高盛-科技行业跟踪

12June2024|7:50PMHKT

GlobalTech:PC/Server/SmartphoneTAMupdates:PC+5%,Generalserver+3%,AIserver+57%,Smartphone+3%YoYin2025E

InthisJuneedition,weupdateourglobalPC/Server/SmartphoneTAMsto1)

factorinthelatestforecastsforkeysuppliersincludingHPE,HPQ,Dell,Apple,

Lenovo,Asus,Supermicro,Transsion,Samsung,Xiaomi,TaiwanODMs,2)updates

forUScloud(Microsoft,Alphabet,Meta,Amazon)andChinacloud(Tencent,Alibaba,Baidu)capexforecasts.

Comparedtoourlastupdate,weraiseourhighpowerAIservershipmentforecaststo591k/927kin2024E/2025E(vs.558k/872kpreviously),drivenbyrisingdemandofcomputing,newchipsetplatformlaunches,andbetterGPUsupply.Ourgeneral

serversshipmentforecastsarelargelyunchangedat12.0m/12.3munitsin2024E/2025E(vs.12.2m/12.7munitsinourpreviousestimates),or13%/3%YoYas2023waslower-than-expected.OurleadingUSCSPcapexinaggregateisraisedby17%/22%in2024E/2025Eorat+46%/10%YoYgrowthin2024E/2025E(vs.2023’s

+5%YoY),supportingourpositiveviewonAIandgeneralservers.

ForPC,ourestimatesarelargelyunchangedat270m/283munitsin2024E/2025E(vs.270m/282mpreviously),onourunchangedpositiveviewonAIPCsandWin-10endoflifereplacement.ForSmartphones,weslightlyraisedby2%/2%

respectivelyto1.2bn/1.2bnin2024/25E,onbetterthanexpectedshipmentinthepastfewquarters,whileweremaincautiousonQ2and2Hthisyeargivenno

significantsignsoffullrecoveryofconsumerspending.

Relatedreports:

_

GlobalTech:PCs,smartphones,servers:Quantifyingmarketopportunities(LaunchingGlobalTAMsonOct3,2023)

GlobalTech:Servers/PCsupdates:UScloudcapexandPCsshipmentsraised;whilegeneralserversin2023Ereduced(UpdatesonOct17,2023)

GlobalTech:Smartphoneupdates:Restockingsupports4Q;recoveryin2024-25E(UpdatesonOct31,2023)

ChinaSmartphones:AIphoneswithmorespecificanswers,smarterAIassistants,

andinteractionwithappsformaps,delivery,socialmedia(UpdatesonNov19,2023)

GlobalTech:PC/ServerTAMupdates:2024EPC/Serverstoupby7%/8%YoY

AllenChang

+852-2978-2930|

allen.k.chang@

GoldmanSachs(Asia)L.L.C.

VerenaJeng

+852-2978-1681|verena.jeng@GoldmanSachs(Asia)L.L.C.

MichaelNg,CFA

+1(212)902-8618|michael.ng@GoldmanSachs&Co.LLC

EricSheridan

+1(917)343-8683|

eric.sheridan@

GoldmanSachs&Co.LLC

KashRangan

+1(415)249-7318|kash.rangan@GoldmanSachs&Co.LLC

BenMiller

+1(917)343-8674|

ler@GoldmanSachs&Co.LLC

GiuniLee

+82(2)3788-1177|giuni.lee@GoldmanSachs(Asia)L.L.C.,SeoulBranch

KatherineCampagna

+1(212)902-1151|

katherine.a.campagna@GoldmanSachs&Co.LLC

GiliNaftalovich

+1(917)343-4286|

gili.naftalovich@

GoldmanSachs&Co.LLC

RonaldKeung,CFA

+852-2978-0856|ronald.keung@GoldmanSachs(Asia)L.L.C.

LincolnKong,CFA

+852-2978-6603|lincoln.kong@GoldmanSachs(Asia)L.L.C.

TimothyZhao

+852-2978-2673|timothy.zhao@GoldmanSachs(Asia)L.L.C.

