Core Viewpoint - The acquisition of PMG International Co., LTD. by Lens Technology is seen as a strategic move to enhance its position in the AI computing power sector, particularly by gaining access to NVIDIA's supply chain through its subsidiary, Yuan Shi Technology [1][2]. Group 1: Acquisition Details - Lens Technology plans to acquire 100% of PMG International, which will allow it to obtain 95.1% of Yuan Shi Technology [1]. - Yuan Shi Technology is one of the few companies in China holding NVIDIA's RVL certification, which is crucial for entering the AI server hardware market [2]. - The RVL certification is considered a "golden ticket" in the AI server hardware field, indicating high reliability and integration capabilities [2]. Group 2: Technological Advantages - Yuan Shi Technology has already provided core components for NVIDIA's GB200/GB300 series, demonstrating its readiness for mass production [2]. - The company has developed an integrated solution that enhances server deployment efficiency by 4.1 times and significantly reduces the Power Usage Effectiveness (PUE) of data centers [2]. Group 3: Market Positioning - Yuan Shi Technology has joined NVIDIA's Vera Rubin development team, focusing on the next-generation server platform, which is expected to significantly increase computing power and cabinet value [3]. - The acquisition is expected to complement Lens Technology's existing precision component business, enhancing its capabilities in AI-related fields [4]. Group 4: Market Trends - The global demand for AI computing power is projected to grow exponentially, with predictions indicating that AI computing demand could reach 200 gigawatts by 2030 [5]. - The AI server market is expected to reach $298 billion by 2025, accounting for over 70% of the total server market value [5]. - Liquid cooling technology is anticipated to replace traditional air cooling due to its efficiency, with the Chinese liquid cooling server market expected to reach $3.39 billion by 2025, growing at a rate of 42.6% [5]. Group 5: Strategic Vision - Lens Technology has recognized the trend towards AI computing infrastructure and has been proactive in its strategy to develop AI server solutions, particularly in liquid cooling [6]. - The company aims to leverage its acquisition to enhance its market share in AI server cabinets and efficient liquid cooling systems, positioning itself as a leader in AI hardware [7].

蓝思科技为此启用了远超手机行业标准的毫米级喷枪轨迹控制与微米级膜厚把控技术。这种对"无颗 粒、无流挂、无橘皮"镜面效果的死磕，本质上是Rokid宁可牺牲短期利润与制造便捷性，也要将用户体 验置于首位的战略定力。这种反行业惯性的做法，正在重新定义AI眼镜的品质基准。 毫厘之间的战争：从"刮耳"痛点到极限断差 凤凰网科技讯(作者/于雷)12月16日，昨日AI眼镜领域的独角兽乐奇Rokid与制造业巨头蓝思科技 （300433）举办小型开放日活动，罕见地向外界开放了其核心产线。在智能终端从手机向AI眼镜代际 迁移的前夜，双方通过揭秘鼻托迭代、亮黑工艺突破及功耗优化等细节，向外界展示了一座行业"灯 塔"是如何在极限制造中被炼成的。这标志着，AI眼镜行业正从概念验证阶段，正式迈入追求极致品质 与规模化量产的成熟期。 对抗工业惯性：亮黑工艺背后的"成本博弈" 在消费电子制造领域，效率与美学往往难以兼得。本次开放日最引人注目的案例，是乐奇Rokid在外观 选型上的激进策略。相较于行业主流且安全的哑光配色，Rokid坚持选用视觉更高级、但工艺难度呈指 数级上升的"亮黑色"。这一决策直接挑战了制造业的"红线"：高亮黑喷涂工艺极易 ...

Investment Rating - The report rates the electronic/consumer electronics industry as "Outperform" [1] Core Insights - The iPhone's entry into the foldable screen market is expected to reshape its high-end market positioning, with a projected release in 2026 [10][6] - The report highlights the competitive pressure faced by iPhone in China from domestic brands like Huawei and Xiaomi, particularly in the foldable screen segment [2][6] - The foldable screen market is anticipated to grow significantly, with global shipments expected to rise from 15.3 million units in 2023 to 31.4 million units by 2027, reflecting a compound annual growth rate (CAGR) of 43.7% [19][20] Summary by Sections 1. iPhone Market Dynamics - iPhone's market share in China has declined from 19.9% in Q1 2023 to 15.0% in Q2 2025, facing competition from local brands [2][6] - The high-end market is identified as a critical area for iPhone to regain market share, with Pro models gaining popularity [6][10] 2. Foldable Screen Development - Foldable screens are seen as a key innovation in the smartphone sector, balancing large screen experiences with portability [11][10] - The report outlines the cost increments associated with foldable screens, particularly in display modules, mechanical components, and memory, with increases of approximately 194%, 177%, and 38.6% respectively [2][27] 3. Market Projections for Foldable iPhone - The report estimates that if Apple launches a foldable iPhone in 2026, potential sales could reach 14 million units under optimistic scenarios [42][38] - The analysis indicates that higher-priced brands tend to have a greater proportion of foldable screen sales, suggesting iPhone's potential to exceed a 6.44% sales share in this segment [42][38] 4. Key Components in Foldable Phones - The main components driving foldable phone innovation include flexible display modules, hinges, and memory [31][35] - The report identifies key suppliers for these components, including major players in the flexible OLED panel market and memory sectors [31][35] 5. Market Trends for UTG and Hinges - The global market for ultra-thin glass (UTG) is projected to grow significantly, with shipments expected to reach 24.6 million units in 2024, reflecting a 36.9% year-on-year increase [48][51] - The hinge market for foldable screens is also expected to expand, with a projected market size of $3.2 billion in 2024, growing to $15.4 billion by 2032 [57][60]

