[Click e-Stock] Apple Foldable iPhone Spurs Component Stocks... Spotlight on BH and FineMT

With Apple launching its first foldable iPhone, industry forecasts suggest that domestic component manufacturers will encounter new growth opportunities. Samsung Securities has analyzed that, given the high selling price of the foldable iPhone, there will be approximately $400 of additional room in the bill of materials. Samsung Securities singled out Fine M Tech and BH as the key potential beneficiaries.

According to Samsung Securities on September 10, Apple unveiled its first foldable smartphone, the "iPhone Duo." This marks Apple’s entrance into the foldable market seven years after Samsung Electronics launched its first Galaxy Fold in 2019. The iPhone Duo, when folded, features a compact smartphone form factor similar in proportion to a passport, and when unfolded, boasts a wide foldable display akin to a small tablet.

The starting price for the iPhone Duo is $1,999 for the 256GB variant, making it the most expensive iPhone in the company’s history. Samsung Securities assessed that Apple has ushered in the era of the $2,000 smartphone with the foldable iPhone. In addition to the Duo, Apple also launched the iPhone 18 Pro and Pro Max, raising its overall product pricing.

Jonguk Lee, analyst at Samsung Securities, commented, "For a price increase, a new user experience is required," adding, "Apple’s answer lies in matching the aspect ratio of the inner and outer displays, and enhancing compute performance."

Samsung Securities views Apple’s entry into the foldable market as particularly significant for component suppliers. While the revenue share from the foldable iPhone may not be substantial in the short term, the high selling price allows Apple to spend more on the bill of materials than with its existing smartphones.

Notably, Apple has set the price for the foldable iPhone about $900 higher than its previous flagship models. Samsung Securities estimated that about $400 of this premium could be allocated as additional budget for materials. With the prices of core components such as memory, application processors (AP), cameras, and displays rising, this creates further opportunities for component companies to increase their average selling prices.

The analyst emphasized, "There is now approximately $400 in additional bill of materials budget," and highlighted the need to focus on display-related component stocks.

Fine M Tech stands out as a prime beneficiary. Fine M Tech supplies backplates for foldable displays to major smartphone clients. The backplate is a rigid structural component that aligns the folding area of the display and suppresses contraction.

Samsung Securities noted that by reinforcing its technology for micro-fabricating the folding section, Fine M Tech has secured greater quality competitiveness compared to its rivals. The company has maintained an 80–90% market share among its clients, and is projected to generate an additional 180 billion won in revenue by acquiring new customers.

BH is also expected to benefit. BH supplies flexible printed circuit boards (FPCBs) to major smartphone clients. As the display area of the foldable iPhone is about 2.8 times larger than that of a standard iPhone, the area for FPCBs is structurally set to increase as well.

Samsung Securities projected that, given this FPCB area expansion and specification upgrades, the average FPCB selling price per foldable iPhone would double compared to conventional iPhones. As a result, new FPCB sales related to Apple’s foldable in 2026 are estimated at around 140 billion won—equivalent to 7.8% of annual sales in 2025.

Apple’s entry into the foldable market is expected to impact the overall market as well. Samsung Securities forecast Apple’s foldable shipments to reach 6 million units in 2026 and 15 million units in 2027. However, it was assessed that, rather than the foldable smartphone becoming a mass-market product driving overall market growth, its high price and limitations in thickness and weight are likely to confine it to a premium, niche market catering to top-tier consumers.

Ultimately, analysts expect the market’s attention to shift from Apple’s foldable sales figures alone, toward the growing value of high-end components used in premium products.

Jonguk Lee pointed out, "It is difficult to justify a price of over $1,500 for a phone in the iPhone form factor to mass consumers. It is unlikely that consumers will pay $500–$1,000 more just because the processor is 20% faster or the camera has improved." He continued, "While the $2,000 level is achievable, a new user experience that cannot be delivered at the $1,000 level is required," positioning the foldable as Apple’s answer.

Samsung Securities noted the foldable smartphone could further evolve into a new type of mobile device by combining with artificial intelligence capabilities. The expanded screen and enhanced battery capacity could support powerful AI features, enabling the device to develop into an AI agent that understands its surroundings through its camera.

Accordingly, with Apple’s entry into the foldable market, the key investment point for the domestic component sector shifts from simple shipment volume increases to a greater focus on rising component prices per unit and expanded adoption of high-specification parts.

This content was produced with the assistance of AI translation services.