Core Viewpoint - The Hong Kong stock market saw a significant rise in Apple-related stocks, driven by the exclusion of certain products from the previously announced "reciprocal tariffs" by the U.S. Customs and Border Protection [1] Group 1: Stock Performance - Highwei Electronics (01415.HK) increased by 12.08% - FIH Mobile (02038.HK) rose by 9.46% - Q Technology (01478.HK) gained 8.20% - Sunny Optical Technology (02382.HK) climbed 6.18% - AAC Technologies (02018.HK) went up by 6.17% [1]

Group 1 - The Hong Kong stock market saw a strong performance in Apple-related stocks, with notable increases in share prices for several companies [1] - Highwei Electronics surged over 30%, while AAC Technologies rose more than 20% [1] - Sunny Optical Technology experienced a 15% increase, BYD Electronics rose by 14%, and FIH Mobile also gained 14% [1] - Q Technology saw an increase of over 10% in its stock price [1] Group 2 - A-share accounts can now directly purchase Hong Kong stocks, allowing for T+0 trading, which enables same-day buying and selling without the risk of being stuck in positions [1]

港股苹果概念股走低，高伟电子(01415.HK)跌近10%，舜宇光学科技(02382.HK)跌超9%，丘钛科技 (01478.HK)跌8.5%，瑞声科技(02018.HK)跌7.7%，富智康(02038.HK)、比亚迪电子(00285.HK)跌超6%。 ...

Core Viewpoint - The company, Datar, is facing significant operational challenges despite being a prominent player in the humanoid robotics sector, with issues such as layoffs, salary cuts, and financial difficulties being reported [3][5][15]. Group 1: Company Challenges - Datar has raised alarms about its development, indicating severe financial issues, including selling properties, salary reductions, layoffs, and increasing debts [3][5][15]. - The founder and CEO, Huang Xiaoqing, stated that the company is still operating normally and is focusing on humanoid robots and cloud brain technologies while actively seeking financing [2][3][18]. - Since early 2024, Datar has struggled to pay employee salaries fully, leading to significant layoffs, with the workforce reduced from over 800 to around 150 [15][16]. Group 2: Financial Background - Datar has attracted over 5.4 billion yuan in investments since its inception, with a notable C-round financing of over 1 billion yuan in July 2023 [8][10]. - The company was valued at approximately 30.77 billion yuan (around 4.5 billion USD) as of the end of 2023, making it the top humanoid robotics unicorn in China [10]. - Despite its previous success in securing investments, the company is now facing a challenging fundraising environment, which has been exacerbated by its high valuation and being placed on an entity list [12][13]. Group 3: Industry Context - The humanoid robotics sector in China has seen a surge in investment activity, with 102 financing events reported in 2023, compared to 75 in the previous year [7]. - However, there are concerns about the sustainability of this growth, with predictions of a potential wave of bankruptcies in the humanoid robotics industry by late 2025 to early 2026 [19][20]. - The industry is being cautioned that product strength is the core competitive advantage, emphasizing the importance of self-sustaining business models over reliance on external funding [20].