TaeyongLee

+82(2)3788-0981|taeyong.lee@GoldmanSachs(Asia)L.L.C.,Seoul

Branch

ToshiyaHari

+1(646)446-1759|toshiya.hari@GoldmanSachs&Co.LLC

DaikiTakayama

+81(3)4587-9870|

daiki.takayama@

GoldmanSachsJapanCo.,Ltd.

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,

investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.

GoldmanSachsGlobalTech

(UpdatesonDec12,2023)

GlobalSmartphones:Foldable:Introducingfoldablephoneforecasts;hingesande-paperinitiations(UpdatesonFeb1,2024)

GlobalTech:ServerTAMupdates:Serversupby8%YoYin2024E;AIandincreasingcomputinginfracapextofuelgrowth(UpdatesonMar13,2024)

_

12June20242

GoldmanSachsGlobalTech

AIservers:+116%/+57%YoYin2024E/2025E;generalservers:+13%/+3%YoY

GlobalServermarketopportunity

_

(Shipmentsinkunits)

OurBottomupmethod

GlobalserverTAM=

Generalserver+AIserver(highpower)+AIserver

(others)+HPC

Generalserver

Generalservershipments=

shipmentsofTop6server

brands+ODMdirect+othersGeneralserverrevenues=

shipmentsofeachcompanyxASPofeachcompany

General%intotalshipments

92%

88%

87%

83%

202220232024E2025E

AIserver

AIservershipments=

shipmentsofTop6serverbrands+ODMdirect+

others

AIserverrevenue=shipmentsxASP

AI%intotalshipments

10%

6%

3%

0%2021

0%

202220232024E2025E

HPCserver

HPCservershipments=shipmentsofTop6serverbrands+ODMdirect+

others

HPCserverrevenue=shipmentsXASP

HPC%intotalshipments

9%

7%

7%7%

Shipmentsbytype1Q232Q233Q23

Globalservershipments2,3,,93,93,9,3,120,8,9

Generalservers2,5732,6402,610

AIservers-highpower616875

AIservers-others232323

HPC240232277

ShipmentsYoY1Q232Q233Q23

Global-14%-22%-24%

Generalservers-18%-25%-28%

AIservers-highpower485%396%339%

AIservers-others

HPC10%-8%5%

ShipmentsQoQ1Q232Q233Q23

Global-23%2%1%

Generalservers-24%3%-1%

AIservers-highpower195%12%11%

AIservers-others0%-1%

HPC-32%-3%19%

Shipmentsmix1Q232Q233Q23

Generalservers89%89%87%

AIservers-highpower2%2%3%

AIservers-others1%1%1%

HPC8%8%9%

Revenuesbytype1Q232Q233Q23

Globalserverrevenues239,4,117,37,,27,2,32

Generalservers10,71811,84219,010

AIservers-highpower14,79616,81711,135

AIservers-others364364360

HPC3,2943,0632,917

Shipmentsbyvendor1Q232Q233Q23

Totalservershipments2,3,,93,93,9,3,12,,9

Dell365361345

HP248253282

Supermicro175215170

Lenovo173153160

ODMDirect1,0961,0781,076

Others840904952

Generalservershipments2,2,,62,63,7,81,14,1

Dell324323294

HP219211212

Supermicro172209165

Lenovo154133139

ODMDirect911906907

Others793858894

AIserver(highpower)shipments67171,4,71545

Dell003

HP---

Supermicro365

Lenovo---

ODMDirect555861

Others236

AIserver(highpower)shipments-allocationbyODMs

Quanta

HonHai/FIIWiwynn

WistronInventecGigabyte

ShipmentsYoY

Totalservershipments

DellHP

SupermicroLenovo

ODMDirectOthers

