Apple(US:AAPL) 光大证券研究·2025-09-14 23:03Core Viewpoint - The release of the iPhone 17 series marks the beginning of the consumer electronics sales peak in the second half of 2025, with expectations for a recovery in global smartphone shipments driven by new product launches [4]. Group 1: Smartphone Market Trends - The iPhone 17 series includes four models, all equipped with 6.3-6.9 inch OLED full screens and ProMotion adaptive refresh rate technology, enhancing display quality [4]. - The global smartphone display panel market saw a mild growth in the first half of 2025, with total shipments reaching approximately 1.09 billion units, a year-on-year increase of 1.6% [5]. - Flexible OLED (FOLED) shipments reached about 298 million units, growing by 4.9% year-on-year, with a penetration rate of 27.4%, up 0.9 percentage points from the previous year [5]. Group 2: Chinese OLED Market Performance - In the first half of 2025, China's OLED smartphone panel shipments totaled around 200 million units, a year-on-year increase of 3.4%, capturing 50.9% of the global market share [5]. - Flexible OLED shipments in China reached approximately 190 million units, accounting for 62.3% of the global share, an increase of about 7.7 percentage points year-on-year [5]. - Major domestic manufacturers such as BOE, Tianma, and TCL Huaxing reported significant shipment increases, with year-on-year growth rates of 10.3%, 15.6%, and 8.6% respectively [5]. Group 3: OLED Materials Market Growth - The revenue of OLED material manufacturers has been steadily increasing, with companies like Aolide and Lite-On reporting year-on-year revenue growth of 22.0% and 30.0% respectively in the first half of 2025 [6]. - The market for organic materials in China's OLED sector is projected to reach 7.4 billion yuan, with a year-on-year growth of 30% [6]. - Domestic material companies are accelerating technology iterations and capacity expansions, indicating a promising growth trajectory in the OLED organic materials market driven by diverse end-use applications [6].