Core Insights - Guangdong's artificial intelligence core industry is projected to exceed 220 billion yuan by 2024, with industrial robot production expected to grow from 44,700 units in 2019 to 246,800 units in 2024, maintaining the top position in China for five consecutive years [1][2] Group 1: Industry Developments - Guangdong robot companies are actively launching new technologies and products, leading to a surge in customer visits and inquiries, with some companies reporting up to six or seven groups of hundreds of visitors in a single day [1][2] - UBTECH, a leading humanoid robot company, has successfully implemented its Walker S series in multiple factories, achieving collaborative training with multiple robots across various scenarios [1] - The introduction of the world's first humanoid robot capable of performing tasks like pouring milk and baking bread by Yujian Technology highlights the growing application of collaborative robots in service industries [2] Group 2: Investment and Support - Guangdong province is heavily investing in the AI and robotics sector, with annual allocations of 10 billion yuan in special technology funds to support research and development [4] - Foreign investment in AI and robotics projects in Guangdong can receive substantial rewards, with individual projects eligible for up to 150 million yuan in incentives [4]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of $5,702,949 thousand, a decrease of 11.5% from $6,445,798 thousand in 2023[3]. - Gross profit for the year was $134,640 thousand, up 22.6% from $109,816 thousand in the previous year[3]. - The company incurred a net loss of $20,192 thousand, significantly improved from a loss of $120,773 thousand in 2023[3]. - Basic and diluted loss per share was $0.26, compared to $1.52 in the previous year[4]. - The company reported a pre-tax profit of $33,700,000 for 2024, compared to $25,889,000 in 2023[18]. - The income tax expense for 2024 was $30,703,000, an increase from $17,484,000 in 2023[20]. - The net loss attributable to shareholders was $20.3 million, an improvement from a net loss of $120.7 million in the same period last year, due to enhanced operational efficiency[68]. - The return on equity (ROE) for the period was -1.4%, an improvement from -7.7% in the same period last year, primarily due to reduced losses. The basic loss per share was $0.26[72]. Revenue Breakdown - Revenue from the Asia segment decreased to $2,597,525,000 in 2024 from $3,798,328,000 in 2023, representing a decline of 31.6%[14]. - The Europe segment reported revenue of $1,174,562,000 in 2024, up from $1,050,945,000 in 2023, an increase of 11.7%[14]. - The Americas segment saw revenue increase to $1,930,862,000 in 2024 from $1,596,525,000 in 2023, a growth of 20.9%[14]. - The total segment profit for 2024 was $119,523,000, compared to a loss of $9,549,000 in 2023[14]. Asset and Liability Changes - Total assets decreased to $3,024,727 thousand from $3,458,939 thousand, a decline of 12.6%[5]. - Cash and cash equivalents decreased to $1,516,241 thousand from $1,845,323 thousand, a reduction of 17.9%[5]. - The company’s total equity decreased to $1,463,663 thousand from $1,561,372 thousand, a decline of 6.3%[6]. - Total liabilities decreased to $2,358,360,000 in 2024 from $2,758,064,000 in 2023, a decline of 14.5%[15]. Operational Efficiency and Cost Management - Research and development expenses decreased to $49,965 thousand from $57,108 thousand, reflecting a reduction of 12.5%[3]. - Operating expenses decreased to $142.3 million from $219.4 million, a reduction of $77.1 million, attributed to workforce adjustments and restructuring efforts[68]. - The company is focusing on high-margin industries and clients, terminating unprofitable businesses, and restructuring underperforming operations to enhance efficiency[71]. - Cost-cutting measures are expected to enhance efficiency and maintain financial flexibility, leading to improved financial performance in the first half of 2025 compared to the same period last year[136]. Market and Competitive Landscape - The company is facing competitive pressure in the EMS industry due to overcapacity among peers, leading to price declines despite a normalization of the market and reduced material costs[47]. - The smartphone market showed signs of recovery in 2024 due to inventory replenishment, but intense competition in China and geopolitical issues impacted sales significantly[50]. - The overall smartphone market is experiencing pressure from economic and geopolitical factors, leading to intensified competition and profit erosion[84]. - The geopolitical situation, including the Russia-Ukraine conflict and U.S.-China tensions, is reshaping international trade and impacting supply chains[133]. Strategic Initiatives and Future Outlook - The company aims to optimize capacity utilization while focusing on cost reduction, consolidating locations, and restructuring operations due to the decline in profitability from mainland China operations[45]. - The company is strategically expanding its global footprint with operations in China, India, Vietnam, Taiwan, Mexico, and the United States to maximize production value and enhance supply chain management[47]. - The company is diversifying its business strategy to reduce reliance on mobile business and improve its product portfolio, focusing on smart manufacturing, automotive electronics, and AI solutions[75]. - The company is actively seeking opportunities in smart automation manufacturing, particularly in the automotive and electronics sectors, and has launched an intelligent recycling robot in collaboration with an environmental company[78]. Employee and Governance Matters - The total number of employees in the group decreased to 31,568 as of December 31, 2024, down from 36,657 on December 31, 2023[63]. - The company is committed to employee development, focusing on attracting and retaining talent through competitive compensation, training, and career advancement opportunities[59]. - The company has implemented a performance-based compensation policy to reward good performance, contributions, and productivity[65]. - The company has established a clear division of responsibilities between the Chairman and the CEO to enhance board independence and management balance[143]. Compliance and Regulatory Environment - The company is monitoring compliance with global transfer pricing regulations to ensure operational efficiency and tax risk management[117]. - The implementation of the new VAT law in mainland China, effective January 1, 2026, may affect various business operations, necessitating close monitoring and adjustments to compliance strategies[110]. - The revised Company Law in mainland China will take effect on July 1, 2024, impacting corporate governance, capital contributions, and compliance costs for foreign-invested enterprises[111].