Generalservershipments

AIserver(highpower)shipments

ShipmentsQoQ

Totalservershipments

DellHP

SupermicroLenovo

ODMDirectOthers

Generalservershipments

AIserver(highpower)shipments

Chinamarket

Shipments

Marketshare

1Q23

-14%

-33%-18% -5%37%-14%-8%

-18%485%

1Q23

-23%

-25%-33%-19%-20%-12%-32%

-24%195%

1Q23

752

26%

2Q23

-22%

-27%-12%13%-22%-31%-15%

-25%396%

2Q23

2%

-1% 2%23%-12% -2%8%

3%12%

2Q23

923

31%

3Q23

-24%

-35%-23%-28%-32%-26%-13%

-28%339%

3Q23

1%

-4%11%-21% 5% 0%5%

-1%11%

3Q23

964

32%

4Q23

2,756

70

23

278

4Q23

-17%

-19%243%

-21%

4Q23

5%

6%-6%1%0%

4Q23

88%2%1%9%

4Q23

19,131

17,586

364

4,459

4Q23

366

253

245

172

1,018

1,074

317

221

238

150

907

924

3

2

7

0

46

12

4Q23

-17%

-25%-31%14%-20%-18%-13%

-19%243%

4Q23

5%

6%-10%44% 7% -5%13%

6%-6%

4Q23

1,069

34%

1Q24E

2,881

127

63

230

1Q24E

14%

12%

110%

169%

-4%

1Q24E

6%

5% 81%169%-17%

1Q24E

87%4%2%7%

1Q24E

8,741

30,895

928

3,061

1Q24E

340

229

273

175

1,477

807

292

201

261

155

1,212

760

7

4

12

0

98

8

1Q24E

14%

-7%-8%56% 1%35%-4%

12%110%

1Q24E

6%

-7% -9%11% 1%45%-25%

5%81%

1Q24E

921

28%

2Q24E

2,985

142

63

220

2Q24E

15%

13%

110%

172%

-5%

2Q24E

3%

4%

12%

1%

-4%

2Q24E

88%4%2%6%

2Q24E

10,151

34,543

940

2,808

2Q24E

354

251

303

156

1,459

888

307

211

288

134

1,205

840

9

4

16

1

103

10

2Q24E

15%

-2%-1%41% 2%35%-2%

13%110%

2Q24E

3%

4%10%11%-11% -1%10%

4%12%

2Q24E

1,009

30%

3Q24E

3,041

162

62

256

3Q24E

18%

16%

116%

169%

-8%

3Q24E

3%

2%14%-2%16%

3Q24E

86%5%2%7%

3Q24E

21,156

26,705

918

2,609

3Q24E

349

276

304

190

1,459

944

288

222

288

163

1,205

875

10

4

16

1

110

21

3Q24E

18%

1%-2%79%19%36%-1%

16%116%

3Q24E

3%

-1%10% 0%22%0%6%

2%14%

3Q24E

1,050

30%

4Q24E

3,096

159

63

201

4Q24E

13%

12%126%169%-28%

4Q24E

0%

2% -2% 1%-21%

4Q24E

88%5%2%6%

4Q24E

20,909

39,180

931

2,868

4Q24E

366

268

318

190

1,388

989

306

232

302

163

1,206

888

11

5

16

1

82

45

4Q24E

13%

0% 6%30%10%36%-8%

12%126%

4Q24E

0%

5%-3%5%0%-5%5%

2%-2%

4Q24E

1,084

31%

2022

13,704

62

-

1,086

2022

10%

8%956%

36%

2022

2022

92%0%0%7%

2022

96,989

12,373

-

13,900

2022

2,056

1,328

825

775

5,558

4,310

1,842

1,160

813

698

5,192

4,000

8

-

12

-

33

9

2023

10,580

274

93

1,027

2023

-19%

-23%344%

-5%

2023

2023

88%2%1%9%

2023

60,701

60,334

1,451

13,733

2023

1,438

1,036

805

658

4,268

3,770

1,258

863

783

576

3,631

3,469

7

2

22

0

220

23

52,471545

2022

10%

-1%5%32%0%17%6%

8%956%

2022

2022

3,945

27%

24

40

8

1

46

4

2023

-19%

-30%-22% -2%-15%-23%-13%

-23%344%

2023

2023

3,708

31%

2024E

12,003

