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瑞聲科技(02018.HK)將導入更多摺疊屏鉸鏈項目,結構件業務增長可期
格隆匯 05-24 11:02

2023年智能手機市場出貨量持續下滑,但摺疊屏手機出貨量卻實現逆勢上揚。IDC報吿顯示,2023年中國內地摺疊機市場出貨量約700.7萬台,同比增長114.5%,2024年第一季度的出貨量更是達到186萬台,同比增長了83%。

據統計,自2020年後,摺疊屏新機發布頻率從6款/年增至超18款/年,市場滲透率的持續提升,重點利好鉸鏈、蓋板和柔性面板等產業鏈新增組件。

其中鉸鏈是決定摺疊手機成本的關鍵零部件之一,對摺疊閉合程度、摺疊開合手感、摺痕深淺、屏幕耐用性起關鍵作用,也是緩解摺痕、減輕機身重量厚度的主要零部件,往往直接影響着用户的使用體驗和購買意願。

摺疊屏手機市場的火爆,正在推動上游產業鏈的快速發展。據瑞聲科技管理層在最新的投資人會議上透露,鉸鏈結構設計複雜,內含上百個精密零部件,對零部件強度和精度的要求極高。2023年公司在轉軸(鉸鏈)業務方面首次實現大批量出貨,轉軸產品全年營收超過3億元,已成長為精密結構件板塊的全新增長引擎,未來將持續推廣導入至更多的項目中。

國金證券研報稱,隨着摺疊屏手機性能、外觀不斷提升的同時價格下探,摺疊屏手機銷量在2024年有望進一步增長,鉸鏈、MIM、OLED產業鏈公司將因此受益。IDC預計,2024年中國摺疊屏手機市場的出貨量將接近1000萬台,同比增長53.2%,並且到2027年的複合增長率將達到37.5%。

華鑫證券研報指出,在摺疊機輕薄化趨勢下,輕量化、高強度的鉸鏈材料以及複雜精密的加工、組裝工藝將推動鉸鏈材料成本和加工成本不斷攀升。在疊加摺疊機持續放量的帶動下,經測算預計2023年全球摺疊機鉸鏈市場規模將超過47億元,2023- 2027年CAGR高達34%。

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