How to allocate the cake for mobile phone manufacturers to enter the 100 billion market of TWS headphone track?

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 How to allocate the cake for mobile phone manufacturers to enter the 100 billion market of TWS headphone track?


Wen / Lina laishasha

With the launch of new products such as Apples airpodspro, Amazons ecobuses and Microsofts surface earcups, the TWS (real wireless stereo) headset market ushered in an explosion in sales. Domestic mobile phone brands such as Huawei, Xiaomi and vivo have also followed up, with prices ranging from hundreds to thousands of yuan.

The Agency predicted that the global market shipment volume of TWS headphones in the whole year is expected to reach 120 million pairs, and it is still growing rapidly.

A person in charge of a domestic mobile phone manufacturer told first finance that since the second half of the year, the release rhythm of TWS earphones from various manufacturers has accelerated significantly, mainly due to the maturity of the upstream chip industry chain and Apples education on user usage habits. I believe this trend will continue into next year.

Led by apple, pursued by Android

According to the average unit price of TWS headset of 200 yuan, estimated by Guosen Securities Based on the global annual shipments of 1.5 billion smart phones, if the average penetration rate of TWS reaches 50%, the global annual output value of TWS headset is theoretically more than 150 billion yuan.

In terms of market share, apple is in an absolute leading position in TWS headphone track. According to counter point data, in the third quarter of 2019, apple accounted for 45% of the market share in a single quarter, significantly leading other manufacturers.

Since the first generation of airpods was released by apple in 2016, users have been impressed by the stable connection, low latency and long standby time. At present, it has evolved to the second generation and become the benchmark of TWS headset. In the Android camp, the development of TWS earphones has not been satisfactory. In terms of connection stability, standby time, voice delay, sound quality, etc., they are not as good as airpods.

The deep reason lies in the use of Bluetooth chip.

The biggest difficulty of TWS is the connection problem, including the stability of Bluetooth connection and low delay. As a short-range wireless communication technology, Bluetooth can realize the data exchange between fixed devices and mobile devices. Generally speaking, Bluetooth before 3.0 is called traditional Bluetooth, and Bluetooth standard after 4.0 includes traditional Bluetooth module and low power Bluetooth (ble).

It is reported that the ordinary Bluetooth audio device can only realize 1-to-1 connection, while the left and right earplugs of TWS headset have no wire connection, so it is necessary to realize 1-to-2 connection when connecting with the mobile phone.

Apples airpods use snoop monitoring mode, with proprietary technology, and can listen to left and right ears at the same time. Through certain rules to monitor the signals sent by mobile phones, we can find out the signals of the main and auxiliary ears, so that the user experience is better.

The traditional solution of Android mobile phone is to realize dual ear stereo by the way of the main ear forwarding, but it also faces a series of problems, such as the Bluetooth signal transmitted by the main ear is easily interfered by other Bluetooth and WiFi signals, which increases the delay of forwarding, and causes the power consumption of the main ear to be higher than that of the auxiliary ear. Therefore, the connection stability of TWS headset, the signal synchronization of the main and auxiliary headphones, and the standby mode There are challenges in terms of duration, which is why Android TWS earphones are not as good as airpods.

However, these problems can be solved with the help of chip manufacturers.

The implementation of Huawei, Qualcomm TWS, hengxuan lbrt and loda mcsync, etc., has made the dual ear direct connection scheme more mature, reduced the power consumption caused by poor connection, and significantly improved the endurance.

For example, rambler (002351. SZ) uses Qualcomms qcc3020, which allows two independent audio streams to be transmitted directly from the mobile phone to different headphones. At the same time, it is equipped with a new 5.0 Bluetooth scheme, with a transmission rate of up to 3.0mb/s. The brands TWS headphone sales have increased significantly since mid-2019, with an overall shipment of more than 1 million sets in the first three quarters, and it is expected to challenge 4 million sets in the whole year.

Zhanrui also announced the launch of the TWS Bluetooth headset chip, violet zhanrui chunteng 5882, which supports Bluetooth 5.0 and can provide a dual main ear experience. It is reported that the TWS Bluetooth headset equipped with spring vine 5882 has been officially launched in mass production.

Huaweis freebuds3 adopts Kirin A1 chip developed by Huawei and dual channel synchronous transmission technology, which changes the forwarding scheme of hengxuan used by freebuds, freebuds2pro and glory Flypods. The Kirin A1 chip scheme is similar to Qualcomms TWS +, which enables the headset to obtain left and right channel signals from the mobile phone respectively, achieving more efficient transmission and lower power consumption.

Everbright Securities believes that Huawei will also establish its own freebuds3 headset to connect to Huaweis mobile phone through the self-developed Kirin A1 chip and its own mobile Kirin SoC platform, achieving or even surpassing the good ecological experience of airpods and iPhone.

