Core Insights - The European foldable smartphone market is experiencing significant growth, with a year-on-year increase of 37% in 2024, despite currently holding only about 2% of the total smartphone sales in the region [1] - Samsung, which previously dominated the market with a 98% share in 2022, has seen its market share decline to 73% by the end of 2023 due to increased competition from brands like Honor, Google, and OnePlus [1] - Honor's Magic V2 and the upcoming Magic V3 have led to a remarkable 377% increase in sales for Honor, capturing a 34% market share in the book-style foldable segment, making it the fastest-growing player in the market [1] Company Developments - Samsung is set to launch the Galaxy Z Fold7 in July 2025, which is touted as the thinnest, lightest, and most powerful foldable smartphone to date, with a thickness of only 4.2mm and a weight of 215g [2] - Honor is expected to release the Magic V5 on August 28, 2024, which will feature a thickness of 4.1mm, potentially reclaiming the title of the thinnest foldable smartphone, along with enhancements in battery capacity and durability [2] Market Outlook - Apple is anticipated to enter the foldable smartphone market in 2026, which is expected to accelerate the adoption of foldable devices in high-end markets like the UK and Germany [2] - Counterpoint Research predicts that by 2028, annual sales of book-style foldable smartphones in Europe will approach 4 million units, representing over 2% of total smartphone sales, with a potential market share of nearly 10% in the high-end segment priced above $800 [2]

Core Insights - By 2028, book-style foldable smartphone sales are expected to approach 4 million units, accounting for over 2% of total smartphone sales, with a nearly 10% market share in the high-end segment in Europe [1][9] - 2024 is a pivotal year for the European foldable smartphone market, with a projected 37% year-on-year growth in sales, driven primarily by book-style foldable models, which are expected to see a 60% increase [1][9] - The competitive landscape is intensifying, with Samsung's market share dropping from 98% in 2022 to 73% by the end of 2023 due to new entrants like Honor, Google, and others [2][3] Market Dynamics - Honor's Magic V2 has captured 27% of the European book-style foldable smartphone market, and the upcoming Magic V3 is anticipated to further enhance its position [3][6] - Samsung is set to launch the Galaxy Z Fold7 in July 2025, which is its thinnest and lightest foldable smartphone to date, potentially regaining market competitiveness [6][8] - Google and other manufacturers are also ramping up their efforts in the European foldable smartphone market, indicating a new phase of industry growth [7][9] Future Projections - Apple is expected to enter the foldable smartphone market in 2026, which will further intensify competition and potentially accelerate market growth [9] - Despite a projected decline in foldable smartphone sales in the first half of 2025 due to a lack of technological innovation and macroeconomic factors, a rebound is anticipated in the latter half of the year [9][10]

Core Insights - 2024 is a pivotal year for the foldable smartphone market in Europe, with a projected 37% year-on-year growth in sales, despite currently representing only about 2% of total smartphone sales in the region [2] - The primary driver of this growth is the book-style foldable smartphones, which are expected to see a 60% increase in sales [2] Group 1: Market Dynamics - The competition in the foldable smartphone market is intensifying, with Samsung's market share dropping from 98% in 2022 to 73% by the end of 2023 due to new entrants like Honor, Google, and OnePlus [3] - Honor's Magic V2 has gained significant traction, accounting for 27% of book-style foldable smartphone sales in Europe, and the upcoming Magic V3 is expected to further enhance its market position [4] - Samsung's Galaxy Z Fold7 is anticipated to be its most advanced foldable smartphone yet, addressing previous technological gaps [8] Group 2: Future Projections - By 2028, book-style foldable smartphone sales are expected to exceed 2% of total smartphone sales in Europe, capturing nearly 10% of the high-end smartphone market [4][11] - Apple's entry into the foldable smartphone market in 2026 is expected to further accelerate competition and innovation, particularly in high-end segments [11] - The foldable smartphone market is projected to experience a rebound in sales in the second half of 2025, following a decline in the first half due to macroeconomic factors [11]