591

251

907

2024E

15%

13%116%170%-12%

2024E

2024E

87%4%2%7%

2024E

60,958

131,322

3,717

11,345

2024E

1,409

1,024

1,198

710

5,783

3,628

1,194

867

1,139

614

4,827

3,363

35

17

59

3

393

84

77

87

41

6

131

21

2024E

15%

-2%

-1%

49%

8%

36%

-4%

13%116%

2024E

2024E

4,064

30%

2025E

12,324

927

541

995

2025E

8%

3% 57%115%10%

2025E

2025E

83%

6%

4%

7%

2025E

64,921

195,428

7,654

13,367

2025E

1,437

1,035

1,228

817

6,472

3,797

1,166

867

1,157

697

4,995

3,442

62

22

71

6

653

112

130

355

63

11

186

26

2025E

8%

2% 1% 3%15%12%5%

3%57%

2025E

2025E

4,319

29%

2026E

12,523

1,054

896

1,086

2026E

5%

2%14%66%9%

2026E

2026E

80%7%6%7%

2026E

65,229

214,434

12,331

15,095

2026E

1,455

1,050

1,256

876

7,139

3,783

1,121

867

1,176

731

5,333

3,295

84

23

80

11

719

138

2026E

5%

1%

1%

2%

7%

10%

0%

2%14%

2026E

2026E

4,419

28%

2027E

13,116

1,145

1,323

1,181

2027E

8%

5% 9%48%9%

2027E

2027E

78%7%8%7%

2027E

67,669

225,047

17,529

16,487

2027E

1,469

1,069

1,286

951

7,961

4,029

1,078

867

1,196

775

5,812

3,388

100

22

90

15

755

164

2027E

8%

1%2%2%9%12%6%

5%9%

2027E

2027E

4,688

28%

202220232024E2025E

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

12June20243

GoldmanSachsGlobalTech

PC:+4%/+5%YoYin2024E/2025E

GlobalPCsmarketopportunity

_

(Shipmentsinmunits)

OurBottomupmethod

GlobalPCsshipments=

sumofshipmentsbybrands

GlobalPCsrevenues=

DesktopsASPxshipments+

NotebooksASPxshipments+WorkstationsASPxshipments

PCsshipmentsbyregion(2024E)

Restof

World

19%

Asia/Pacific

(ex.Japan)

16%

China17%

Western

USA26%

Europe

17%

Japan5%

PCsshipmentsgrowthbyregion

Asia/Pacific(ex.Japan)YoY

3%

-9%

-37%

20212022

USYoY

8%

-20%20212022

ChinaYoY

0%

-21%

20232024E2025E

7%5%

-13%

20232024E2025E

10%9%7%

-15%-15%

2021202220232024E2025E

WesternEuropeYoY

16%

1%

5%

-21%2022

-14%

2021

20232024E2025E

Shipmentsbyproduct

GlobalPCsshipments

Desktops

Notebooks

Workstations

YoY

Desktops

Notebooks

Workstations

Mix

Desktops

Notebooks

Workstations

Shipmentsbyvendor

GlobalPCsshipments

LenovoHP

Dell

AppleASUS

Others

YoY

LenovoHP

Dell

AppleASUS

Others

Globalmarketshare

LenovoHP

Dell

AppleASUS

Others

Shipmentsbymarkets

GlobalPCsshipments

ConsumerdesktopConsumernotebook

ConsumerPCs

CommercialdesktopCommercialnotebook

CommercialPCsYoY

ConsumerdesktopConsumernotebook

ConsumerPCs

CommercialdesktopCommercialnotebook

CommercialPCsMix

ConsumerdesktopConsumernotebook

ConsumerPCs

CommercialdesktopCommercialnotebook

CommercialPCs

Shipmentsbyregion

Asia/Pacific(ex.Japan)

ChinaJapanUSA

WesternEuropeRestofWorld

YoY

Asia/Pacific(ex.Japan)

