Seller's agency research: How did the sapphire screen get hyped up?

Apple Sapphire Screen material partner GT Advanced Technologies (hereinafter: GTAT), just one months from the outside of the star Enterprise, fell to apply for bankruptcy protection abyss. And this is only from the piece of "small screen" the story of the collapse of the iceberg caused by the chain reaction.

The A-share story behind it is also worth remembering and thinking about. In particular, some of the top TMT analysts in the green boot capital to restore a few key points of the "signal", as well as a A-share hot concept behind the fact that speculation, it is worth rethinking is not limited to the "sapphire screen" the concept itself.

The evolution of several "truth" versions of the seller's organization

According to green Boot Capital reporter verified that sapphire screen used for Apple's new mobile phone story as early as June 2013 began to show the clue.

While IPhone5S is waiting for a formal release in anticipation of the market, there are reports that Apple will have a liquid metal frame and a sapphire screen for the iphone 5S.

Based on the above background, the entire industry has reason to believe that Apple's latest IPhone6 mobile phones on the use of sapphire screen has become almost nail the fact. Since 2014, with the advent of the new generation of IPhone6, it has become one of the focuses of the TMT industry that it uses the key information of sapphire screen.

In fact, with the advent of IPhone6, as well as the market's various doubts intensified. Rumors of another version of the Sapphire screen were once a "step back" approach.

At the end of August 2014, a brokerage analyst at the Sapphire industry chain pointed out to the green shoe capital reporter, "according to my information from the industry, Apple released the IPhone6 has two versions, the 5.5-inch high-end version will use the sapphire screen, but 4.7-inch still use the Corning Gorilla screen." ”

But shortly thereafter, things went downhill.

"At the moment we have learned from the domestic production chain that all two versions of IPhone6 in China are not using sapphire screens," he said. "September 6, on the eve of Apple IPHONE6, an industry insider told Green Shoe Capital reporter.

At this point, the truth seems to have come a little late.

As the market continues to be plagued by false rumours about how to make a winning choice, Apple CEO Cook, who was only a few minutes into the new Apple launch meeting in the early hours of September 10 in Beijing, crushed the dream of a sapphire screen that has been fermenting for nearly a year in the global TMT circle.

"Bad rates and unequal agreements have overwhelmed gtat. "The latest study of Oriental Securities describes the cause of GTAT's bankruptcy so much.

In a 2013 GTAT agreement with Apple, GTAT had to supply Apple exclusively, but Apple could not buy GTAT products, and if it went well, GTAT could use Apple's advance to build a factory, become Apple's sole supplier, and repay the advance on a yearly basis for Apple's supply.

"In fact, the low yield and high cost of the Sapphire Screen Project this year resulted in Apple not using sapphire cover on the IPhone6," he said. "One of China's top TMT industry analysts is analyzing the green shoe Capital reporter," he said.

"In addition to the poor rate of production, it is more important that the current production of sapphire screen of the characteristics of the actual does not meet the requirements of the iphone." "The top analysts said frankly.

"For the sapphire screen, the market has recognized its extremely high hardness, scratch-resistant characteristics, but the current sapphire screen has a fatal weakness, that is, the ability to fall weak." "The top analysts said to Green shoe Capital reporter that Sapphire is a very hard crystal, but not ductile, very brittle, and the structure of the sapphire itself makes it easy to have the crystal plane of those defects." After understanding some of the contrasting tests of sapphire and tempered glass on scratch and damage, it can be concluded that sapphire is better at scratch than glass, but it is more likely to break when it falls than glass, and for smartphones, it must face the risk of falling.

"Apple has been testing the impact of the sapphire screen, but until the end of August, its anti-fall results still did not achieve the desired results." "Beyond that, the top analysts said, the high cost and the potential for high energy consumption also determine that sapphire screens will be hard to use on iphone products in the short term."

According to the above, it is likely that Apple's side in the beginning did not consider the use of sapphire screen on the IPhone6, and about the sapphire screen This nearly a year of pursuit is more like the market wishful thinking.

The "selective truth" behind the controversy

While there is little likelihood that sapphire screens will be used on a new generation of iphones, the news is soon to be dispelled by the more massive so-called "authoritative" caliber.

By May 23, 2014, the U.S. Patent and Trademark Office announced a patent application for Apple, the key word for the patent is sapphire glass, for future iOS devices. The company said that the current sapphire only applies to the iphone's Home button, but in the future will become the entire screen standard material, and even apply to the device's border. The IPhone, IMac, MacBook and other devices all use sapphire material.

The market is too optimistic about the "future" of Apple's mouth.

Until August 7, 2014, just one months after the release of a new generation of Apple handsets, industry analysts from abroad said: "Gata has been ready for the IPhone6 sapphire screen." ”

In hindsight, two reports were worth remembering.

"Apple will not only use sapphire to replace Corning Gorilla Glass, but will also have a sapphire screen for the 4.7 and 5.5-inch iphone," said Margolis, an analyst with the PTT study. The analyst's confidence comes from a financial map at the GT at. In the financial chart, GTAT has built up a lot of unfinished orders in the last few quarters, though some of it may have come from other products.

Margolis that Apple could complete the 70 million-80 million iphone before the end of the year. He says GTAT is already ramping up production capacity, with only 120 furnaces from January to 2600 now, and Gtat is no stranger to the production of sapphire, and still has the ability to produce sapphires for a long time without increasing capacity.

Another-ledinside, led industry analyst from TrendForce, said in a report published in early August that "there is no indication of any increase in the demand for sapphire and its raw materials or any price changes caused by high demand". The logic of supply and demand has become the idea that IPhone6 "will discard glass and switch to Super sturdy sapphire display" may be completely wrong.

Ledinside, which focuses on the display and its development and supply chain research, said in the report that the prices of the ingot, the substrate (substrate) and the graphical sapphire substrate (PSS) fell in July, with some products falling by 5% to 10% per cent year-on-year, Demand for optical products lags behind the production expansion of sapphire producers and orders are less than expected.

The ultimate belief in the "truth" of the market is ultimately falsified, perhaps the main reason for the formation of the Oolong incident.