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.

Company Overview - AST SpaceMobile is a Texas-based producer of low Earth orbit (LEO) satellites, founded in 2017, and went public via a SPAC merger on April 7, 2021 [2] - The company’s stock opened at $11.63 and currently trades around $85, reflecting an increase of over 300% this year [4] Business Model - AST's LEO satellites provide 2G, 4G, and 5G cellular signals directly to smartphones and devices in rural areas lacking terrestrial cellular coverage [5] - The company has established partnerships with major telecom operators including AT&T, Verizon, Vodafone, and Rakuten Group to enhance their 5G networks using its satellites [6] Recent Developments - AST launched its first five Block 1 BlueBird (BB1) satellites last September and received temporary FCC authorization to test these satellites with AT&T and Verizon [8] - The launch of the larger Block 2 BlueBird (BB2) satellites has been postponed, which are expected to be three and a half times larger and process about ten times more data [9] Future Plans - The company aims to have 45 to 60 satellites in orbit by the end of 2026, with a long-term goal of expanding to 243 LEO satellites, pending broader FCC approval [10] Financial Performance - In 2024, AST generated $4 million in revenue but incurred a net loss of $300 million [11] - Analysts project a compound annual growth rate (CAGR) of 473% for revenue from 2024 to 2027, reaching $830 million as the company becomes profitable [11] Valuation Concerns - With a market cap of $22.7 billion, AST is valued at 27 times its projected sales for 2027, raising concerns about potential limitations on upside and vulnerability during market downturns [12] - The company has increased its outstanding shares by 426% since its SPAC merger, indicating ongoing dilution of investor equity [12] Capital Raising - AST recently announced plans to sell an additional $800 million worth of shares to fund operations over the next three years, with insiders selling more shares than they purchased in the past year [13] Market Outlook - The global LEO satellite market is projected to grow at a CAGR of 16.8% from 2025 to 2035, indicating a promising long-term outlook for AST SpaceMobile [14]