文/梧桐兄弟 1月21日，上交所公布中国证监会对苏州高泰电子技术股份有限公司主板IPO注册程序终止的通知书，直接原因是公司及保荐机构国金证券撤回注册申请。公司IPO 在2023年8月29日获得审核通过，2023年12月1日提交注册。公司本次IPO拟募资11.55亿元。 一、上市委会议现场问询的主要问题 1.请发行人代表：（1）结合下游行业发展趋势、下游PC产品毛利率、公司技术优劣势、研发费用率、产品价格及销量情况、主要成本结构及生产方式等方面，说 明公司毛利率明显高于同行业可比公司的合理性；（2）说明未进一步与全制程外协厂商商议供货价格的原因。请保荐代表人发表明确意见。 2.请发行人代表结合行业竞争格局、下游需求变化、公司2023 年上半年经营业绩下滑、公司现有固定资产规模和产能利用率等，说明本次募投项目的必要性和合 理性，产能消化的具体措施及可行性。请保荐代表人发表明确意见。 二、2023年业绩下滑，下游应用领域主要集中于电脑 公司主营产品包括复合功能性材料、复合功能性器件及电子级追溯产品。报告期内，公司产品应用于戴尔、苹果、联想终端品牌的收入分别占同期主营业务收入 的 82.11%、84.02%、83.7 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was $1,895,530 thousand, a decrease of 29.2% compared to $2,676,717 thousand for the same period in 2023[7] - Gross profit for the same period was $28,622 thousand, down 27.8% from $39,621 thousand year-over-year[7] - The company reported a net loss of $31,643 thousand for the six months ended June 30, 2024, compared to a net loss of $49,835 thousand in the prior year, representing a 36.5% improvement[8] - The total comprehensive loss for the period was $56,080 thousand, compared to $202,883 thousand in the same period last year, indicating a substantial reduction in losses[8] - The basic and diluted loss per share for the period was 0.4 US cents, compared to 0.6 US cents in the same period last year[8] - The company reported a net loss attributable to shareholders of $31,578,000, an improvement from a loss of $50,016,000 in the same period of 2023[26] - The company’s loss per share for the period was $(0.10), reflecting the overall financial performance[12] Expenses and Costs - Research and development expenses were $23,799 thousand, a decrease of 10.1% from $26,459 thousand in the previous year[7] - The company incurred interest expenses of $30,318 thousand, an increase of 28.7% from $23,551 thousand in the same period last year[7] - Operating expenses decreased to $73.1 million from $122.3 million, a reduction of $49.2 million, due to restructuring and layoffs[78] - The company incurred a total depreciation expense of $64,708,000, down from $80,211,000 in the same period last year[23] Assets and Liabilities - As of June 30, 2024, total assets amounted to $3,840,184 thousand, an increase from $3,458,939 thousand as of December 31, 2023, representing a growth of approximately 11%[9] - Current liabilities rose to $3,149,700 thousand from $2,736,965 thousand, marking an increase of approximately 15%[9] - The company's equity attributable to owners decreased to $1,501,861 thousand from $1,558,487 thousand, a decline of about 4%[10] - The total equity decreased to $1,504,514 thousand from $1,561,372 thousand, representing a decrease of about 4%[10] Cash Flow and Financing - The net cash used in operating activities for the six months was $(197.37) million, compared to $(628.79) million in the previous year, indicating an improvement[13] - The company raised $1,305.80 million in bank borrowings during the financing activities, compared to $755.74 million in the previous year[13] - The company incurred a net cash outflow of $(49.80) million from investing activities, compared to $(38.24) million in the same period last year[13] - The group's free cash flow was a net outflow of $255 million, compared to an inflow of $10 million on December 31, 2023[106] Revenue Segmentation - Revenue from the Asia segment was $1,067,385,000, down 43.0% from $1,874,505,000 year-over-year[19] - The Americas segment reported revenue of $541,678,000, an increase of 18.8% compared to $455,733,000 in the previous year[19] - The total segment profit for the six months was $25,038,000, significantly up from $5,621,000 in the same period last year[19] Strategic Focus and Market Conditions - The company plans to continue focusing on expanding its manufacturing services in the mobile phone sector, leveraging its vertical integration capabilities[14] - The smartphone market showed signs of improvement in the first half of 2024, driven by the proliferation of 5G and integration of AI technologies, despite facing significant challenges such as market saturation and increased competition[65] - The company is diversifying its business strategy through 5G, IoV, AI, and next-generation communication technologies to reduce reliance on the mobile phone market[83] - The company is actively developing AI hardware and software solutions for industrial automation, contributing to sustainable development through the launch of the FIH Robotics smart recycling robot[84] Employee and Governance - The total number of employees as of June 30, 2024, is 44,519, an increase from 36,657 on December 31, 2023[75] - The company emphasizes employee development and training, focusing on attracting and retaining talent through competitive compensation and a supportive work environment[71] - The company has established a written division of responsibilities between the chairman and the CEO to enhance governance[142] Compliance and Regulatory Environment - The group is committed to compliance with the OECD's BEPS action plan and related local transfer pricing regulations[104] - The revised Company Law in Mainland China will take effect on July 1, 2024, impacting corporate governance, capital contributions, and compliance costs for foreign-invested entities[101] - The new Foreign Investment Law in Mainland China requires adjustments to governance structures and compliance models, potentially increasing legal and regulatory costs[102]