ChinaJapanUSA

WesternEuropeRestofWorld

1Q23

59

17

40

2

-29%

-23%-31%-20%

100%

30%68%3%

1Q23

59

13

11

9

4

4

19

-29%

-30%-26%-32%-38%-32%-24%

100%

22%18%15% 7%6%32%

1Q23

57

6

19

26

11

21

32

-29%

-29%-33%

-32%

-19%-29%

-26%100%

11%33%

45%

19%36%

55%

1Q23

11

9

3

13

10

11

-32%-24% 0%-29%-36%-28%

2Q23

63

17

44

2

-14%

-19%-12%-16%

100%

28%70%3%

2Q23

63

14

14

10

5

4

17

-14%

-18% 3%-23% -2%-19%-18%

100%

23%22%15%7%6%27%

2Q23

61

6

21

27

11

23

35

-14%

-25%-14%

-17%

-16%-10%

-12%100%

10%34%

44%

19%38%

56%

2Q23

9

10

3

17

10

12

-32%-10% -1% -9%-15%-9%

3Q23

71

19

50

2

-8%

-15%-5%-3%

100%

26%71%3%

3Q23

71

16

18

9

8

5

14

-8%

-5% -2%-15%-20% -9%-3%

100%

23%26%13%11%7%21%

3Q23

69

7

27

34

12

23

35

-8%

-14%-3%

-6%

-15%-7%

-10%100%

10%39%

50%

17%33%

50%

3Q23

12

11

3

17

12

13

-9%-15% -9%-11% -3%2%

4Q23

68

19

47

2

-2%

-5%-1%6%

100%

28%70%3%

4Q23

68

16

12

9

6

4

21

-2%

4% 5% -9%-19%-20%3%

100%

24%18%13% 8%6%31%

4Q23

66

7

25

32

12

22

34

-2%

-6%-2%

-3%

-4%1%

-1%100%

11%38%

49%

18%34%

51%

4Q23

10

11

3

16

12

14

-4%-11% 0% -4% 5%5%

1Q24E

59

15

43

2

1%

-14%7%1%

100%

25%72%3%

1Q24E

59

14

11

9

5

4

17

1%

9% 2% 5%14% -5%-10%

100%

24%19%15%8%6%28%

1Q24E

58

6

20

26

11

22

33

2%

-3%3%

1%

-5%6%

2%100%

11%34%

44%

18%38%

56%

1Q24E

9

9

3

14

11

12

-16%5%-1%5%8%9%

2Q24E

64

16

46

2

1%

-7%5%3%

100%

25%72%3%

2Q24E

64

17

14

9

5

4

16

1%

17%-1%-5%6%5%-9%

100%

26%21%14% 8%6%24%

2Q24E

62

6

21

27

10

25

35

1%

2%3%

3%

-12%6%

0%100%

10%34%

44%

16%40%

56%

2Q24E

9

11

3

18

11

10

5% 7% 2% 5% 2%-13%

3Q24E

75

19

54

2

6%

1%7%12%

100%

25%72%3%

3Q24E

75

19

19

10

8

6

14

6%

19%4%2% 3%17%-6%

100%

26%25%13%10%8%18%

3Q24E

73

7

29

36

11

25

36

6%

6%7%

7%

-2%8%

4%100%

10%40%

50%

16%34%

50%

3Q24E

13

12

3

19

12

13

5%10%8%9%6%-3%

4Q24E

72

18

52

2

6%

-3%10%6%

100%

25%72%3%

4Q24E

72

20

12

10

6

5

19

6%

21% 2%10% 3%37%-9%

100%

27%17%14% 8%7%26%

4Q24E

70

7

26

33

11

26

36

6%

4%5%

5%

-7%15%

8%100%

10%37%

48%

15%37%

52%

4Q24E

11

12

3

18

12

14

5%13%6%8% 5%0%

2021

361

96

258

7

19%

