Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [12]. Core Insights - The company is positioned in the consumer electronics sector, focusing on automotive and humanoid robot markets to create new growth drivers [5]. - The upcoming launch of Apple's first foldable iPhone is expected to incorporate the company's UTG glass cover products, which are anticipated to gain traction in the market [5]. - The company has established a strong technological foundation in 3D glass, which is expected to be utilized in the iPhone 17 series [8]. - The success of Xiaomi's YU7 electric vehicle indicates a growing market for intelligent automotive glass, which the company is well-prepared to supply [9][10]. - The humanoid robot market is projected to grow significantly, and the company is strategically positioned to capitalize on this trend by developing key components for humanoid robots [11]. Summary by Sections Company Overview - The company recently went public on July 9, 2025, raising a total of HKD 4.768 billion through its IPO [4]. Financial Data - Current stock price is HKD 19.70, with a total market capitalization of HKD 1,033.3 billion and a total share count of 5,245 million [2]. Revenue and Profit Forecast - Revenue projections for 2025, 2026, and 2027 are HKD 907.89 billion, HKD 1,443.36 billion, and HKD 1,863.67 billion respectively, with corresponding EPS of HKD 0.99, HKD 1.58, and HKD 2.07 [12][15]. - The company is expected to benefit from the ongoing iteration of consumer electronics products, particularly in the smartphone and PC segments [12]. Market Trends - The global foldable smartphone market is expected to reach 100 million units by 2027, with a CAGR of 50.6% from 2022 to 2027 [5]. - The 3D glass back cover market for smartphones is projected to grow from USD 542 million in 2024 to USD 673 million by 2031, with a CAGR of 3.2% [8]. - The humanoid robot market is anticipated to reach USD 12.9 billion by 2029, growing at a CAGR of 54.4% from 2025 to 2029 [11].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][9]. Core Insights - The company has achieved significant revenue growth, with total operating income reaching 69.897 billion yuan in 2024, a year-on-year increase of 28.27%, and a net profit of 3.624 billion yuan, up 19.94% [2]. - The company's vertical integration strategy in the supply chain is showing positive results, particularly in the assembly business, which is experiencing rapid growth [2]. - The company is well-positioned to benefit from the upcoming iPhone 17 series, especially with its lightweight materials solutions [3]. - The humanoid robot industry is expected to see explosive growth, and the company's proactive positioning may allow it to become a leading core manufacturing platform for embodied intelligence [4][7]. - The company is also preparing to enter the supply chain for Apple's first foldable phone, expected to launch in late 2026, leveraging its advanced UTG technology [8]. Financial Projections - Revenue forecasts for the company are projected at 90.789 billion yuan in 2025, 144.336 billion yuan in 2026, and 186.367 billion yuan in 2027, with corresponding EPS of 0.96, 1.52, and 1.99 yuan [9][11]. - The company is expected to maintain a strong growth trajectory, with a projected revenue growth rate of 29.9% in 2025 and 59.0% in 2026 [11][16]. - The net profit is anticipated to grow to 4.762 billion yuan in 2025 and 7.555 billion yuan in 2026, reflecting growth rates of 31.4% and 58.7% respectively [11][16].