星展集团研究部的Jim Au在一份报告中称，潜在的可折叠iPhone可能会增强蓝思科技的增长。他指出， 这家中国玻璃制造商提供了70%-80%的iPhone玻璃供应。该分析师称，可折叠智能手机可能会使每部手 机的物料清单成本增加70-90美元。他补充说，这与智能电动汽车驾驶舱玻璃和扩展现实眼镜一道，可 能会在2025-2027年期间推动蓝思科技的收入实现16%的复合年增长率。Au预计，鉴于其利润率回升和 经营杠杆，同期每股收益复合年增长率将达到38%。星展集团对蓝思科技在香港上市股票的合理价值为 33.20港元。该股下跌0.8%，至25.46港元。 ...

Core Insights - Huawei holds a leading position in the global foldable smartphone market with a 45% market share, significantly higher than Motorola's 28%, representing a 17 percentage point difference [2] - China remains a key market for foldable smartphones, with Huawei's Mate X6 model being particularly popular among consumers, contributing to over one-third of Huawei's total foldable smartphone shipments in Q2 2025 [2] - Motorola has successfully increased its market share through strategic positioning in the U.S. market, offering foldable smartphones starting at $699, making it the lowest-priced option in the region [2] - Samsung is experiencing a decline in market share, dropping from 21% in Q2 2024 to 9% in Q2 2025, largely due to Motorola's rapid rise in the market [2]