Folding screen mobile phone, new form, air outlet has come
In 2021, various brands of folding screen mobile phones were intensively released, and the addition of "people-friendly" brands such as oppo greatly increased the "heat" and "national popularity" of folding screen mobile phones. On December 15, oppo find n folding flagship machine was released. On December 23, Huawei will hold a new winter flagship product launch. The folding screen mobile phone Huawei P50 pocke is one of the heavy products. As of December 18, the first 100000 units of oppo find n had been sold out (reserved), the market popularity exceeded expectations, and the offline reservation system may be closed in advance.
The penetration rate of folding screen mobile phones is still very low. Counterpoint research predicts that folding screen mobile phones account for 1.2% of the overall smartphone shipments. Samsung mobile phone guidelines the annual shipment of folding screen mobile phones in 2022 is about 13-15 million units, about twice the shipment target of this year +, and 25 million units in the world as a whole. DSCC predicts that it will increase to 66 million units in 2025, 6.4 times that in 2021.
Folding screen mobile phone, the "foothold" of UTG commercialization
"Gold film" CPI has become a "transition scheme" because of its low hardness, creases and low light transmittance, and the technical route has begun to turn to UTG. Ultra thin glass, an ultra-thin glass, has the advantages of high hardness, scratch resistance and high light transmittance. It can make up for the defect that CPI is prone to creases, and the screen experience is better. After Samsung, China's mainstream brands continued to enable UTG, such as oppo find n internal screen.
According to the calculation of 50% and 80% penetration rate of UTG, the market potential of UTG glass in 2022 corresponds to RMB 4.7 billion and RMB 7.5 billion respectively; According to the calculation of 80% penetration rate, the mobile phone market capacity of UTG glass will reach 20 billion yuan in 2025.
Triumph Science & Technology Co.Ltd(600552) , domestic UTG integrated leader
UTG industrial chain is generally divided into four links: original film, thinning processing, display module and mobile terminal application. The barriers to entry of the industrial chain are mainly reflected in the development of original film technology (it is expected that only Corning, Schott, neg, Kaisheng, etc. in the United States, etc.) and heavy capital investment (although the thinning process is interlinked in principle and equipment, it has large capital expenditure, high yield requirements, ensuring short-term economic benefits, and facing the uncertainty of technology renewal). At the same time, the division of labor between domestic and foreign capital in the industrial chain shows the characteristics of incomplete marketization. The research and development and production barriers of UTG front-end original film are higher, mastering the original film production technology, improving the stability of the supply chain and the whole industrial chain The layout can better adapt to technology iteration and supply allocation.
From front to back, get through the integration of UTG industrial chain. Triumph Science & Technology Co.Ltd(600552) phase I and phase II UTG projects have been put into operation to embrace the general trend of folding screen. Bengbu Institute is responsible for the formulation and production of high-strength original films at the front end, Triumph Science & Technology Co.Ltd(600552) undertakes projects such as "extremely thin and thin", high-precision post-processing, as well as the production and sales of products.
Investment advice
We are optimistic about the application trend of folding screen mobile phones and flexible screens, suggesting that we should focus on the domestic UTG Integration Leader Triumph Science & Technology Co.Ltd(600552) .
Risk prompt: the cost reduction rate of UTG is lower than expected; The penetration rate of foldable mobile phones is lower than expected; Deterioration of industry competition pattern; Foreign brands and manufacturers set barriers to entry and risk of substitution of other applied materials
