The in-depth review of smart phones has enlightened the pattern of the whole vehicle
Source: Financial community
Investment essentials
Penetration dimension:
According to the penetration rate, the development of global and domestic smart phones can be divided into four stages, 1) 0 to 15% of the introduction period: demand side: the market is still dominated by functional machines, smart machines are only accepted by a small number of high-consumption, the pursuit of personalization groups; supply side: mainstream manufacturers in terms of technical strength basically stand on the same starting line, but the overall change drive is weak. 2) 15% to 40% of the early stage of growth: the demand side, the emergence of revolutionary products that bring consumers a new experience to detonate the market; supply side: new entrants increased to compete with traditional brand manufacturers, the speed of technological change is faster, and traditional brand manufacturers that have not completed the transformation are eliminated by the market one step ahead. 3) 40% to 75% of the late growth period: the barbaric growth halo driven by the industry dividend gradually faded, the demand side, consumers fully recognized the use of smart machine experience, and put forward higher requirements for quality and cost performance, brand advantages accumulated rapidly; the supply side, cottage machine advantage is no longer, the strength of the manufacturers are to cost-effective, technology, channels and other squeeze the tail share, the knockout game is further intensified. 4) 75% ~ 85% + maturity period: smart phones are basically fully popularized, and the faucet is gradually centralized.
Competitive Landscape Dimensions:
Behind the four stages of penetration rate is the evolution rhythm of this round of smart phone reform: new and old forces begin to clash - new forces enter the old forces retreat - new forces knockouts - shuffle ends the pattern is stable. From the perspective of players, 1) global market: Nokia dominated the first stage, Apple and Samsung entered the second stage, and Nokia's decline appeared. In the third stage, Nokia withdrew, Samsung became the leader, chinese brands Xiaomi, OV/Huawei gradually improved, and the fourth stage of Samsung, Apple, Huawei, Xiaomi, OV pattern was basically determined. 2) Domestic market: the first stage to Nokia dominate, the second stage of Apple, Meizu, Millet, OV, Huawei, ZTE, Coolpad, Lenovo, etc. emerged, the third stage of the reshuffle intensified, the era of China Cool Union has passed, player filtering, the fourth stage of Apple, Huawei, Millet, OV pattern is stable, the concentration of the leader gradually improved.
Core elements of competition:
1. Software development strength and ecological architecture capability; 2, hardware supply chain vertical integration capability and product differentiation definition capability; 3, terminal channel marketing capability. Element 1 of the early stage of change is more important and determines survival (mainly because the software experience is the core change of the smart machine relative to the functional machine); the importance of elements 2 and 3 in the medium term of the change is further enhanced, and the three together determine the profitability and development sustainability (the product technology gradually matures, testing the strength of the later stage).
Key variables affecting penetration:
1. The explosive products that define the industry standard have triggered the consumer market boom; 2, the industry-side technology is mature, the cost is reduced, and the bottleneck of the core restriction is solved.
2007-2017 ten years of smart phone manufacturers review: software - hardware - channel three aspects are indispensable. Every style of play has the ability to border
Apple: Hardware and software closed-loop all-round casting high barriers. As an industry leader, Apple has the strongest comprehensive capabilities, not only has a software closed-loop model, but also has the ability to master the world's most supply chain and chip self-design at the hardware level, coupled with good control of channels, so as to ensure that the high-end market leader and strong profitability.
Samsung: Vertically highly integrated hardware industry chain. Relying on the capabilities of Samsung Group, with the implementation of the hardware control as the guide to follow and surpass the strategy, the whole cycle follows Apple, and the price is explored to the low-end market, and the hardware advantage is used to achieve full price band coverage.
Xiaomi: "Triathlon" creates core competitiveness. "Software + hardware + Internet" is a triathlon of Xiaomi, software + hardware to ensure product quality, and Internet ideas help to create a comprehensive differentiated competitive element of Xiaomi from brand positioning to product marketing.
Huawei: Continuous R&D investment to achieve hard technology transformation. In the early stage, many industry outlet periods were missed, and in the later stage, it quickly followed up with strong investment determination and research and development strength, and the strength of various fields such as software + hardware + brand image publicity + channel layout comprehensively followed the learning and surpassed.
OV: Online and offline carpet marketing channels win. On the basis of hardware advantages, we continue to fill the shortcomings of the lack of software, create differentiated products in specific areas of benchmarking, and use the advantages of channel layout to promote in a carpet marketing way, and rise with the help of the outbreak of the low-end demand market.
On the whole, technological innovation is the basis for the survival of mobile phone manufacturers. Meet the user's cost-effective needs - to meet the user's personalized needs - to create a better lifestyle for users, the higher the level of manufacturers to get a higher brand premium.
Investment Advice:
Review the development and changes of the smart phone industry, and firmly optimistic about the future smart electric vehicle track market. The vehicle sector recommends [Great Wall Motor + BYD + Ideal Automobile + Xiaopeng Automobile + Geely Automobile + Changan Automobile + GAC Group + SAIC Motor], and pays attention to [Weilai Automobile + Xiaokang Shares + Jianghuai Automobile]. Parts section recommended [Desay SV + Huayang Group + Bethel + Top Group + Fuyao Glass + China Auto Research Institute + Ecodi + Huayu Automobile], pay attention to [Xingyu shares + Jifeng shares + Joyson Electronics + Xusheng shares].
Risk warning: The recovery of passenger car demand is lower than expected; the penetration rate of new energy vehicles is lower than expected; and the growth rate of intelligence is lower than expected.
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
The in-depth review of smart phones has enlightened the pattern of the whole vehicle
