Summary of Key Points from the Conference Call Industry Overview: Global Smartphones Market Size and Growth Projections - The global smartphone Total Addressable Market (TAM) is projected to decline by 6% in 2026 and grow by 2% in 2027, with volume estimates reduced to 1.19 billion units in 2026 and 1.21 billion units in 2027, reflecting a saturated market and rising memory costs [1][9][13] - The market value is expected to grow by 2% in 2026 to US$581 billion and by 6% in 2027 to US$615 billion, driven by a shift towards premium smartphones priced above US$600 [2][11] Segment Analysis - **Premium Segment**: Expected to grow at a 2% CAGR from 2025 to 2027, reaching 379 million units by 2027, accounting for 31% of total volume. This segment is projected to contribute 70% of total revenues by 2027 [18] - **Mid-End Segment**: Anticipated to decline at a -3% CAGR, with volume dropping to 347 million units by 2027, contributing 20% of total revenues [20] - **Entry-Level Segment**: Expected to decline at a -4% CAGR to 485 million units by 2027, accounting for 40% of the total market, with a revenue contribution of 10% [21] Foldable Phones - Foldable phones are projected to see increased penetration, with estimates revised to 3.8% in 2026 and 6.1% in 2027, translating to 45 million and 74 million units respectively [1][16] - The innovative designs and new model launches, such as Huawei Mate X7 and Moto Razr Fold, are expected to drive consumer interest and adoption [16] Company-Specific Insights: Transsion - Transsion maintains a strong position in the budget and AI smartphone markets, but the target price has been reduced from Rmb91 to Rmb55 due to rising memory costs impacting global demand, particularly in emerging markets where consumers are more price-sensitive [3] Additional Insights - The smartphone market is categorized into three segments based on pricing: Premium (>US$600), Mid-End (US$200-600), and Entry Level (<US$200) [17] - The premium smartphone market is expected to outpace the overall market growth, supported by strong purchasing power and continuous technology upgrades [18] - The mid-end segment is shrinking due to a lack of significant technological advancements and changing consumer behavior [20] - The entry-level segment is facing challenges from rising memory prices, which disproportionately affect price-sensitive consumers [21] Conclusion - The global smartphone market is experiencing a shift towards premium models, while mid and entry-level segments face challenges. Foldable phones are emerging as a significant growth area, and companies like Transsion must navigate rising costs and changing consumer preferences to maintain market share.

Summary of Lens Tech (300433.SZ) Management Call Company Overview - **Company**: Lens Tech (300433.SZ) - **Industry**: Glass casing and cover glass supplier for smartphones, expanding into vehicles, AI glasses, and robotics - **Peers**: Biel Crystal (private), FII, BYDE Key Industry Insights 1. **Growth Drivers**: - **Foldable Phones**: Anticipated increase in dollar content due to specification upgrades in 3D glass casing and cover glass, with expected foldable iPhone shipments of 11 million in 2026E and 35 million in a bull case scenario [1][3] - **AI / AR Glasses**: Expected shipments of 3.7 million and 7.0 million units in 2026 and 2027 respectively, with a projected 32% CAGR leading to 16 million units by 2030E [1][3] - **LEO Satellites**: Acceleration in launches, with Starlink adding 87 satellites recently, totaling 10,955, and plans for 222 launches in January [1][3] 2. **Market Dynamics**: - The Apple supply chain is expected to benefit from the shift in smartphone form factors, driving end demand and increasing dollar content [1] - AI / AR glasses are gaining traction, providing new ways for users to connect with the digital world through enhanced features like POV shots and hands-free communication [1][3] 3. **Future Strategies**: - Management aims to encourage customers to switch to ultra-thin glass (UTG) for satellites to reduce weight and size, thereby saving on launch costs [3] - Plans to expand customer base from global-tier operators to local customers in China [3] Financial Performance and Projections - **Revenue Growth**: Management remains optimistic about revenue growth driven by the aforementioned segments, particularly foldable phones and AI / AR glasses [3] - **Investment Recommendations**: - Buy recommendations for companies in the Apple supply chain including SZS, Hon Hai, Largan, FII, AAC, Lingyi - Buy recommendations for AI / AR glasses suppliers like Omnivision, AAC, Lingyi - Buy recommendation for LEO satellite suppliers like UMT [1][3] Additional Insights - The company is diversifying its product line from glass covers to metal middle frames, indicating a strategic shift to capture a broader market [2] - Management's positive outlook reflects confidence in the technological advancements and market demand for innovative products [3] This summary encapsulates the key points discussed during the management call, highlighting the growth potential and strategic direction of Lens Tech in the evolving technology landscape.

