GF Securities Co., LTD. released a research report saying that the world's smartphones have entered the stock era, but the growth momentum of domestic smartphone brands is still strong, Zhitong Financial APP learned. The year-on-year growth rate of brand manufacturers led by "HOV+ XIAOMI" remained between 20% and 30% in the first three quarters of 2017, and the overall growth rate of the industrial chain was also maintained at a high level.
The bank recommends that core customers such as Sunny Optical Technology (02382), Qiu Ti Technology (01478), AAC Technologies Holdings Inc. (02018), BYD Electronic (00285) and Tongda Group (00698) are front-line manufacturers of domestic mobile phone brands.
Optics: the first step of information exchange, leading manufacturers are the first to benefit from dual-photo infiltration / 3D Sensing
The technical threshold of the single module industry is not high, and it is a typical capital-intensive and labor-intensive industry. The demand for dual photography increased significantly in 2017, and the industry began to show the characteristics of technology-intensive.
From the perspective of the dual-photo market, only the leading manufacturers can maintain a continuously optimized product structure while having large-scale shipments. With the accelerated penetration of double photography, the market share of leading manufacturers is expected to continue to increase. Apple Inc took the lead in launching 3D Sensing functions, and the domestic mobile phone industry chain also began to follow, and the leading manufacturers with technological advantages are expected to be the first to benefit. As the first part of the interaction between mobile phone and the outside world, camera has a short innovation cycle and will continue to benefit from the evolution of AR, VR and AI technology.
Touch: the demand for fingerprint identification in the lower reaches of the industry chain is still strong.
Driven by the comprehensive screen mobile phone, mobile phone fingerprint identification technology develops along two main lines: sampling principle, from capacitive to optical, ultrasonic evolution; installation location, from plug-in to hidden transition. Although Apple Inc took the lead in using the Face ID function without fingerprint identification, GF Securities Co., LTD. believes that fingerprint recognition, as the most natural way to unlock human-computer interaction, is difficult to be replaced; at the same time, if the comprehensive screen fingerprint identification technology makes a breakthrough, the fingerprint recognition industry is expected to usher in a new round of breakthrough.
Acoustics: optimizing perceptual experience, hardware integration design may become a trend
At present, smart phones pay more attention to sound effects and waterproofing in the field of acoustics. upstream component manufacturers continue to meet the requirements of smartphone manufacturers, but also continue to promote technological innovation: microphones, speakers, receivers begin to gradually evolve to the technical direction of MEMS, and the integrated design of acoustic devices, radio frequency devices and inductive devices is also expected to become the development direction of the industry.
Backplane material: non-metallic material will become the mainstream in 5G era
The advent of the 5G era and the gradual popularization of wireless charging have put forward new requirements for the development of mobile phone backplane materials. Glass and ceramic backboards are the best alternatives at present. From the current market development situation, the glass backplane may be the first to benefit.
Based on the above, GF Securities Co., LTD. suggests that core customers such as Sunny Optical Technology (02382), Qiu Ti Technology (01478), AAC Technologies Holdings Inc. (02018), BYD Electronic (00285) and Tongda Group (00698) are front-line manufacturers of domestic mobile phone brands.
Risk hint. The risk that downstream smartphone sales fall short of expectations, the decline in product prices cannot be transferred to the risk of weakening profitability of companies in the industry caused by suppliers, and the risk of sharp fluctuations in the RMB exchange rate.