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苹果助攻,2025年折叠手机铰链市场规模预估达12亿美元
WitsView睿智显示· 2025-08-19 07:41
Core Insights - The article discusses the anticipated growth of the foldable smartphone market, driven by Apple's expected entry in the second half of 2026, which is projected to increase the penetration rate of foldable phones from 1.6% in 2025 to over 3% by 2027 [2]. Group 1: Foldable Smartphone Market - The foldable smartphone hinge market is expected to reach a value of $1.2 billion by 2025, with the hinge cost accounting for approximately 5% to 8% of the bill of materials (BOM) for each device [3]. - Samsung has adopted a droplet hinge design in its Galaxy Z Fold 5 and Flip series starting in 2023, enhancing foldability and durability while reducing crease visibility, which has become a mainstream design in the industry [3]. - The industry is moving towards modular designs and standardization to reduce costs and improve yield rates, which will shift hinges from traditional material processing to system module supply [3][4]. Group 2: Apple’s Potential Impact - Apple is considering the use of liquid metal for structural components in its foldable devices, aiming to leverage the material's properties for lightweight and high toughness [5]. - The entry of Apple into the foldable smartphone market is expected to signal a maturation of the segment, with competition shifting towards manufacturing efficiency, cost control, and supply chain integration [5]. - Suppliers that can manage technology, capacity, and price flexibility will be key beneficiaries in the upcoming growth cycle as the market evolves [5].
TrendForce集邦咨询:预计2025年折叠手机铰链市场规模达12亿美元
Zhi Tong Cai Jing· 2025-08-19 05:49
Group 1 - The core viewpoint is that the introduction of foldable products by Apple in the second half of 2026 is expected to increase the penetration rate of foldable phones from 1.6% in 2025 to over 3% by 2027, driven by advancements in hinge technology and design [1] - The foldable phone hinge market is projected to reach a value of $1.2 billion by 2025, with Samsung adopting a water-drop hinge design in its Galaxy Z Fold5 and Flip series to enhance durability and reduce crease visibility [2] - The industry is moving towards modular designs and standardization to reduce costs and improve yield rates, with suppliers like New Power and Amphenol investing in high-precision components to adapt to the water-drop hinge trend [2] Group 2 - Apple is considering the use of liquid metal as a structural material for its foldable devices, which could lead to a significant upgrade in the supply chain if combined with 3D printing and composite materials [3] - Apple typically adopts an "early majority" strategy, entering the foldable phone market once it stabilizes, aiming to capture market share through differentiation while minimizing risks and R&D costs [3] - The entry of Apple into the foldable phone market signifies a shift towards mature applications, where competition will focus on manufacturing efficiency, cost control, and supply chain integration [3]
瑞声科技(02018.HK):多元布局消费电子业务 光学及XR有望驱动新增长
Ge Long Hui· 2025-08-11 19:49
Core Viewpoint - 瑞声科技 is positioned as a leader in perception experience solutions, with significant expertise across various business sectors including acoustic devices, touch motors, optics, precision structural components, and XR, which is expected to drive long-term growth for the company [1][4]. Group 1: Optical Business - Recent demand recovery in consumer electronics and smartphones is evident, with a notable trend towards high-end products [2]. - The WLG glass-plastic hybrid lens technology, which 瑞声科技 uniquely possesses, is leading the market and is already applied in multiple smartphone models [2]. - In the VR sector, 瑞声科技 has successfully mass-produced optical modules similar to Apple's Vision Pro, while its single-layer colored waveguide lens offers a lightweight and comfortable experience for AR applications [2]. Group 2: Electromagnetic Drive and Precision Structural Components - The acquisition of 东阳精密 is expected to enhance structural component collaboration and growth [3]. - The demand for tactile feedback in human-computer interaction is increasing, with linear motors, particularly the X-axis linear motor, gaining traction due to their superior performance and lower power consumption [3]. - 瑞声科技 is a leading supplier of folding phone hinges, which is anticipated to benefit from the rising penetration of foldable smartphones [3]. Group 3: Acoustic Business - 瑞声科技 remains a global leader in high-end acoustic components, maintaining a stable market share despite challenges in smartphone demand [3]. - The company's acoustic devices are gradually penetrating mid-range models, which is expected to increase the value per unit [3]. - The acquisition of PSS, a major player in automotive acoustics, allows 瑞声科技 to diversify strategically and leverage PSS's supply chain resources to expand in the global automotive and electric vehicle markets [3]. Group 4: Investment Outlook - 瑞声科技's product offerings, including WLG hybrid lenses, metal frames, and folding phone hinges, are positioned for long-term growth [4]. - The company is projected to achieve net profits of 2.362 billion, 2.77 billion, and 3.162 billion yuan from 2025 to 2027 [4]. - A target price of 50.76 HKD is set for 2026, based on a 20x PE ratio, with an initial "recommended" rating [4].
瑞声科技(02018):深度研究报告:多元布局消费电子业务,光学及XR有望驱动新增长
Huachuang Securities· 2025-08-11 15:08
Investment Rating - The report assigns a "Buy" rating to the company for the first time, with a target price of HKD 50.76, compared to the current price of HKD 42.64 [3][9]. Core Viewpoints - The company is positioned as a leader in perception experience solutions, with deep expertise across various business sectors including acoustic devices, touch motors, optics, precision components, and XR, which is expected to drive long-term growth [6][8]. - The report highlights significant growth in the optical and automotive acoustic sectors, with a projected revenue increase of 33.4% year-on-year for 2024, driven by strong demand in consumer electronics and innovative product launches [26][27]. Summary by Sections Company Overview - The company has a strong foundation in the acoustic market since its establishment in 1993, and has diversified into optics, motors, MEMS chip design, precision components, and XR technologies, positioning itself for long-term growth [15][17]. - The ownership structure is concentrated, with the founder and family holding over 36% of shares, ensuring stability and continuity in management [20][21]. Optical Business - The optical sector is experiencing a revival in smartphone demand, with a focus on differentiated performance upgrades rather than merely increasing the number of camera modules [41][54]. - The company leads in WLG (wafer-level glass) technology, which is expected to set new trends in smartphone lens design, and has successfully launched products in the XR field [6][8][41]. Electromagnetic Transmission and Precision Components - The company is a leading supplier of linear motors, particularly in the X-axis domain, which is gaining traction in various applications beyond smartphones [8][30]. - The acquisition of Dongyang Precision is anticipated to enhance synergies in the precision components business, contributing to revenue growth [6][8]. Acoustic Business - The company maintains a strong market share in the high-end acoustic sector, with its products increasingly penetrating mid-range devices, which is expected to enhance unit value [8][30]. - The acquisition of PSS is aimed at expanding into the automotive acoustic market, leveraging synergies to capture growth opportunities [8][30]. Financial Projections - The company is projected to achieve net profits of CNY 2.36 billion, CNY 2.77 billion, and CNY 3.16 billion for the years 2025 to 2027, respectively, reflecting a robust growth trajectory [2][9]. - The report anticipates a recovery in profit margins due to improved product mix and operational efficiencies, with a gross margin expected to rise to 22.11% in 2024 [31].