in Q1 2024 being 5G devices [2]. - Domestic manufacturers are expected to benefit from the rapid growth in foldable smartphone shipments, with a projected global sales volume of 55 million units by 2025, reflecting a compound annual growth rate of 61.32% from 2022 to 2025 [2][6]. Summary by Sections Section 1: Market Performance - The report notes that global smartphone sales showed a recovery with year-on-year growth rates of -0.1%, 8.5%, and 7.8% for Q3 2023, Q4 2023, and Q1 2024 respectively [6]. - Global PC sales also showed slight recovery with year-on-year growth rates of -7.6%, -2.7%, and 1.5% for the same quarters [6]. Section 2: Product Insights - The report highlights that several manufacturers are set to launch new vertical foldable products, which are expected to drive rapid growth in their sales [2]. - Domestic foldable smartphone products are noted to have advantages over Samsung's offerings, particularly in terms of weight and thickness, which enhances their market competitiveness [2]. Section 3: Investment Opportunities - The report identifies investment opportunities in the hinge, UTG cover, and panel sectors within the foldable smartphone supply chain [6].