金十数据6月12日讯，Counterpoint Research最新报告称，受关税影响及行业整体发展放缓的冲击，2025 年全球智能手机制造产量预计将同比下降1%，相较于2024年产量4%的同比增长，不难看出市场情况不 容乐观。2024年，中国、印度和越南共持有全球智能手机总产量的90%以上，其中印度增速最快。 机构：2025年全球智能手机产量预计将下降1% ...

Global Smartphone Market Overview - The global smartphone market is expected to see a year-on-year growth of 0.2% in Q1 2025, indicating a recovery phase [1] - The total global smartphone shipments are projected to reach 1.22 billion units in 2025, reflecting a slight increase of 0.1% compared to the previous year [1] - The market is anticipated to grow at a modest compound annual growth rate (CAGR) of 1% from 2025 to 2029, facing challenges from low-end replacement demand and geopolitical uncertainties [1] High-End Smartphone Market Insights - The high-end smartphone segment (priced above $600) experienced a year-on-year shipment increase of 12% in Q1 2025, driven by manufacturers' commitment to premium offerings and advancements in AI technology [4] - Apple leads the high-end market with a 59% share, showing a 10% growth year-on-year [5] - Huawei's high-end segment grew by 69%, capturing a 9% market share, while Google and Xiaomi also reported significant growths of 21% and 81% respectively [4][5] Regional Market Performance - In the Asia-Pacific region (excluding Greater China), Apple holds a 61% market share in the high-end segment, with a 12% year-on-year growth [7] - In North America and Latin America, Apple dominates with a 71% market share, reflecting an 18% increase [7] - In Europe, the Middle East, and Africa, Apple maintains a 55% share with a 15% growth, while Samsung follows with a 37% share and a 13% increase [9] AI Smartphone Projections - The penetration rate of AI smartphones is expected to reach 34% by 2025, supported by advancements in chip capabilities and model efficiency [9] - Apple leads the global AI smartphone market with a shipment of 43.6 million units, accounting for 58% of the market [12] - In mainland China, Apple also leads with a 40% market share in AI smartphones, followed by Xiaomi with 26% [16] Foldable Smartphone Forecast - The foldable smartphone market is projected to achieve only a 0.1% year-on-year growth in 2025, with major manufacturers attempting to stimulate demand through price reductions and SKU expansions [24] - 2026 is anticipated to be a pivotal year for the foldable market, potentially revitalized by Apple's rumored foldable product [24] 5G Smartphone Outlook - The penetration of 5G smartphones is expected to continue growing, with projections indicating that by 2029, 88% of smartphone shipments will be 5G-enabled [26]

6月5日，Canalys最新数据显示，2025年第一季度，拉美地区智能手机市场同比下跌4%，结束了连续六 个季度的增长，总出货量为3370万部。三星以1190万部出货量，同比增长7%，稳居第一。小米以590万 部，同比增长10%连续第二个季度排名第二。摩托罗拉则下降至第三名，出货量为520万部，同比下降 13%。荣耀同比增长2%，出货量为260万部，升至第四名。传音排名第五，出货量为210万部，同比大 幅下滑38%，是其在该地区的首次出现下跌。 ...

机构：预测2025年华为手机出货量同比增长11% 金十数据6月5日讯，市场调查机构CounterPoint Research发布博文，预测2025年华为手机出货量同比增 长11%。该机构指出主要受到美国关税政策的不确定性因素影响，下调2025年全球智能手机出货量增长 预测，从此前的同比增长4.2%下降到1.9%。 ...

三星仍居榜首，苹果强势增长 按照手机品牌划分，根据Canalys的数据，2025年第一季度，全球智能手机市场中，三星、苹果、小米、vivo、OPPO位列前五名。 其中三星以6050万台的出货量位居全球第一，市占率为20%。尽管仅录得1%的同比微增，但凭借新款旗舰产品与A系列的平价优 势，仍有效稳住基本盘。另外，除了非洲市场以传音占据主导地位，三星位居第二，在西欧、拉丁美洲、亚太地区（除大中华区），三 星的市场份额均位于第一。 | | Worldwide: top smartphone vendors, Q1 2025 | | | | --- | --- | --- | --- | | | Vendor | Unit share | Annual growth | | #1 合 | Samsung | 20% | +1% | | #2 - | Apple | 19% | +13% | | #3 # | Xiaomi | 14% | +3% | | #41 | vivo | 8% | +7% | | #5 个 Source: Canalys Estimates (sell-in shipments), Smart ...