22%17%40%

100%

27%71%2%

2021

33

82

75

56

28

22

98

100%

23%21%16% 8%6%27%

2021

354

37

128

165

58

130

188

18%

29%16%

19%

18%18%

18%100%

11%36%

47%

17%37%

53%

2021

59

57

14

93

64

67

-37%10%-19% 8%16%22%

2022

301

86

208

8

-17%

-11%-19%2%

100%

28%69%3%

2022

68

58

47

28

20

81

-17%

-17%-23%-17% 0% -6%-18%

100%

23%19%15% 9%7%27%

2022

294

32

106

139

53

102

155

-17%

-13%-17%

-16%

-9%-22%

-18%100%

11%36%

47%

18%35%

53%

2022

53

49

12

74

51

55

-9%-15%-12%-20%-21%-18%

2023

260

72

181

7

-14%

-16%-13%-9%

100%

28%70%3%

2023

59

54

37

22

16

71

-14%

-13% -6%-21%-21%-20%-12%

100%

23%21%14% 8%6%27%

2023

253

26

92

118

46

89

135

-14%

-19%-14%

-15%

-14%-12%

-13%100%

10%36%

47%

18%35%

53%

2023

42

41

12

64

44

50

-21%-15% -3%-13%-14%-9%

2024E

270

68

194

7

4%

-6%7%6%

100%

25%72%3%

2024E

69

55

38

23

19

65

4%

17% 2% 3%6%14%-9%

100%

26%21%14% 9%7%24%

2024E

263

27

96

123

43

97

140

4%

2%5%

4%

-6%9%

4%100%

10%37%

47%

16%37%

53%

2024E

42

45

12

68

46

49

0%9%4%7%5%-2%

2025E

283

70

205

8

5%

3%6%5%

100%

25%73%3%

2025E

75

57

39

24

20

68

5%

8%3%3%3%7%4%

100%

26%20%14% 9%7%24%

2025E

275

27

100

127

43

105

148

5%

1%4%

3%

-1%8%

6%100%

10%36%

46%

16%38%

54%

2025E

43

48

13

72

47

52

3%7%4%5%1%6%

2026E

293

71

214

8

4%

2%4%4%

100%

24%73%3%

2026E

80

59

40

25

21

69

4%

7%2%3%3%5%1%

100%

27%20%14% 8%7%23%

2026E

285

28

105

133

44

109

152

4%

1%5%

4%

2%4%

3%100%

10%37%

47%

15%38%

53%

2026E

45

52

13

75

47

52

4%9%4%4%2%0%

2027E

303

72

222

8

3%

2%4%3%

100%

24%73%3%

2027E

86

60

42

26

22

68

3%

7%2%3%3%5%-1%

100%

28%20%14% 8%7%22%

2027E

294

28

109

137

45

112

157

3%

1%4%

3%

3%3%

3%100%

9%37%

47%

15%38%

53%

2027E

47

54

14

78

48

53

3%4%4%4%2%2%

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

12June20244

GoldmanSachsGlobalTech

Smartphones:+3%/+3%YoYin2024E/2025E

GlobalSmartphonemarketopportunity

_

2024E2025E

(Shipmentsinmunits)

OurBottomupmethod

Globalsmartphoneshipments

=sumofshipmentbybrand

Globalsmartphonerevenues=sumofrevenuesbybrand

Globalsmartphonerevenues=shipmentsxASP

Smartphoneshipmentsbybrands(2024E)