Group 1 - The company, Lens Technology (06613), announced a share buyback plan to repurchase 100,000 A-shares at a cost of 2.9 million yuan by December 15, 2025 [1]

Group 1 - The core viewpoint of the article highlights that Lens Technology is making comprehensive layouts in the AI cloud computing and AI edge computing sectors [1] - In the AI computing aspect, the company plans to acquire 100% equity of PMG to quickly obtain mature technology and customer certifications for specific server cabinet businesses, as well as advanced liquid cooling system integration capabilities [1] - In the AI edge computing aspect, the company has established vertical integration capabilities from components to assembly in areas such as smart glasses and embodied intelligence, collaborating deeply with major domestic and international clients [1] Group 2 - The company's consumer electronics main business is expected to benefit from the ramp-up of folding models from major clients and upgrades in appearance structural components [1] - The automotive glass business is progressing smoothly and is expected to bring significant business increments to the company [1] - The current market valuation corresponds to P/E ratios of 34, 24, and 19 times, with an initial coverage rating of "Buy" [1]

蓝思科技（300433）(06613)公布，2025年12月15日耗资290万元回购10万股A股股份。 ...

Core Viewpoint - Lens Technology (06613.HK) announced a share buyback plan, intending to repurchase 100,000 A-shares at a price of 29 RMB per share, totaling an expenditure of 2.9 million RMB by December 15, 2025 [1] Summary by Category - **Company Actions** - Lens Technology plans to spend 2.9 million RMB to buy back 100,000 A-shares [1] - The buyback price is set at 29 RMB per share [1] - **Financial Implications** - The total cost of the buyback is 2.9 million RMB, indicating a strategic move to enhance shareholder value [1]

Core Viewpoint - The potential introduction of a foldable iPhone may enhance the growth prospects of Lens Technology, which supplies 70%-80% of the glass for iPhones [1] Group 1: Company Insights - Lens Technology is expected to see a revenue compound annual growth rate (CAGR) of 16% from 2025 to 2027, driven by the increased material costs associated with foldable smartphones, estimated to add $70-90 per device [1] - The company's earnings per share (EPS) CAGR is projected to reach 38% during the same period, supported by margin recovery and operational leverage [1] - The reasonable value of Lens Technology's stock listed in Hong Kong is estimated at HKD 33.20, despite the stock currently trading at HKD 25.46, reflecting a decline of 0.8% [1]

基于"液冷模组及连接头的市场空间巨大"这一研判，蓝思科技开始规划液冷相关业务，聚焦AI服务器机 柜和液冷方向，并批量招募面向海外大客户的服务器品质工程师、散热器开发工程师、液冷项目经理等 关键技术岗位。 此后，"液冷"这个概念成为蓝思科技投资者关注的焦点之一，并多次在该公司召开的投资者交流活动中 出现。此次蓝思科技收购裴美高公司，无疑是其迈出了进军液冷领域的重要一步。 在资本追捧热潮下，当前的液冷概念股究竟是泡沫炒作还是长线战略投资的开端？展望明 年，液冷市场的空间具体有多大？ 2025年12月11日，总市值高达1500亿元的"果链"龙头蓝思科技（300433.SZ）发布公告称，拟购买PMG International Co.,LTD.（下称"裴美高公司"）100%股权，公司借此将快速获得国内外特定客户服务器机 柜业务的成熟技术与客户认证，以及先进的液冷散热系统集成能力。 经济观察报记者发现，除了蓝思科技，近一个月以来，包括中石科技（300684.SZ）、奕东电子 （301123.SZ）、春秋电子（603890.SH）等多家公司，均纷纷出手布局液冷领域。 二级市场上，液冷概念股今年以来备受市场资金追捧。万得数 ...

里昂发表研究报告指，蓝思科技宣布拟收购从事服务器机柜及其结构件、服务器液冷模组的生产及销售 等业务的元拾科技逾95%股权，后者为英伟达供应商。该行预期交易可于明年完成，届时将有助蓝思科 技打入英伟达AI服务器供应链，并推动其AI服务器业务规模快速增长，因此重申"跑赢大市"评级，目标 价维持38港元不变。里昂目前估算，因今次收购，蓝思科技明年将新增8亿至10亿元的收入，以及1亿至 2亿元的净利润。 ...