La reducción del SmartPhone en 2026: oportunidades estratégicas en segmentos de lujo y pliegues

The global smartphone industry is at a crossroads. While 2025 saw modest growth-driven by Apple's record shipments and a rising average selling price (ASP)-the market is poised for a structural shift in 2026. This shift, however, is not a harbinger of decline but a catalyst for innovation and value creation. As traditional smartphone demand plateaus, the premium and foldable segments are emerging as critical battlegrounds for industry consolidation and margin expansion. For investors, this presents a unique opportunity to identify undervalued tech suppliers positioned to benefit from these dynamics.

Market Dynamics: Premiumization and Foldable Innovation

The smartphone market's growth in 2025 was modest, with global shipments projected to rise by 1.5% year-on-year to 1.25 billion units. This growth was largely attributable to Apple, which shipped over 247 million units in 2025, driven by the iPhone 17 series and strong demand in China. The ASP of smartphones climbed to $465, reflecting a strategic shift toward premiumization and component shortages. Meanwhile, the foldable segment is accelerating: shipments grew 10% in 2025 to 20.6 million units, with a projected 30% growth in 2026. Apple's entry into the foldable market-expected in 2026 with its first foldable iPhone-will further catalyze demand, with the company projected to capture 22% unit share and 34% of the market value in its first year.

Foldables are not just a niche product; they are a value driver. Their ASP is three times higher than standard smartphones, and innovations such as tri-fold designs are reshaping consumer expectations. As traditional smartphone markets stagnate, foldables are becoming the primary engine for industry innovation and profit growth.

Undervalued Component Suppliers: The Hidden Winners

The foldable smartphone boom is creating opportunities for component manufacturers that are currently undervalued but critical to the supply chain. Three key players stand out:

1. SZS (Suzhou Zhongshan Precision Manufacturing): A leader in hinges for PCs and headphones, SZS is expanding into foldable smartphones. Its Suzhou factory is undergoing capacity expansion to meet rising demand, with hinges being a high-margin component in foldables.
2. Zhen Ding Technology: A key supplier of flexible printed circuit boards (FPCBs) for Apple, Zhen Ding is set to see a 70% increase in the value content of FPCBs in foldable devices. This positions the company to capture significant growth as foldable adoption accelerates.
3. AAC Technologies: A global leader in acoustic and haptic components, AAC is benefiting from the demand for thinner, more precise internal components in foldables. Its WLG lens technology, with a projected 50% shipment growth by 2026, further strengthens its value proposition.

These suppliers are not only capitalizing on the foldable trend but also leveraging industry consolidation.

Financial Metrics: Assessing Investment Potential

The financial profiles of these companies underscore their undervaluation. Zhen Ding Technology has a trailing P/E ratio of 17.08 and a forward P/E of 12.32, with a PEG ratio of 0.46-indicating it is undervalued relative to its earnings growth expectations. In contrast, AAC Technologies has a higher P/E ratio of 30.29, but its gross profit margins and operational improvements are noteworthy. In H1 2025, AAC reported a 63.1% year-on-year net profit surge and expects full-year gross margins to exceed 2024 levels. The company's WLG lens technology, with a gross margin projected to surpass plastic lenses as production scales, further enhances its margin potential.

Industry consolidation is also driving operational efficiency. For example, Samsung's dominance in the foldable segment-accounting for 64% of global shipments in Q3 2025-highlights the importance of scale and innovation. Component suppliers aligned with industry leaders like Samsung and Apple are better positioned to navigate margin pressures and capitalize on premium pricing.

Strategic Implications for Investors

The 2026 smartphone downturn, if it materializes, will likely be a temporary correction rather than a long-term decline. Investors should focus on the structural trends reshaping the industry: premiumization, foldable adoption, and supply chain consolidation. Component manufacturers like SZS, Zhen Ding, and AAC are well-positioned to benefit from these trends, offering a mix of high-margin growth and operational resilience.

For those seeking exposure to the next phase of the smartphone cycle, these undervalued suppliers represent compelling opportunities. As Apple's foldable launch and Samsung's Galaxy Z Trifold drive category awareness, the demand for advanced components will only intensify. The key is to invest early in companies that are not only surviving the downturn but thriving within it.