Financial Performance - The company's revenue for the six months ended June 30, 2024, was $1,895,530,000, a decrease of 29.1% compared to $2,676,717,000 for the same period in 2023[13]. - The gross profit for the period was $28,622,000, significantly lower than the previous year's gross profit of $39,621,000, indicating a decline in profitability[2]. - The net loss for the period was $31,643,000, compared to a net loss of $49,835,000 in the same period last year, showing an improvement in loss[4]. - Total revenue for the six months ended June 30, 2024, was $1,895,530,000, a decrease of 29.2% from $2,676,717,000 in the same period of 2023[14]. - Revenue from the Asia segment was $1,067,385,000, down 43.0% from $1,874,505,000 year-over-year[14]. - The Americas segment reported revenue of $541,678,000, an increase of 18.8% compared to $455,733,000 in the previous year[14]. - The company recorded a loss before tax of $29,313,000, slightly improved from a loss of $29,601,000 in the same period last year[14]. - The net loss attributable to shareholders was $31,578,000, compared to a loss of $50,016,000 for the same period in 2023[21]. - Operating expenses for the period were $73.1 million, a decrease of $49.2 million from $122.3 million in the same period last year, attributed to layoffs and restructuring efforts[52]. - Other income, gains, and losses for the period amounted to $43.0 million, a decrease of $89.7 million year-on-year, primarily due to the absence of capital gains from property sales[52]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to $3,840,184,000, an increase from $3,458,939,000 as of December 31, 2023[5]. - Current liabilities increased to $3,149,700,000 from $2,736,965,000, indicating a rise in short-term financial obligations[6]. - The company's cash and cash equivalents were $1,705,805,000, down from $1,845,323,000 at the end of 2023, reflecting a decrease in liquidity[5]. - The group reported total trade receivables of $843,562 million as of June 30, 2024, down from $958,516 million as of December 31, 2023[26]. - Total trade and other payables increased to $1,849,124 million as of June 30, 2024, from $1,643,013 million as of December 31, 2023[29]. - Bank borrowings rose to $865,800 million as of June 30, 2024, compared to $703,676 million as of December 31, 2023, with interest rates ranging from 5.88% to 8.07%[30]. Research and Development - Research and development expenses were $23,799,000, a decrease from $26,459,000 in the previous year[14]. - The company has implemented a "2+2" strategy to actively expand into automotive electronics, robotics, artificial intelligence, and next-generation communication technologies, achieving significant progress in these areas[35]. - Significant milestones were achieved in automotive electronics and AI robotics solutions, improving vehicle safety and efficiency[37]. - The company is investing in next-generation communication technologies, including LEO ground user terminals and 6G non-terrestrial network technologies[40]. Market and Strategic Focus - The global economic environment remains complex, with moderate growth but ongoing challenges, particularly in major economies like the US and China, which are experiencing uneven recovery patterns[36]. - The company acknowledges that its past operating performance has shown volatility and may continue to fluctuate significantly from one period to another[33]. - The company is diversifying its business strategy through 5G, IoV, AI, and next-generation communication technologies to reduce reliance on the smartphone market[57]. - The company is actively expanding overseas production capacity to meet customer demand and diversify its customer and product base[85]. Customer and Supplier Relations - The company's top five customers accounted for approximately 85.30% of total revenue during the first half of 2024[38]. - Revenue from Hon Hai Technology Group, including Hon Hai and Sharp Corporation, represented about 30.79% of total revenue[38]. - The top five suppliers represented about 44.6% of the company's total procurement, reflecting a strategic integration approach to ensure procurement efficiency and favorable commercial terms[41]. Employee and Organizational Development - Employee development is a key focus, with the company emphasizing equal employment