Investment Rating - The industry investment rating is "In-Line" [4] Core Insights - Most companies in the Greater China Technology Hardware sector report no negative impact from tariffs on their operations, with several companies expressing confidence in achieving their growth targets [6][4] - The demand for servers is expected to remain strong in the domestic market, contributing positively to revenue growth [6] Company Summaries - **AAC Technologies Holdings**: The company is optimistic about achieving its full-year growth target, driven by thermal solutions and new optical breakthroughs, with expectations of continuous improvement in gross margins [1] - **BYD Electronics**: Experienced a revenue decline in its high-margin component business but is seeing strong growth in its new EV business and anticipates rapid growth in the server business due to strong domestic demand [2] - **Transsion**: The first quarter is typically a slow season for smartphone shipments, but the company expects a margin recovery, with its IoT business growing faster than smartphones, particularly due to energy storage demand in Africa [3] Stock Ratings Overview - **AAC Technologies Holdings (2018.HK)**: Overweight [57] - **BYD Electronics (0285.HK)**: Overweight [57] - **Transsion Holdings (688036.SS)**: Overweight [57] - **Sunny Optical (2382.HK)**: Equal-weight [57] - **Xiaomi Corp (1810.HK)**: Overweight [57]