中金：eSIM热度有望重启，编制万物互联新格局

Core Viewpoint - eSIM technology is expected to gain momentum due to its advantages in size, cost, security, and convenience, aligning with trends in consumer electronics miniaturization and the rise of the Internet of Things (IoT) [1][3][16]. Development of eSIM - The evolution of telecom cards has transitioned from magnetic cards to embedded SIM cards, with eSIM poised to eliminate physical card slots through Over-The-Air (OTA) technology, catering to the demand for thinner devices and expanded IoT applications [2][9][12]. Advantages of eSIM - eSIM offers benefits such as space-saving in devices, reduced supply chain costs, enhanced security, and improved user experience through remote configuration and multiple operator profiles [3][17][18]. - The global forecast predicts approximately 1 billion eSIM-enabled smartphones by the end of 2025, increasing to 6.9 billion by 2030, with IoT connections using eSIM technology expected to grow from 22 million in 2023 to 195 million by 2026 [3][12][19]. eSIM Industry Chain - The eSIM industry chain encompasses chip design, platform management, operator services, device integration, and end applications, with significant collaboration among various stakeholders to meet early market demands [4][20][23]. - Key players in chip design include companies like NXP, STMicroelectronics, and Qualcomm, while domestic firms in China are also gaining traction in the eSIM market [23][24]. Challenges in Adoption - The willingness of operators to support eSIM technology is crucial, as concerns over customer retention and the need for system restructuring may hinder adoption [18][32]. - The penetration rate of eSIM in devices remains low, with only 21.3% in smartphones and 5.2% in wearables as of 2023, indicating significant growth potential [18][19]. Future Outlook - The demand for eSIM is expected to accelerate by 2025, driven by the increasing miniaturization of consumer electronics and the growing need for IoT devices [19][30]. - Major smartphone manufacturers are actively integrating eSIM technology into their products, with Apple leading the way in the market [30][31].