Summary of Lens Technology Investor Meetings Company Overview - **Company**: Lens Technology (6613.HK) - **Date of Meetings**: 15 October 2025 - **Market Cap**: HK$169,718 million (US$21,829 million) [6] Key Industry Insights Humanoid Robots - Lens Tech's humanoid robot factory is set to begin operations in November with a designed capacity of 20,000 units per day [2] - The company plans to supply 3,000 humanoid robots and 20,000 robot dogs in 2025, with a projection of at least 20,000 humanoid robots in 2026 [1][2] - Lens Tech is the largest supplier of dexterous hands in terms of shipment [2] - Breakeven is expected if annual production reaches 100,000 units of humanoid robots [2] Server-Related Revenue - Expected revenue from server-related products is projected to be tens of millions in 2025 and Rmb5 billion in 2026, primarily from metal structural parts [1][3] - The content value for metal structural parts is estimated between US$3,000-8,000 per chassis and US$800-1,000 for liquid cooling modules [3] Smartphone and PCs - Anticipated content value for a key foldable phone model in 2H26 is US$150, with management optimistic about favorable pricing and shipment [1][4] - Lens Tech is likely to benefit from supplying cover glass and touch sensors for iOS notebooks adopting touch panels [4] Automotive Sector - The company will have glass capacity to support 1.5 million vehicles in 2026, with plans to expand capacity for a US EV customer's Shanghai factory [5] - Additional revenue projections include Rmb10 billion from glass, communication modules, and domain controllers, plus Rmb2 billion from smart cockpit solutions in 2026 [1][5] XR (Extended Reality) - Lens Tech aims to support 300,000 Rokid AI glasses in 2025 and 1-2 million in 2026 [8] - The first glasses assembly line is expected to undergo customer acceptance in November [1][8] Financial Projections - **Target Price**: HK$31.00, representing a potential return of 16.8% and a total expected return of 18.7% including a 1.9% dividend yield [6][9] - **Valuation**: Target price based on 23.0x 2026E EPS, reflecting a 25% discount to A-share P/E target multiple [9][11] Risks - Key risks include potential delays in the foldable iOS smartphone launch, lower-than-expected growth in global smartphone, tablet, automotive, XR, and AI smart glasses markets, and FX volatility due to macro uncertainties [10][12] Conclusion - Lens Technology is positioned for growth across multiple sectors, including humanoid robots, automotive, and XR technologies, with significant revenue potential projected for 2026. However, investors should remain cautious of the outlined risks that could impact performance.

Core Viewpoint - Jefferies downgraded Apple’s stock from Hold to Underperform due to excessive expectations regarding iPhones and foldable phones [4] Summary by Category - **Stock Performance** - Apple shares fell approximately 1% in premarket trading following the downgrade [4] - **Analyst Actions** - Jefferies reduced the price target for Apple’s stock to $205.16 from $205.82 [4]

Investment Rating - The report does not explicitly provide an investment rating for Lens Tech (300433.SZ) as it is categorized as "Not Covered" [1]. Core Insights - Management is optimistic about the demand for foldable phones, driven by differentiation, new use cases, and improved technology that enhances user experience [1][4]. - The company is diversifying its end markets beyond smartphones to include vehicle glass, AI glasses, and robotics, which supports long-term growth [1][8]. Summary by Sections Foldable Phones - Foldable phones are expected to drive significant growth, with management highlighting strong market demand and potential for increased shipments [4][7]. - The global shipment penetration rate for foldable phones is projected to rise from 1.5% in 2024 to 4.1% by 2027, excluding iPhones [2]. Vehicle Glass Expansion - Lens Tech is expanding into vehicle glasses, leveraging its experience in smartphone glass to provide high-precision and lighter-weight solutions for leading car OEMs [8]. - The company is collaborating with over 30 electric vehicle manufacturers, indicating a strategic move into the automotive sector [9]. Long-Term Outlook - Revenue growth in 2025 is anticipated to be bolstered by new smartphone model launches and the increasing trend of foldable phones [9]. - Contributions from vehicle glasses and AI/AR glasses are expected to ramp up over the long term, driven by rising popularity and affordability [9].