Group 1 - Honor's new AI foldable flagship phone, Magic V5, is set to be released on July 2, 2025, and is positioned as the "lightest foldable phone globally" and "the strongest AI smartphone in the industry" [1] - The Magic V5 will feature a Snapdragon 8 Gen 2 processor, a new silicon battery, and support for Beidou satellite messaging and side fingerprint recognition [1] - Apple is expected to start production of its foldable iPhone in Q3 or Q4 of 2025, with orders for 15 to 20 million units, indicating a long-term demand outlook rather than just for 2026 [1] Group 2 - The foldable smartphone market is anticipated to be a key growth area as the overall smartphone market slows down, with a projected global shipment growth rate of 6% for foldable phones in 2023 [2] - China is leading the foldable smartphone industry, accounting for 46% of global shipments from Q1 to Q3 of 2024 [2] Group 3 - On August 9, 2024, speculation arose about Huawei launching a new three-fold phone, leading to significant stock price increases for several foldable concept stocks, including Star Technology and Kaisheng Technology [3] - Notable stock performances included Star Technology with a 20.23% increase, Huawei Technology with a 10.05% increase, and Kaisheng Technology with a 10% increase [4]

Core Viewpoint - Apple is set to launch its foldable iPhone, produced by Foxconn, in late Q3 or early Q4 of 2025, with an official unveiling planned alongside the iPhone 18 series in fall 2026 [1][4]. Group 1: Production Timeline and Specifications - Foxconn is expected to begin production of the foldable iPhone by the end of September or early October 2025 [1]. - The foldable iPhone will feature a display that measures approximately 5.5 inches when folded and can expand to 7.8 inches when opened, utilizing a design similar to the Samsung Galaxy Fold series [4]. - The device is anticipated to have a thickness of about 4.5 mm when fully opened and between 9 to 9.5 mm when folded, making it notably thin in full-screen mode [4]. Group 2: Component Details and Pricing - The foldable iPhone's display will be produced by Samsung Display, while the specifications for several components, including the bearings, are still being finalized [4]. - The expected price range for the foldable iPhone is between $2,000 and $2,500, a prediction made prior to the potential impact of high tariffs from China [4]. Group 3: Market Demand and Production Estimates - Apple plans to order between 15 million to 20 million units of the foldable iPhone, which is projected to meet market demand for the next two to three years, given the high price point may limit consumer demand [5]. - Samsung Display is estimated to produce approximately 7 million to 8 million foldable display panels for Apple in 2026 [5].

郭明錤指出，目前已经确定的一个部件是该设备的可折叠显示屏。据他所说，三星显示 （Samsung Display）计划明年为这款设备生产700万至800万块可折叠面板。 "这表明，预计将于2026年下半年投入批量生产的苹果折叠屏iPhone，可能会在2027年和 2028年每年出货数百万部。"他表示，并补充说，这可能是由于其高昂的定价限制了销量，相 比之下，去年9月，仅在预售的第一个周末，苹果就售出了约3700万部iPhone 16。 至于，苹果首款"折叠屏iPhone"究竟何时才会正式推出，郭明錤警告说："在项目正式启动之 前，所有计划都可能发生变化。"此前有报道称，苹果计划在2026年秋季推出可折叠手机。 他预计这款手机将"定价较高"。郭明錤此前还曾预测， 苹果"折叠屏iPhone"的售价将在 2000至2500美元之间，而这一预测还是在特朗普发动"关税战"之前做出的。 郭明錤还指出，最近市场传闻称苹果已订购1500-2000万部"折叠屏iPhone"，但根据其基于 对多个组件的了解，"这一数量可能反映了产品2-3年生命周期内的累积需求，而不仅仅是 2026年"。 郭明錤此前还曾透露，后续苹果的折叠屏产线将 ...