Others33%

Apple19%

Samsung20%

Xiaomi14%

ZTE0%

Lenovo4%

Transsion10%

DevelopedmarketsYoY

9%

0%

-7%2023

-7%

2024E2025E

-7%20212022

USYoY

12%

-7%

0%

-8%

-8%

2023

20212022

ChinaYoY

5%4%

1%

-5%

-13%

2023

2024E2025E

20212022

BRICsYoY

6%4%

2%

-4%

-12%

2023

2024E2025E

20212022

RestofemergingmktYoY

4%

9%7%

0%

-14%

2021202220232024E2025E

Shipmentsbyvendor

Globalsmartphoneshipments

Apple

SamsungXiaomi

TranssionLenovo

ZTE

SonyOthers

ShipmentsYoY

Global

Apple

SamsungXiaomi

TranssionLenovo

ZTE

SonyOthers

ShipmentsQoQ

Global

Apple

SamsungXiaomi

TranssionLenovo

ZTE

SonyOthers

Shipmentsmarketshare

Apple

SamsungXiaomi

TranssionLenovo

ZTE

SonyOthers

Shipmentsbyregion

GlobalsmartphoneshipmentsDevelopedmarkets

CanadaJapanUSA

WesternEurope

BRICs

BrazilIndiaChinaRussia

Restofemergingmarkets

RestofAsia/PacificRestofCEE

RestofLatinAmericaMiddleEast&Africa

ShipmentsYoY

Global

Developedmarkets

USA

WesternEurope

BRICs

IndiaChina

Restofemergingmarkets

ShipmentsQoQ

Global

Developedmarkets

USA

WesternEurope

BRICs

IndiaChina

Restofemergingmarkets

Shipmentsmarketshare

Global

Developedmarkets

USA

WesternEurope

BRICs

IndiaChina

Restofemergingmarkets

Foldablephones

Globalfoldablephonesshipment

Penetrationrate

Xiaomi

TranssionLenovo

SamsungOthers

1Q23

268

55

60

30

15

11

1

0

95

1Q23

-15%

-2%-20%-24%-13% -7%-44%-32%-15%

1Q23

-11%

-23% 1% -8% -8% 6%-22%-39%-11%

1Q23

21%22%11% 6% 4% 0% 0%35%

1Q23

268

67

2

8

32

26

109

10

31

65

4

92

32

11

19

30

1Q23

-15%-13%

-13%-10%

-14%

-16%-12%

-16%

1Q23

-11%-19%

-21%-17%

-9%

4%-11%

-6%

1Q23

100%25%

12%10%

41%

11%24%

34%

1Q23

2.6

1.0%

0.1

0.0

0.0

1.7

0.9

2Q23

268

45

53

33

25

11

1

1

100

2Q23

-7%

-2%-16%-17%34%-14%-21%-28%-6%

2Q23

0%

-20%-12% 8%64% 0%33%47%5%

2Q23

17%20%12% 9% 4% 0% 0%37%

2Q23

268

57

2

7

25

23

112

8

34

66

4

99

31

11

22

35

2Q23

-7%-15%

-20%-9%

-3%

-3%-2%

-6%

2Q23

0%-16%

-22%-11%

2%

10%1%

8%

2Q23

100%21%

9%9%

42%

13%25%

37%

2Q23

2.5

0.9%

0.0

0.0

0.2

1.0

1.2

3Q23

304

54

59

42

26

12

2

0

109

3Q23

0%

4% -9% 3%35%11%51%-58%-4%

3Q23

13%

21%12%27% 3%14%25%-29%9%

3Q23

18%19%14% 9% 4% 1% 0%36%

3Q23

304

67

2

7

33

25

128

9

44

67

8

109

35

13

24

37

3Q23

0%-3%

-1%-5%

-5%

1%-6%

10%

3Q23

13%18%

33%9%

14%

30%2%

10%

3Q23

100%22%

11%8%

42%

14%22%

36%

3Q23

7.5

2.5%0.10.00.45.31.6

4Q23

324

80

53

41

28

13

2

0

106

4Q23

8%

11%-10%23%68%32%61%-27%-1%

4Q23

7%

48%-10% -3% 8% 9%24%13%-2%

4Q23

25%16%13% 9%4% 1%0%33%

4Q23

324

85

