Many institutions said they were optimistic about the incremental market space brought by the core components of folding screen mobile phones, such as flexible screen, hinge and UTG glass.
2021 is the first year of folding screen mobile phones.
On December 15, oppo issued its first folding screen mobile phone oppo find n, becoming another mobile phone manufacturer entering the folding screen market after Samsung, Huawei and Xiaomi.
On December 23, Huawei launched the first vertical folding screen mobile phone P50 pocket.
According to statistics, since this year, mobile phone manufacturers around the world have released 8 folding screen products, and another 5 products are expected to be released in 2022. From the supply side, the key technical difficulties of folding screen are gradually breaking through, and the industrial chain tends to mature; From the demand side, the price of folding screen mobile phones continues to sink, and the user experience is optimized, which helps to stimulate consumers' shopping enthusiasm. Some organizations predict that 15-20 million folding screen mobile phones will be shipped in 2022.
How to grasp the investment opportunities in the folding screen era? Many institutions said they were optimistic about the incremental market space brought by the core components of folding screen mobile phones, such as flexible screen, hinge and UTG glass.
mobile phone manufacturers entered the bureau one after another, and apple applied for a patent
most mainstream mobile phones in the world have folding screens. by the end of 2021, several mobile phone manufacturers around the world, including Huawei, Samsung, Xiaomi, glory, Rouyu, moto, germry and Vertu, had released folding screen mobile phones, and another five products are expected to be released in 2022.
Apple continuously applied for patents related to folding screen. the first securities search of Apple's folding screen patents in recent years found that Apple continuously applied for and obtained folding screen patent authorization from 2016 to 2021, and a total of 7 patent documents were retrieved. Apple continues to research and develop folding screen patents and apply for patents to prepare for admission. Apple's admission will play a great role in driving the industrial chain.
supply side: technical difficulty gradually breaks through
Compared with ordinary mobile phones, the key technical points and value increment of the folding screen mobile phone industry chain are mainly flexible OLED, UTG protection cover plate, hinge and rotating shaft, battery, etc. At present, through the efforts of mobile phone manufacturers, folding screen has made a breakthrough in these aspects.
flexible screen: the flexible AMOLED screen used by the folding screen represents the most advanced technical level in the current panel display field, China International Capital Corporation Limited(601995) the research report mentioned that at present, the AMOLED flexible screen can withstand more than 200000 folds, which can meet the use needs of smart phones during the replacement cycle.
hinge and rotating shaft: in the rotating shaft field, hinge is the key component to realize mobile phone folding. At present, hinge technology has been overcome. Huawei, Samsung and oppo have all launched self-developed hinge designs.
cover glass: UTG glass (ultra-thin flexible glass) with good wear resistance has better performance and is not easy to crease after repeated use. At present, Samsung has begun to vigorously promote the commercial use of UTG. Oppo takes the lead in adopting UTG scheme among domestic mobile phone manufacturers. It is expected that UTG glass will gradually replace CPI and become the mainstream material of folding screen cover plate in the future.
battery: the screen size of the folding screen mobile phone increases, and the power consumption speed increases significantly. Therefore, the dual cell mode is mainly used, and the battery life of the currently online folding screen mobile phone continues to increase. In addition, the currently released Samsung Galaxy fold and Huawei mate XS support wireless charging. (main performance parameters of oppo find n, oppo official website)
demand side: price sinking, demand volume
prices continued to sink. from the perspective of stand-alone price, the initial stand-alone price of folding screen mobile phones is about 10000-20000 yuan. With the price of Samsung Galaxy Z flip3 starting from 7599 yuan in August, oppo find n starting from 7699 yuan in December and Huawei P50 pocket starting from 8988 yuan, the price of folding products mobile phones has entered the era of 7000 +, especially the market recognition of Samsung Galaxy Z flip3 is high.
demand is large, and it is expected to ship 15-20 million units in 2022. at present, the shipment of folding screen mobile phones is still small, but it is growing rapidly. According to DSCC data, it is expected that the annual shipment in 2021 is expected to exceed 9 million units, with a year-on-year increase of about 430%. By 2022, the global shipment of folding screen mobile phones is expected to further increase to 15-20 million units.
user experience upgrade. Sinolink Securities Co.Ltd(600109) believes that folding screen mobile phones have the advantages of large screen and portability, and have a better user experience in specific scenarios (split screen, hover and folding), thus optimizing the limitations of ordinary single screen mobile phones. In addition, mobile phone manufacturers are also exploring and launching different series of folding screen mobile phones, which is conducive to driving consumers' enthusiasm.
Investment strategy of folding screen industry chain
China International Capital Corporation Limited(601995) : compared with traditional mobile phones, the investment opportunities of folding screen mobile phones will lie in the addition of innovative core components such as flexible screen and hinge, as well as the increase in the value of other links brought about by the change of screen shape.
Citic Securities Company Limited(600030) : although the industry still faces development difficulties such as structural design, flexible modules, hinges and product ecology, the subsequent iterative upgrading will be accelerated, and the overall industry growth space and related industrial chain companies are optimistic.
Triumph Science & Technology Co.Ltd(600552) (600552. SH): domestic UTG integration leader, expected difference in new material business
① From front to back, we have opened up the integration of UTG industrial chain, Triumph Science & Technology Co.Ltd(600552) phase I and phase II UTG projects have accelerated their production and embraced the general trend of folding screen.
② The company's new material products are serialized, the added value is improved, and the industrial chain is widened.
Jiangsu Gian Technology Co.Ltd(300709) (300709. SZ): MIM's leading revenue industry developed, and its performance in the third quarter hit a record high
① Provide customized MIM core parts products for consumer electronics fields such as smart phones and wearable devices.
② At present, it has entered the hinge MIM parts supply of folding screen of international well-known brands, and is expected to achieve good performance flexibility.
③ The operation improved significantly. In the first three quarters, the operating revenue was RMB 1.722 billion, a year-on-year increase of 54.56%, and the net profit attributable to the parent company was RMB 126 million, a year-on-year increase of 44.94%.
Wuhu Token Sciences Co.Ltd(300088) (300088. SZ): car electronics orders are full and UTG prospects are promising
① The automotive electronics business will have full orders in the next three to five years.
② UTG business has broad prospects. The company's thinned business scale ranks first in China, speeds up the layout of UTG business, and has been shipped in small quantities.
③ The business of wearable module group is industry-leading, and its customers cover the top five intelligent wearable customers. At the same time, it has mastered the core technology of flexible OLED module.
Shenzhen Everwin Precision Technology Co.Ltd(300115) (300115. SZ): has accumulated technology in hinges and rotating shafts, and sales are expected to continue to grow
① The company takes product design, precision mold design and intelligent manufacturing as its core competitiveness, and keeps up with the rapid development of electronic information industry.
② We have profound technical accumulation in folding screen hinge and rotating shaft, and continue to cooperate with major customers in R & D.
③ In terms of consumer electronics, the company has carried out mass production in the new model laptop project of international major customers, and its sales will continue to grow in the future.
BOE (000745. SZ): the decline in panel prices narrowed and the scene extended
① The decline in panel prices narrowed, the industry pattern stabilized, and the periodicity may weaken.
② With the extension of the scene, the competitiveness will continue to increase.
(21st Century Business Herald)