Global Smartphone Market Overview - The global smartphone market is expected to see a year-on-year growth of 0.2% in Q1 2025, indicating a recovery phase [1] - The total global smartphone shipments are projected to reach 1.22 billion units in 2025, reflecting a slight increase of 0.1% compared to the previous year [1] - The market is anticipated to grow at a modest compound annual growth rate (CAGR) of 1% from 2025 to 2029, facing challenges from low-end replacement demand and geopolitical uncertainties [1] High-End Smartphone Market Insights - The high-end smartphone segment (priced above $600) experienced a year-on-year shipment increase of 12% in Q1 2025, driven by manufacturers' commitment to premium offerings and advancements in AI technology [4] - Apple leads the high-end market with a 59% share, showing a 10% growth year-on-year [5] - Huawei's high-end segment grew by 69%, capturing a 9% market share, while Google and Xiaomi also reported significant growths of 21% and 81% respectively [4][5] Regional Market Performance - In the Asia-Pacific region (excluding Greater China), Apple holds a 61% market share in the high-end segment, with a 12% year-on-year growth [7] - In North America and Latin America, Apple dominates with a 71% market share, reflecting an 18% increase [7] - In Europe, the Middle East, and Africa, Apple maintains a 55% share with a 15% growth, while Samsung follows with a 37% share and a 13% increase [9] AI Smartphone Projections - The penetration rate of AI smartphones is expected to reach 34% by 2025, supported by advancements in chip capabilities and model efficiency [9] - Apple leads the global AI smartphone market with a shipment of 43.6 million units, accounting for 58% of the market [12] - In mainland China, Apple also leads with a 40% market share in AI smartphones, followed by Xiaomi with 26% [16] Foldable Smartphone Forecast - The foldable smartphone market is projected to achieve only a 0.1% year-on-year growth in 2025, with major manufacturers attempting to stimulate demand through price reductions and SKU expansions [24] - 2026 is anticipated to be a pivotal year for the foldable market, potentially revitalized by Apple's rumored foldable product [24] 5G Smartphone Outlook - The penetration of 5G smartphones is expected to continue growing, with projections indicating that by 2029, 88% of smartphone shipments will be 5G-enabled [26]

Investment Rating - Maintain BUY with a target price of HK$58.78, reflecting a potential upside of 61.3% from the current price of HK$36.65 [3][12]. Core Insights - The company is expected to achieve revenue growth of 10-15% YoY in 2025, driven by multiple growth drivers across various segments including optics, precision mechanics, electromagnetic drive, and automotive acoustics [1][9]. - Key growth drivers for 2025 include upgrades in optics specifications, increased adoption of VC in high-end models, expansion in automotive acoustics, and advancements in MEMS microphones for AI smartphones [9]. - The company has a solid product roadmap and is expanding into strategic markets such as robotics and AI glasses, with plans to acquire a stake in a Chinese automotive microphone module company to enhance its offerings [9]. Revenue and Earnings Forecast - Revenue is projected to grow from RMB 20,419 million in FY23 to RMB 32,566 million in FY25, representing a YoY growth of 19.2% [2][11]. - Net profit is expected to increase significantly from RMB 740.4 million in FY23 to RMB 2,488.6 million in FY25, with a YoY growth of 38.5% [2][11]. - The company’s EPS is forecasted to rise from RMB 0.63 in FY23 to RMB 2.12 in FY25, indicating a growth of 38.5% [2][11]. Segment Performance - The revenue breakdown indicates that acoustics will contribute RMB 9,466 million in FY25, while optics is expected to generate RMB 5,672 million [10]. - The gross profit margin is anticipated to improve from 16.9% in FY23 to 23.1% in FY25, reflecting operational efficiency and product mix enhancement [11][18]. Valuation Metrics - The stock is currently trading at a P/E ratio of 15.8x for FY25, which is attractive compared to the expected EPS growth of 39% [12][18]. - The target price is based on a sum-of-the-parts (SOTP) valuation methodology, assigning different P/E multiples to various business segments [12][13].

Core Viewpoint - Huawei is actively promoting its foldable smartphones, Mate X6 and Mate X5, with significant discounts, indicating a strategic push to capture market share in the recovering foldable smartphone segment [1][3][6]. Group 1: Promotions and Pricing - Huawei offers a discount of 1000 yuan on the Mate X6, bringing its starting price to 11999 yuan, while the Mate X5 has a discount of 3000 yuan, starting at 9999 yuan [1][3][6]. - The Mate 70 Pro+ also sees a discount of 500 yuan, with prices starting at 7999 yuan for the 16GB+512GB version [6][8]. Group 2: Market Performance - In Q1 2025, China's foldable smartphone shipments reached 2.84 million units, marking a year-on-year growth of 53.1%, with Huawei holding a dominant market share of 76.6% [1][11]. - The overall foldable smartphone market is experiencing growth, with Huawei's innovative products like the Mate X6 and the upcoming Mate XT expected to further boost sales [9][11]. Group 3: Competitive Landscape - The foldable smartphone market is becoming increasingly competitive, with brands like Honor, OPPO, Xiaomi, and Samsung also launching new models [11][12]. - Apple plans to enter the foldable market with its first device expected in the second half of 2026, indicating a growing interest in this segment [11][12]. Group 4: Future Outlook - Counterpoint Research predicts that 32 different foldable smartphone models will be released in 2025, highlighting the ongoing innovation and competition in the market [11][12]. - The overall smartphone market in China is projected to grow modestly, with foldable smartphones expected to reach around 10 million units in 2025, reflecting an 8.3% year-on-year increase [12].