Group 1 - Honor has completed its shareholding reform, changing its name to "Honor Terminal Co., Ltd." with a registered capital of 32.239 billion yuan, marking its transition from a limited liability company to a joint-stock company [1] - The China Securities Regulatory Commission has confirmed that Honor has submitted its IPO counseling record, with CITIC Securities as the counseling institution, and plans to complete the counseling acceptance by March 2026 [1][3] - In Q1 2025, Honor's domestic market share fell out of the top five due to increased competition from Huawei's return and brands like Xiaomi and OPPO [3] Group 2 - Honor aims to achieve over 50% of its sales from overseas markets by 2024, with significant growth in regions like Southeast Asia and the Middle East [3] - The company has set a strategic goal to position Europe as its "second home market," targeting 100 million units shipped by 2026 and aiming to be among the top three globally by 2028 [3] - Honor's annual R&D investment accounts for about 10%, with over 2,100 AI patents accumulated, although profitability pressures remain [3] Group 3 - Honor was established in April 2020 as a subsidiary of Huawei and was later acquired by Shenzhen State-owned Assets [4] - The current reasonable valuation range for Honor is estimated between 150 billion to 250 billion yuan, depending on the effectiveness of its AI strategy and overseas market performance [6] Group 4 - Related concept stocks include BOE Technology Group, which supplies flexible AMOLED screens for Honor's high-end models, and Visionox, which supplies components for Honor's foldable phones [7] - The stock of a key retail service agent for Honor is considered undervalued, with a potential market value of around 8.8 billion yuan post-IPO, indicating significant investment opportunities [8]

Core Insights - Brazil has become a strategic battleground for smartphone manufacturers in Latin America, with a population of 212 million and an active smartphone ownership of 175 million, making it the largest smartphone market in the region [1][3] - In 2024, Brazil is expected to account for 29% of the total smartphone shipments in Latin America, with over 40 million units shipped, representing a growth of over 16% compared to 2023 [1][3] Market Dynamics - High import taxes, value-added taxes, and government policies promoting local production pose challenges for manufacturers entering the Brazilian market, leading to fewer competitors and higher device prices [3][4] - Samsung and Motorola dominate the Brazilian smartphone market with market shares of 39% and 25% respectively, while Apple holds 7% in the high-end segment [3][4] Emerging Competition - New entrants like Xiaomi, realme, and Infinix are challenging traditional brands by focusing on cost-sensitive consumers, with shipments of smartphones priced below $200 (approximately 1,110 Brazilian Reais) doubling from 2023 to 2024, capturing 41% of total shipments [4][8] - The entry of OPPO, Honor, and vivo into the Brazilian market is expected to intensify competition, with OPPO launching its Reno and A series products in Q2 2024 [8][9] Future Opportunities - The Brazilian government's efforts to bridge the "digital divide" may create growth opportunities for manufacturers in the entry-level device segment, as the National Digital Inclusion Plan aims to support the 7% of the population without telecom access [7][10] - The demand for high-cost-performance devices and increasing acceptance of new brands will be crucial for manufacturers seeking to capture market share and drive demand growth [12] Strategic Considerations - Manufacturers must establish strong partnerships with major retailers, telecom operators, and distributors to penetrate the market effectively, despite the need for significant initial investments [12] - New entrants will face challenges such as high import costs, taxes, and complex regulatory barriers, making short-term profitability difficult, especially in the long-tail market [12]

巨大的市场容量使巴西成为厂商眼中的战略要地。然而，高额的进口税、增值税以及政府推动本地化 生产（例如玛瑙斯自由贸易区的政策）对厂商的进入和成功构成了挑战。这导致市场竞争者数量较少、设 备价格居高不下，厂商需具备相当规模才能实现可持续运营。因此，大多数品牌往往在拉美扩张的后期阶 段才进入巴西市场。不过，随着过去两年众多厂商在拉美地区的大举投资，巴西市场的竞争格局有望再次 升温。 本地⽣产不再是市场份额的保证 巴西已成为众多智能手机厂商在拉丁美洲争相布局的"前线战场"。截至2024年，巴西拥有2.12亿人 口，活跃智能手机保有量达1.75亿部，远超其他国家，稳居拉美最大智能手机市场。2024年，巴西占据 整个拉美地区智能手机出货量的29%，出货量超过4000万部，较2023年增长超过16%。 长期以来，三星和摩托罗拉一直是巴西智能手机市场的两大主导品牌，而苹果则稳居高端市场的领导 地位。2024年，三星在巴西的市场份额为39%，摩托罗拉为25%，苹果为7%。 多年来，这些厂商依托本地生产优势（包括直接投资或与ODM伙伴合作），通过具有竞争力的定价 策略和完善的分销体系，牢牢占据市场主导地位。然而，随着市场竞争环境 ...