3

8

42

31

131

11

37

74

9

109

37

13

21

38

4Q23

8%2%

4%0%

9%

26%1%

12%

4Q23

7%26%

27%23%

2%

-15%10%

0%

4Q23

100%26%

13%10%

40%

12%23%

34%

4Q23

5.5

1.7%

0.1

0.0

0.6

2.0

2.8

1Q24

300

53

60

41

29

11

1

0

105

1Q24

12%

-5% 0%34%85% 6%58%-21%11%

1Q24

-7%

-34%13% 0% 1%-15%-23%-33%-1%

1Q24

18%20%14%10% 4% 0% 0%35%

1Q24

300

65

2

7

30

25

123

12

34

69

8

112

37

12

24

40

1Q24

12%-4%

-4%-3%

13%

11%6%

22%

1Q24

-7%-24%

-27%-19%

-6%

-8%-6%

3%

1Q24

100%22%

10%8%

41%

11%23%

37%

1Q24

3.5

1.2%

0.0

0.0

0.5

1.0

1.9

2Q24E

272

41

54

41

29

13

1

1

94

2Q24E

2%

-8% 2%24%14%23%-42%10%-6%

2Q24E

-9%

-22%-10% 0% 1% 17%-51%104%-11%

2Q24E

15%20%15%11% 5% 0% 0%34%

2Q24E

272

53

2

8

22

21

113

8

36

65

3

107

33

12

27

35

2Q24E

2%-7%

-9%-9%

1%

6%-1%

8%

2Q24E

-9%-18%

-26%-16%

-9%

5%-6%

-5%

2Q24E

100%19%

8%8%

41%

13%24%

39%

2Q24E

4.3

1.6%0.20.00.61.61.9

3Q24E

301

51

61

42

32

11

1

0

102

3Q24E

-1%

-5% 3% 0%23% -9%-42%10%-6%

3Q24E

10%

26%13% 3%11%-15%25%-29%9%

3Q24E

17%20%14%11% 4% 0% 0%34%

3Q24E

301

62

2

7

30

23

135

9

46

73

7

103

36

14

16

37

3Q24E

-1%-8%

-9%-9%

6%

6%9%

-5%

3Q24E

10%17%

33%9%

20%

30%12%

-3%

3Q24E

100%21%

10%8%

45%

15%24%

34%

3Q24E

11.3

3.8%

0.4

0.1

0.4

5.9

4.5

4Q24E

328

81

59

42

32

13

1

0

100

4Q24E

1%

1%11% 3%13% -3%-42%-20%-6%

4Q24E

9%

58% -3% 0% 0%16%24%-17%-2%

4Q24E

25%18%13%10% 4% 0%0%30%

4Q24E

328

78

4

9

38

28

136

11

39

79

8

114

38

13

25

38

4Q24E

1%-7%

-9%-9%

4%

4%7%

5%

4Q24E

9%27%

27%23%

0%

-16%7%

11%

4Q24E

100%24%

12%9%

41%

12%24%

35%

4Q24E

10.2

3.1%

0.4

0.1

0.5

3.6

5.7

2021

1,360

236

272

191

82

51

9

3

516

2021

6%

16% 6%29%36%51%35% 7%-9%

2021

2021

17%20%14% 6%4% 1%0%38%

2021

1,360

318

10

37

153

118

565

43

161

330

31

477

168

56

91

162

2021

6%9%

12%6%

2%

7%1%

9%

2021

2021

100%23%

11%9%

42%

12%24%

35%

2021

8.1

0.6%0.2

-

0.26.80.9

2022

1,206

226

262

153

73

45

5

3

438

2022

-11%

-4% -4%-20%-12%-12%-36% 0%-15%

2022

2022

19%22%13% 6%4%0%0%36%

2022

1,206

297

10

34

140

113

499

41

144

286

28

411

142

46

85

136

2022

-11%-7%

-8%-5%

-12%

-10%-13%

-14%

2022

2022

100%25%

12%9%

41%

12%24%

34%

2022

14.2

1.2%0.2

-

0.111.22.6

2023

1,165

234

226

146

95

47

6

2

410

2023

-3%

4%-14% -5%31% 4% 3%-38%-6%

2023

2023

20%19%13%8%4%0%0%35%

2023

1,165

276

9

30

131

106

480

38

146

271

25

409

135

48

86

140

2023

-3%-7%

-7%-6%

-4%

1%-5%

0%

2023

2023

100%24%

1