The "folding screen" curtain is about to open! Which core components benefit the most? (attached shares)-clevelanddrifters.com

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The "folding screen" curtain is about to open! Which core components benefit the most? (attached shares)

time：2023-03-24 01:37:25 source：clevelanddrifters.com author：Technology stocks

The "folding screen" curtain is about to open! Which core components benefit the most? (attached shares)

During the development of smartphones, a large number of innovative technologies and new demands have been explored, such as cameras, acoustic components, glass back covers, connectors, etc. Ou Feiguang and other ten times big bull stocks. In the same sentence, every new technology and new process will often bring huge investment opportunities to the secondary market. Today, I would like to introduce to you a new technology and new application in the consumer electronics sector. This article mainly explains the investment value of this new technology and new application of the consumer electronics sector-folding screen from the following five aspects, for your reference. 1) Entering the second half of 2022, new foldable screen phones are coming in droves, and the market heat has soared, and the outlet has arrived! 2) The agency predicts that the global shipments of folding screens may reach 80 million units in 2025, with huge potential! 3) Expected recovery in the second half of the year + low valuation, or usher in configuration opportunities in the consumer electronics sector 4) In terms of specific investment, two key components should be focused: flexible screens, hinges 5) Screening of key companies 1. Entering the second half of 2022 , New folding screen machines are coming in succession, the market heat has soared, and the tuyere has arrived! In August, a variety of folding screen mobile phones were launched in full swing. During the period of weak consumer electronics, the folding screen market is still hot. On August 10, Samsung held a new product launch conference and released two folding screen mobile phones GalaxyZFlip4 and GalaxyZFold4. The next day, Xiaomi released MIXFold2 folding screen flagship new machine, which also adopts the horizontal inward folding scheme, but the starting price is much lower than Samsung. Motorola, a subsidiary of Lenovo, also released the folding screen mobile phone MOTORazr2022 in the same period. The price starts from only 5,999 yuan, breaking the current lowest price of folding screen mobile phones. The market is hot, and the first sale exceeded 10,000 units in five minutes. Obviously, Samsung, Xiaomi and other major Android mobile phone giants are increasing the number of folding screen mobile phones, which is bound to bring about a surge in the popularity of the folding screen market. 2. The agency predicts that the global shipments of folding screens may reach 80 million units in 2025, and the potential is huge! The agency predicts that global shipments of folding screens may reach 80 million units in 2025. The agency believes that the realization of this market scale depends on the achievement of two prerequisites: 1) More manufacturers participate in the research and development of folding screen products; 2) The price of folding screen mobile phones continues to drop. We have observed that the development of the folding screen industry may have entered an accelerated stage. First of all, the iterative acceleration of folding screen mobile phones in 2022. On the one hand, more and more mobile phone brands have entered the folding screen market and successively released folding screen products; on the other hand, the iteration speed of the same brand is also accelerating, from one in the past year to two per year for some brands . (Refer to the figure below) Secondly, the price of folding screen mobile phones continues to drop, increasing the appeal to consumers. The global average selling price of folding screen mobile phones has dropped from more than $2,000 in 2019 to around $1,500 in 2021. We learned that global shipments of folding screen mobile phones will grow from less than 500,000 units in 2019 to 7.1 million units in 2021. If it really reaches 80 million units in 2025, then there is room for more than 10 times growth in 4 years, and the potential is huge! 4. Expected recovery in the second half of the year + low valuation, or usher in configuration opportunities for the consumer electronics sector On the one hand, the fourth quarter is the traditional peak season for shipments, and consumer electronics factories will start to stock up. And it is about to usher in the launch of Apple's new iPhone 14, Huawei's Mate50 launch, and the advent of a variety of folding screen phones. On the other hand, the current consumer electronics index PE is only 33.75 times, which is at the quantile of 20.3% in 10 years, and the valuation is relatively low. We believe that consumer electronics is expected to recover in the second half of the year + favorable factors under low valuations can easily catalyze the rebound of stock prices, or usher in allocation opportunities in the consumer electronics sector. 5. In terms of specific investment, two key components should be focused: flexible screen, hinged flexible screen (UTG and panel) and hinge are the two major technical difficulties of folding screen, and also the most important value-enhancing link (new core components) . Therefore, in the investment of folding screen, we should focus on these two pieces. We judge: 1) Flexible screen: The key performance of the folding screen cover includes scratch resistance, impact resistance, optical performance and bending performance. CPI and UTG are the current mainstream choices. The shortcomings of a single material are obvious, and UTG and CPI/PET complementary technologies are short-term solutions. And UTG has superior comprehensive performance, domestic manufacturers are accelerating the layout, and flexible screens mainly focus on UTG. 2) Hinges (rotating shafts): At present, domestic manufacturers mainly focus on the processing of parts and components, and the localization of assembly has just started. Due to limited hinge space, high number of parts and high precision, the assembly process is more difficult and valuable. We believe that with the joint promotion of domestic mobile phone manufacturers and domestic component manufacturers, the assembly process is expected to achieve a breakthrough in localization. Lao Dao believes that the opening of the folding screen has arrived, and the main focus is on the new core components that benefit from it, such as flexible screens and hinges. 6. Screening of key companies Jingyan Technology 300709: Samsung and Huawei are the core supplier of folding screen hinge MIM parts + expand the assembly process + cut into VR + double bottom has been formed. Why do we choose it? Company profile: The company is the global leader in the metal powder injection molding (MIM) industry, mainly providing high-complexity, high-precision, high-strength, beautiful-looking customized MIM for the consumer electronics fields such as smartphones and wearable devices and the automotive field in large quantities Parts products. 1. Highlights 1) The company has many years of research and development experience in the MIM technology of folding screen mobile phone hinges, and is the core supplier of Samsung and Huawei folding screen hinge MIM parts. 2) Xiaomi, Honor, OV, etc. are also actively deploying in the field of folding machines. The company is actively developing new projects in its hinge MIM parts supply chain, which is expected to open up new incremental space in the future. 3) At present, the company is actively expanding the hinge assembly link of folding machines, and the value of its hinge supply will further increase. 4) The MIM process is more in line with the needs of wearable device parts, and the high volume of terminals such as smart watches and XR headsets injects long-term growth momentum into the company. The company has already cut into some VR equipment supply chains. 5) The company is actively expanding into the two 100 billion-level markets of transmission and heat dissipation, which is expected to open a new growth curve. 6) The company's market value is 7.1 billion yuan. The wind agency unanimously predicts that the company's net profit will grow rapidly in the next few years, and the PE will be 24 times the current price in 2022. Summary: The folding screen mobile phone market is accelerating, and the company is expected to benefit directly as a core supplier of hinge MIM components. 2. Technical analysis After the company broke through the double bottom structure, it opened an upward trend. Today, the contraction volume is a cross star, and it continues to be optimistic. If you think the content is good, please like and forward it, thank you!

(Responsible editor：Hot industry)

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