opportunities, competitive compensation, and a supportive work environment to attract and retain talent[44]. - The total number of employees in the group was 44,519, an increase from 36,657 as of December 31, 2023[48]. - The company has implemented competitive compensation policies and annual bonuses to retain employees in a challenging labor market[48]. - The company has strengthened partnerships with universities and educational institutions to create a stable talent pipeline[47]. Governance and Compliance - The financial statements were prepared in accordance with International Financial Reporting Standards, ensuring compliance with accounting regulations[10]. - The audit committee has reviewed the unaudited consolidated financial statements for the period and recommended their approval to the board[90]. - The company has adhered to all provisions of the Corporate Governance Code, with the exception of the separation of roles between the Chairman and the CEO, which has been maintained since January 1, 2017[91]. - The Board has decided to appoint Mr. Chi Yu Yang as the Chairman and Mr. Lin Chia Yi as the CEO, effective July 1, 2024, to enhance corporate governance and ensure a balance of power[91]. Economic and Market Challenges - The company faces ongoing challenges from weak demand and market saturation, with a focus on high-margin sectors and cost-cutting measures[54]. - The company anticipates that the challenging conditions in the Asia division will persist into 2024, affecting performance and recovery[61]. - The ongoing geopolitical tensions and high inflation rates are expected to impact consumer spending and overall demand for smartphones[82]. - The ODM/OEM/EMS industry faces challenges such as rising domestic production costs and a shortage of skilled labor, impacting profitability[79].

Financial Performance - Fiscal year 2023 revenue decreased to $6,446 million, down $2,948 million or 31.4% from $9,394 million in 2022[18]. - Loss attributable to owners for 2023 was $120.7 million, compared to a loss of $72.1 million in 2022[18]. - Basic loss per share for 2023 was 1.52 cents[18]. - The group recorded a consolidated net loss during the period, with expectations for this trend to continue at least until the first half of 2024[37]. - The company reported audited consolidated results for the year ending December 31, 2022[35]. - The company reported consolidated revenue of $2,677 million for the first half of 2023, a decrease of $1,448 million or 35.1% compared to $4,125 million in the same period last year[98]. - The company confirmed consolidated revenue of $6,446 million for the period, down $2,948 million or 31.4% from $9,394 million in the same period last year[104]. - Gross profit decreased to $110 million, down $82 million from $192 million in the same period last year, resulting in a gross margin of 1.70%, down from 2.04%[105]. - The expected credit loss provision for the year is $133.8 million, significantly up from $80.5 million in the same period of 2022[73]. - The cumulative amount of expected credit loss provisions reached $225.3 million as of December 31, 2023, compared to $80.5 million in the previous year[113]. Market Challenges - The operating environment for fiscal year 2024 is expected to remain challenging with significant uncertainties[19]. - The company faces challenges related to customer demand fluctuations, extended replacement cycles, and potential delays or cancellations of new projects[39]. - The smartphone market is facing challenges due to economic downturns and prolonged replacement cycles, leading to increased competition and reduced demand visibility[56]. - The company has faced significant market challenges since late 2017, with declining profit margins and demand continuing into 2023, attributed to a saturated mobile phone market and increased price sensitivity among customers[44]. - The company is experiencing downward pressure on profit margins as clients push for lower prices due to their declining profitability[57]. - The company is actively managing risks, capital structure, and operational costs to remain competitive and flexible in a challenging economic environment[52]. - The company is facing challenges from high inflation, high interest rates, and currency depreciation in emerging markets, which are affecting consumer demand[102]. - The competitive landscape in the EMS industry remains challenging, with many players facing declining operating profit margins due to pricing pressures and excess capacity[106]. Strategic Initiatives - The company continues to implement a light-asset strategy and reorganize global facilities to allocate resources to productive assets[18]. - The company is diversifying into new markets such as automotive electronics, robotics, and artificial intelligence to reduce reliance on the volatile mobile phone market[18]. - The