Core Viewpoint - Apple is set to release a foldable iPhone with innovative design features, including a punch-hole camera on the external screen and an under-display camera on the internal screen, along with integrated Touch ID on the side button [1][2]. Group 1 - The foldable iPhone's internal display will have a 14.1:10 aspect ratio, while the external display will have a 14.6:10 aspect ratio [1]. - The device is expected to feature a dual rear camera setup and a front camera that can be used in both folded and unfolded states [2]. - The anticipated price range for the first-generation foldable iPhone is between $2000 and $2300, which is approximately 14423 to 16586 Chinese Yuan at current exchange rates [2]. Group 2 - Mass production of the foldable iPhone is projected to begin in Q4 2026, with a release expected by the end of next year [2]. - The design of the external screen's punch-hole camera is similar to that of current market competitors like the Google Pixel 9 Pro Fold [1].

Group 1 - The National Health Commission announced the revocation of medical licenses for individuals involved in a public opinion incident [1] - Liu Xiaoqing is under investigation for alleged tax evasion related to a loan transaction [4][5] - Wahaha Group has terminated its cooperation with Jinmailang due to quality control issues [6] Group 2 - Agricultural Bank of China is cooperating with authorities following the unfortunate death of a customer during a withdrawal attempt [6] - JD.com reported a significant increase in daily orders for its food delivery service, surpassing 20 million [6] - Alibaba announced a total dividend distribution of approximately $4.6 billion to shareholders [6] Group 3 - Neta Auto's founder has had 20 million RMB worth of shares frozen amid bankruptcy proceedings for the company [7] - The Ministry of Commerce emphasized the need for compliance in the sale of port transactions by CK Hutchison [7] - Eason Chan has been diagnosed with COVID-19, coinciding with a rising trend of cases across the country [8] Group 4 - Container shipping bookings from China to the U.S. surged nearly 300% following mutual tariff reductions [8] - NetEase reported a 7.4% year-on-year revenue increase in Q1 2025, with significant R&D investment [22] - Alibaba's revenue for the fiscal year 2025 reached 996.347 billion RMB, marking a 6% increase [21] Group 5 - GAC Trumpchi has undergone a leadership change with Feng Xingya stepping down as chairman [9] - Guangdong's new marriage and childbirth incentive program offers financial rewards to residents [10] - China has expanded its visa-free policy to include five additional countries starting June 1, 2025 [10] Group 6 - Hyundai has begun construction on its first manufacturing plant in Saudi Arabia, with an annual capacity of 50,000 vehicles [16] - Uber launched a new carpooling service in the U.S. aimed at daily commuters [16] - The global short video app in-app purchase revenue reached nearly $700 million in Q1 2025, a significant increase from the previous year [16] Group 7 - OpenAI has released the GPT-4.1 model for ChatGPT users, focusing on coding tasks [17] - "Zhongke Bosheng" completed nearly 100 million RMB in Series A financing to enhance production capabilities [18] - "Boson Quantum" secured several tens of millions in A+ round financing to advance quantum computing technology [18]

Core Insights - Apple is targeting to launch its first foldable iPhone in the second half of 2026, positioning it as a "large foldable screen iPhone" [1][3] Group 1: Supply Chain and Production - A supply chain company, which supplies multiple components for Apple phones, is actively seeking to become a key supplier for the foldable iPhone, with samples already sent for testing [3] - To secure additional business orders for critical components of the foldable iPhone, the supplier must pass Apple's stringent factory audit process [3] - After selecting suppliers for the foldable iPhone, Apple will enter the New Product Introduction (NPI) process, which is crucial for ensuring smooth mass production [3] Group 2: Market Demand and Competition - Apple iPhone has a large customer base, and the market demand for the foldable iPhone is expected to be considerable, although final sales will depend on pricing strategy [3] - The foldable smartphone market is highly competitive, with brands like Samsung, Huawei, Xiaomi, Vivo, OPPO, and Honor already launching multiple foldable models [3] - Research firm IDC notes that as technology improves, foldable smartphones are becoming more comparable to traditional smartphones in terms of configuration and price, leading to increased consumer acceptance [3] Group 3: Product Features and Design - Apple's foldable iPhone is expected to have two significant advantages: minimal visible crease when unfolded and a seamless design for a continuous visual experience [4] - The device will feature a "higher quality hinge," which is anticipated to be a key advantage over other foldable smartphones, made from a mix of titanium and stainless steel for durability and stability [4]