Canalys最新研究显示，2025年第一季度，全球智能手机市场仅实现0.2%的增长，出货量达2.969亿台。 由于阶段性换机高峰进入尾声以及厂商寻求更健康的库存水位，全球智能手机市场增速已经连续三个季 度回落。三星位列第一，出货量达6050万台；苹果位列第二，出货量达5500万台，份额达19%；小米稳 居第三，出货量达4180万台，市场份额为14%。vivo和OPPO位列第四及第五位，出货量分别为2290万 台和2270万台。 ...

| Vendor | | | Unit share | Annual growth | | --- | --- | --- | --- | --- | | #1 1 | | Samsung | 22% | -5% | | Apple | #2 | | 14% | +20% | | #3 1 | | vivo | 13% | +9% | | Xiaomi | #4 · | | 12% | -20% | | OPPO | #5 | | 10% | -14% | | Source: Canalys Estimates (sell-in shipments), Smartphone Analysis, May 2025 | | | | Canalys | 全球重点市场： Canalys（现并入Omdia）最新研究显示，2025年第一季度，全球智能手机市场仅实现0.2%的增长，出 货量达2.969亿台。由于阶段性换机高峰进入尾声以及厂商寻求更健康的库存水位，全球智能手机市场增 速已经连续三个季度回落。三星凭借最新旗舰产品的发布以及性价比A系列新品巩固了第一的位置，出货 量达6050万台。苹果凭借其在亚太新兴市场以及美国 ...

Investment Rating - Maintain BUY with a target price of HK$58.78, reflecting a potential upside of 61.3% from the current price of HK$36.65 [3][12]. Core Insights - The company is expected to achieve revenue growth of 10-15% YoY in 2025, driven by multiple growth drivers across various segments including optics, precision mechanics, electromagnetic drive, and automotive acoustics [1][9]. - Key growth drivers for 2025 include upgrades in optics specifications, increased adoption of VC in high-end models, expansion in automotive acoustics, and advancements in MEMS microphones for AI smartphones [9]. - The company has a solid product roadmap and is expanding into strategic markets such as robotics and AI glasses, with plans to acquire a stake in a Chinese automotive microphone module company to enhance its offerings [9]. Revenue and Earnings Forecast - Revenue is projected to grow from RMB 20,419 million in FY23 to RMB 32,566 million in FY25, representing a YoY growth of 19.2% [2][11]. - Net profit is expected to increase significantly from RMB 740.4 million in FY23 to RMB 2,488.6 million in FY25, with a YoY growth of 38.5% [2][11]. - The company’s EPS is forecasted to rise from RMB 0.63 in FY23 to RMB 2.12 in FY25, indicating a growth of 38.5% [2][11]. Segment Performance - The revenue breakdown indicates that acoustics will contribute RMB 9,466 million in FY25, while optics is expected to generate RMB 5,672 million [10]. - The gross profit margin is anticipated to improve from 16.9% in FY23 to 23.1% in FY25, reflecting operational efficiency and product mix enhancement [11][18]. Valuation Metrics - The stock is currently trading at a P/E ratio of 15.8x for FY25, which is attractive compared to the expected EPS growth of 39% [12][18]. - The target price is based on a sum-of-the-parts (SOTP) valuation methodology, assigning different P/E multiples to various business segments [12][13].

5月28日，市场调研机构Canalys发布了2025年第一季度欧洲(不含俄罗斯)智能手机市场报告。数据显示，欧洲智能手机出货量同比下降 2%，至3240万部。 Canalys 2025年开局对欧洲智能手机市场来说颇为艰难，2024年，欧洲智能手机在连续四年下滑后首次反弹，总体出货量达1.36亿部，同比增长 5%。继去年小幅复苏后，不少厂商在2024年第四季度末高估了终端需求，导致2025年第一季度时渠道库存积压严重。 根据该报告，第一季度，欧洲高端机型的需求持续强劲，售价高于800欧元(约合人民币6523元)的设备占比达到了创纪录的32%，主要由 苹果和三星带动。 Canalys分析指出，入门级设备在第一季度的需求依然疲软，部分原因是去年替换需求的提前释放，加上新兴竞争者推动激进促销，使市 场更为饱和。2025年第一季度，欧洲售价低于200欧元的设备出货量创下十余年来最低水平，凸显了当前需求环境的严峻。小米和摩托罗 拉是排名前五中受冲击最大的厂商，但对其他未进入前五的厂商来说，处境更为艰难。 Canalys 而OPPO则相比2024年度报告跌出了前五，OPPO今年的新品Find N5并未登陆欧洲市场，这是目前 ...

智通财经APP获悉，根据Counterpoint市场监测服务的最新研究，2025年Q1中东和非洲智能手机出货量同比增长7%，这是该地区在经历连续两个季度下滑 后，首次实现同比正增长。斋月和复活节期间的强势节日需求、设备供应扩大以及温和的通胀共同推动了当季消费者支出。 受消费者对鲜艳色彩、更好对比度及高效能耗的需求的影响，2025年Q1 OLED显示屏的渗透率达到42%。屏幕尺寸大于6.5英寸的智能手机也得到了更广 泛的使用，因为用户更青睐高分辨率、大屏幕，以便优化观感和流畅操作，而且大屏幕手机通常配备更大容量的电池，以实现长时间待机。随着市场发 展，整个行业研发功能丰富、以用户为中心的智能手机的趋势更加明显，因为此类手机兼顾了功能性和高端吸引力。 2025年Q1 vs 2024年Q1中东和非洲地区智能手机出货量市场份额 2022年Q1- 2025年Q1中东和非洲地区智能手机出货量增长率 数据来源：Counterpoint Research市场监测服务 Counterpoint高级分析师Yang Wang针对市场动态表示："2024年，中东和非洲智能手机市场进入调整阶段，因为品牌专注于清理旧库存、减少新品发布和 ...