company is focusing on maintaining financial stability while seeking growth opportunities amid challenging market conditions[19]. - The company is committed to optimizing resource allocation and improving operational efficiency to mitigate profit erosion[19]. - The company has invested heavily in research and development to drive innovation and transition into new fields[18]. - The company is focusing on three future industries: electric vehicles, digital health, and robotics, alongside three core technologies: artificial intelligence, semiconductors, and next-generation communications[24]. - The company is actively developing core technologies in artificial intelligence and is investing in the robotics industry as part of its long-term business strategy[24]. - The company is committed to enhancing its manufacturing technology and vertical integration services to provide better quality and lower costs[41]. Leadership and Governance - The company appointed Mr. Chi Yu-Yang as the acting chairman since January 1, 2017, with over 44 years of experience in the telecommunications industry[22]. - Dr. Guo Wen-Yi joined the company as an executive director on June 29, 2018, and has over 29 years of experience in wireless communication product development and international business[23]. - Mr. Lin Chia-Liao was appointed as an executive director on March 10, 2023, and has over 27 years of experience in the communications and computer industry, focusing on high-end smartphone development[24]. - The company’s leadership team has extensive experience in risk management and engineering, contributing to its strategic decision-making[22][23][24]. - The company continues to strengthen its board with experienced professionals to enhance governance and operational efficiency[30]. Operational Efficiency - The company is focused on expanding its market presence and enhancing its product offerings through innovation and strategic partnerships[36]. - The company is committed to improving operational management and efficiency, including talent development and R&D capabilities[60]. - The company is focusing on optimizing production processes and reducing waste to improve manufacturing value-added (MVA) and lower costs[56]. - The company is enhancing its capabilities in innovative design solutions to address the evolving needs of target markets[54]. - The company is committed to providing cost-effective and vertically integrated global supply chain solutions to meet varying production demands[55]. Economic and Geopolitical Factors - Various risks affecting future performance include geopolitical tensions, inflation pressures, and market saturation, which could lead to significant deviations from projected results[39]. - The ongoing geopolitical tensions, including the US-China trade war and the Russia-Ukraine conflict, have created significant uncertainty in the global economic landscape[47]. - The Federal Reserve has raised interest rates 11 times since 2022, reaching a range of 5.25% to 5.5%, the highest in 22 years, impacting consumer purchasing power and demand[46]. - The macroeconomic environment remains challenging, with high inventory levels leading to conservative budgeting and procurement among customers[142]. Workforce and Employee Engagement - The company has established a global R&D team with offices in China, Taiwan, India, and Vietnam to support significant business growth opportunities, including new technologies and materials[91]. - Employee development is a key focus, with the company emphasizing internal training and attracting external talent to enhance competitiveness[85]. - The HR department has ensured 100% timely payment of employee provident fund and pension contributions, safeguarding employee financial welfare[90]. - In 2023, the company resolved 86% of approximately 300 employee feedback issues, with 14% still in progress[87]. - The company has conducted 50 "workshop tours," addressing 551 employee concerns, with 92% resolved and 8% still being processed[87]. Investment and Future Outlook - The company is focusing its investment strategy on sectors with significant potential, including 5G, IoV, medical electronics, and artificial intelligence[172]. - The company is actively exploring potential investment opportunities to enhance its portfolio value, although no significant investment plans have been established at this stage[171]. - The company is committed to achieving net-zero emissions by 2050 and prioritizing green investments[172]. - The company is continuously evaluating the impact of new laws and regulations in its operating regions, including China, India, and Vietnam[175]. - The smartphone market is expected to recover with low single-digit percentage growth in 2024, driven by generative AI applications, and the penetration rate of 5G smartphones is projected to reach 60%[195].