Core Points - Hyundai Mobis has set new greenhouse gas (GHG) reduction targets for 2030, achieving approval from the Science Based Targets initiative (SBTi) [1][2][4] - The company aims for a 46% reduction in absolute Scope 1 and 2 GHG emissions by 2030, compared to 2019 levels, and a 55% reduction in Scope 3 emissions per million KRW of value added [5][10] - The approval from SBTi is expected to enhance Hyundai Mobis' competitiveness in global orders, particularly in the electric vehicle sector [6][10] GHG Reduction Strategy - Hyundai Mobis' GHG reduction plan aligns with global sustainability policies and is a step towards achieving carbon neutrality by 2045 [2][4] - The company plans to increase the share of renewable energy used at its facilities to 65% by 2030 and 100% by 2040, implementing the RE100 initiative [7][12] - Efforts include installing solar power generation facilities at key sites in Korea and expanding installations overseas [8][9] Supply Chain Management - Hyundai Mobis is supporting partners in systematizing GHG management and expanding the purchase of low-carbon raw materials [10][11] - The company has broadened its supply chain scope to include overseas partners for GHG emissions verification [10] Corporate Vision - The company has declared a vision of "Green Transformation to 2045 Net-Zero," establishing a roadmap for environmental management [12] - Regular reporting of renewable energy transition targets and performance is conducted to strengthen implementation efforts [12]

Summary of BYDE (0285.HK) Conference Call Company Overview - **Company**: BYDE (0285.HK) - **Industry**: Technology and Automotive Key Points and Arguments Revenue Growth Expectations - BYDE's revenue for 2H25 is expected to grow by **35% HoH** due to improved seasonality and the smart driving trend, alongside a new smartphone product cycle [1][2] - The company is expanding into AI data centers, which may diversify its end markets in the long run [1] Market Conditions - The global smartphone shipment increased by **1% YoY** in 1H25, while the China market declined by **6.5% YoY** [1] - BYD's vehicle shipment increased by **33% YoY** in 1H25, with July and August showing slight growth of **0.56% YoY** and **0.15% YoY**, respectively [1] Financial Performance and Projections - Net income estimates for BYDE have been reduced by **11%/24%/26%** for 2025E/26E/27E due to lower revenue and gross margin (GM) expectations [2] - The gross margin is projected to expand to **9.7% by 2027E** from **6.9% in 1H25** [2][6] - Automotive electronics are expected to contribute **25% of total revenue by 2027E**, down from a previous estimate of **29%** [2] R&D and Operational Expenses - R&D expenses are anticipated to grow at a **30% CAGR** to **Rmb8.9bn (US$1.3bn)**, maintaining a ratio of **3.8%** similar to 2022-23 levels [2] - The operating expense (opex) ratio is expected to increase slightly in 2026E/27E due to higher R&D expenses [2] Earnings Revision - The earnings revision reflects a slower end market growth and the time required for the AI data center expansion to offset impacts [2] - Despite the earnings cut, BYDE is expected to achieve a **net income CAGR of +26%** from 2025E to 2027E [6] Valuation and Price Target - The target price has been lowered by **3.5% to HK$53.08**, implying a **2026E P/E of 17.1x** [11] - The new target price reflects a positive view on BYDE's product mix upgrade and is in line with peers [11][15] Risks - Key risks include customer concentration in the automotive business, slower-than-expected ramp-up of automotive products, and increased competition [16] Additional Important Information - BYDE's strategy focuses on leading customers like Apple and expanding product lines, which is expected to drive up dollar content per vehicle [2] - The company is maintaining a **Buy** rating despite the earnings revisions, indicating confidence in its long-term growth strategy [11][19]

Investment Rating - The report does not provide a specific investment rating for Longcheer (603341.SS) but indicates a positive long-term growth outlook for the company [1][4]. Core Insights - Longcheer is positioned as a market leader in the smartphone ODM sector with a global market share of 33% in 2024, although margins are currently affected by rising raw material costs [4][8]. - The company is optimistic about new business segments, particularly AI glasses and automotive electronics, which are expected to drive future growth [1][8]. - Management anticipates a recovery in margins in 2025 as raw material prices normalize, despite a saturated smartphone market [4][8]. Summary by Sections Smartphone ODM Outlook - Longcheer's smartphone ODM business holds a 33% global market share as of 2024, reflecting its leadership position [4]. - Current margins are pressured by increased raw material costs, but a recovery is expected in 2025 as prices stabilize [4]. - The smartphone market is viewed as saturated, yet AI applications may provide avenues for growth [4][8]. Development of New Business - The AI glasses segment is expected to see increased demand in 2025, supported by new foundational models [8]. - The penetration rate for AI PCs is projected to rise, contributing to a product replacement cycle [8]. - Longcheer's smart cockpit products are in testing and have begun to enter local car OEMs, indicating growth potential in automotive electronics [8].