中国科技与电信：来自花旗 2025 年中国 TMT 日的关键要点-China Technology & Telecom_ Key Takeaways from Citi‘s 2025 China TMT Day

Investment Rating - The report assigns a "Buy" rating to several companies including Sunny Optical, Q Tech, Lens Tech, and Kingdee [1][17]. Core Insights - The report highlights significant advancements in technology and product offerings within the China Technology and Telecom (TMT) sector, particularly in smartphone and AI applications [1]. - There is a promising outlook for AI Glasses, handheld cameras, sports smartwatches, and humanoid robots, indicating potential growth areas for investment [1]. - The report notes that more SaaS companies are expected to reach breakeven or profitability by 2025, with Kingdee targeting double-digit revenue growth [1][13]. Summary by Relevant Sections Smartphone/PC - Sunny Optical anticipates over 500% year-on-year growth in its miniature CCM products, despite challenges in the domestic market [2]. - Q Tech's periscope solution is expected to see widespread adoption among Android brands, with significant growth in ultrasonic FPM mix anticipated in the second half of 2025 [2]. iOS Developments - Lens Tech is set to provide upgraded back cover glass for new iPhone models, with significant ASP growth expected [3]. - Lingyi iTech's content value in the Pro Max model is projected to increase by approximately 20% in the second half of 2025 compared to the previous model [3]. AI and Wearables - The report discusses ongoing development challenges for smart glasses, with a focus on chipset and battery life improvements [8]. - Sunny is optimistic about the demand for handheld cameras, while Zepp operates across three product lines in the smartwatch market [9]. Automotive Sector - Sunny anticipates increased camera adoption in vehicles, with the average number of cameras per vehicle rising to 4.3 from 3.5 in 2024 [11]. - The company has allocated Rmb1.5 billion for LiDAR projects, which are expected to contribute significantly in the coming years [11]. Robotics - Lens Tech aims to supply 1,000 to 2,000 units of humanoid robots in 2025, with rapid revenue growth expected in this segment [12]. SaaS Sector - Kingdee is maintaining its break-even target for 2025, with expectations of double-digit revenue growth [13]. - MYC anticipates a narrowing year-on-year decline in revenue for the second half of 2025, with property management revenue expected to grow faster due to larger orders [13][15].