Good for domestic ODM and upstream manufacturers

At present, TWS mainly replaces the traditional wired headset and is used with smart phones. Due to the strong binding characteristics of TWS headset and mobile phone, the TWS headset of mobile phone brand manufacturers will usher in a larger market. According to the global smartphone Android and Apples 6:1 shipments in 2018, the Android TWS headset shipments in the next few years may also be six times that of airpods.

According to counter point research, in the third quarter of 2019, the global TWS headphone shipments reached 33 million, while in the second quarter, the volume was 27 million, an increase of 22.22%. In the third quarter of 2019, the global TWS headset shipments reached 4.1 billion US dollars. Regionally, U.S. shipments account for 31% of the global market share, and the third quarter of this year is the first single quarter in history with more than 10 million shipments. The growth rate of TWS earphones in China market is obvious, with a 44% month on month increase in the third quarter.

Referring to the development history of copycat, Everbright Securities believes that the TWS industry pattern will go through the following processes: first, apple airpods will create new products for high-end customers to use; second, white brand TWS earphones will help to open the market due to their low price; in addition, brand manufacturers will concentrate TWS earphones on brand manufacturers by virtue of their production quality and brand advantages; finally, through TWS earphones and smart phones TWS industry will focus on the head mobile phone manufacturers. TWS earphones of apple, Huawei, Samsung, oppo, vivo, Xiaomi and other mobile phone brands will occupy the market.

Shengang Securities believes that with the hot sale of TWS earphones, companies in relevant domestic industrial chains are expected to benefit, such as apple airpods foundry Lixun precision (002475. SZ) and Goethe (002241. SZ), domestic norflash leading enterprise Zhaoyi innovation (603986. SH), analog chip leading Shengbang (300661. SZ) and discrete device leading Weill (603501. SH), etc.

From the perspective of business scope, Lixun precision and Goethe are the core ODM (original manufacturing) manufacturers of Apples airpods supply chain. According to the report of Lixun precision in the third quarter of 2019, the companys inventory increased by 111.76% compared with the end of last year, mainly due to the increase of performance growth and material preparation. An increase of 4.181 billion yuan on a month on month basis, of which 3.5 billion yuan is used to prepare new products for customers, which are expected to be sold in October and November. The companys inventory increased significantly, mainly due to the stock up of airpodspro.

Shengang Securities said in the research report that from Apples official website, the delivery cycle of airpodspro needs 2 to 3 weeks, and airpodspro is short of stock. As the core agent factory of airpodspro, Lixun precision and Goethe will accept more orders.

Zhaoyi innovation is the leading enterprise of norflash in China. The traditional wireless Bluetooth headset has few functions, and the main control Bluetooth chip memory has been able to meet the needs, while the TWS headset has more functions. In order to store more firmware and code programs, it is necessary to expand a spinorflash, which requires small size and low power consumption. Therefore, it is a trend to match with large capacity norflash, and the domestic norflash leader will benefit directly.

Shengbang Co., Ltd. is the leading company of analog chip in China, mainly engaged in power management products and signal chain products. The companys charging management chip sgm40561 is widely used in domestic TWS headset, such as Huawei freebus, Xiaomi Bluetooth headset airdots Youth Edition, Netease cloud music Bluetooth audio receiver and Meizu pop real wireless Bluetooth sports headset. Weil Co., Ltd. is a leading enterprise in domestic discrete devices and passive devices. Its over-current protection chip ws3210c has been successfully applied to Huaweis freebuds2pro and Xiaomi Bluetooth headset air. This year, whether its real wireless headset, sports headset or noise reduction headset, the demand of the whole market has been growing rapidly; in particular, the two categories of real wireless headset and noise reduction headset have become the key words of the whole headset market. According to the person in charge of jd.com, within 5 minutes from 0:00 on November 11, the sales volume of high-end headphones exceeded 220000; the sales volume of noise reduction headphones increased by 231% year on year; the sales volume of real wireless headphones increased by 13 times year on year; the sales volume of sports headphones increased by 180% year on year. Source: the first financial editor in charge: Qiao JunJing, nbj11279

Shengbang Co., Ltd. is the leading company of analog chip in China, mainly engaged in power management products and signal chain products. The companys charging management chip sgm40561 is widely used in domestic TWS headset, such as Huawei freebus, Xiaomi Bluetooth headset airdots Youth Edition, Netease cloud music Bluetooth audio receiver and Meizu pop real wireless Bluetooth sports headset. Weil Co., Ltd. is a leading enterprise in domestic discrete devices and passive devices. Its over-current protection chip ws3210c has been successfully applied to Huaweis freebuds2pro and Xiaomi Bluetooth headset air.

This year, whether its real wireless headset, sports headset or noise reduction headset, the demand of the whole market has been growing rapidly; in particular, the two categories of real wireless headset and noise reduction headset have become the key words of the whole headset market. According to the person in charge of jd.com, within 5 minutes from 0:00 on November 11, the sales volume of high-end headphones exceeded 220000; the sales volume of noise reduction headphones increased by 231% year on year; the sales volume of real wireless headphones increased by 13 times year on year; the sales volume of sports headphones increased by 180% year on year.