Citi Research issued a research report lowering its 2026/ 2027 global smartphone shipment forecasts to 1.04 billion/ 1.17 billion units, representing a 17% YoY decrease/ 12% YoY increase, respectively. The broker also forecasted 2028 shipment volume to rise by 7% YoY to 1.25 billion units.

These predictions are based on memory shortages and price hikes, as well as weak demand due to rising inflation, with average selling price growth projected at 7%, 2% and 3% YoY each.

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During the downcycle of the smartphone industrial chain, Citi Research continued to adopt a selective strategy focusing on component revenue-generating companies.

Among memory stocks, the broker liked SK Hynix, Sandisk (SNDK.US)      , Kioxia (285A.JP) and Samsung Electronics. For foldable iPhone concept, Citi Research preferred LENS (06613.HK)  -1.950 (-9.393%)    Short selling $81.13M; Ratio 49.000%   , Amphenol (APH.US)      , Taiwan's Zhen Ding Tech, DONGSHAN PRECISION (002384.SZ)  +4.300 (+4.047%)   and TDK (6762.JP).

The broker favored LUXSHARE PRECISION (002475.SZ)  -1.090 (-2.185%)   for iPhone cycle and South Korea's LG Innotek and COWELL (01415.HK)  -0.460 (-1.725%)    Short selling $18.46M; Ratio 131.337%   for iPhone camera modules. Citi Research believed that the recent sell-off in the smartphone industrial chain will provide entry point.
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