Liquidmetal Technologies Inc (LQMT)

[jrs5]

https://app.boxcn.net/s/hw3xixcjs33ph1tk6jqhrro7wk478vy9

“Casing: Glass + metal mid-frame as 5G mainstreamWe see the 5G replacement cycle as a major driver for casing demands, and we expect glass casing + metal mid-frame to become the mainstream for 5G cycle due to (1) thinner and harder design, (2) better heat dissipation performance than plastic, (3) consideration of 5G RF signal reception. The plastic casing + plastic mid-frame combination is more for the lower-end models.We estimateglass-back casing to account for 48% of global smartphone shipment in 2020 while plastic should be 39% and metal 11%in 2020E.Metal will serve as the mid-frame to support the glass-back design. Metal mid-frame ASP ranges fromUS$10-15, with US$15 more for the high-end flagship models such as Huawei Mate and P Series and Samsung S and Note series. Glass rear casing can be both 2.5 and 3D, but rear casing is slightly more expensive thanthefront cover. Glass casing ASP has trended down YoY in 2019, with high/mid-end down to US$9-10/US$6-7 from US$10-15 in 2018. For 2.5D-glass, its ASP is only one-third or halfthat of 3D glass in 2019, due tostronger competition from lower-entry barriers. As 2.5D glass has to be equipped with a metal frame, which alone can cost US$8-10, the mid-to low-end models are more likely to be equippedwith plastic casing/mid-frame (c.US$5 for plastic mid-frame) instead of adopting 2.5D glass casing. Ceramic casing ASP is US$15+, much higher than that of glass casing,leading to a lower penetration and isalso heavier than glass casing”

See figure 58 on page 24 about Apples iPhone. Note the statement in red for second half of 2020...”material change “