Flash | 19 Nov 2025 12:36:46 ET │ 12 pages Han's Laser Technology (002008.SZ) What's New from Citi 2025 Industrial Tour | IT Upcycle May Start from 2026 CITI'S TAKE We met with Han's Laser (HL) Board Secretary, Mr. Du Yonggang, on 19 November. In addition to the PCB business upturn driven by stronger demand from AI PCB makers, Mr. Du believes that the next upcycle of the IT business – mainly for Apple (AAPL.O) – could start from 2026 onwards driven by not only iPhone 18 in 2026 but also iPhone's 20th annive ...

Core Insights - Apple plans to release the iPhone Air 2 and a 20th Anniversary iPhone in 2027, with staggered launches [1][3] Product Launch Timeline - The next-generation iPhone Air is expected to launch around March 2027, alongside the standard iPhone 18 and a lower-end iPhone 18e [3] - The 20th Anniversary iPhone is anticipated to be released in September 2027, featuring a curved display and an under-display front camera [3] Technical Specifications - The iPhone Air 2 is set to utilize a 2nm chip, promising enhanced performance and longer battery life [3] Market Expectations - Despite reports of low demand for the iPhone Air, Apple previously expected this model to account for 6% to 8% of new iPhone sales [3] - It remains unclear if Apple has met this sales expectation, but the company plans to proceed with the iPhone Air 2 launch in 2027 [3]

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Core Viewpoint - Apple is not delaying the release of iPhone Air 2 due to poor sales, but rather has no plans to release it next year, indicating a shift in their product strategy [1][2] Group 1: Product Release and Strategy - Apple has removed the "17" from the iPhone Air naming convention, suggesting it is not intended for annual updates [1] - Reports of the iPhone Air 2 being postponed are inaccurate; it was never scheduled for release next year [1] - The iPhone Air is expected to account for 6% to 8% of new iPhone sales, similar to the iPhone 16 Plus [1] Group 2: Technical Features and Upgrades - The main focus for iPhone Air 2 will be the adoption of a 2nm chip, enhancing battery life, rather than significant structural changes [2] - While adding a second ultra-wide rear camera is technically feasible, it may not be practical given the crowded camera module space [2] - Future designs, such as a foldable iPhone, may incorporate dual rear cameras, which could influence standard models [2] Group 3: Future Release Timeline - Apple plans to release three high-end models, iPhone 18 Pro, iPhone 18 Pro Max, and a foldable model in Fall 2026 [2] - The iPhone 18, iPhone 18e, and potentially the iPhone Air 2 are expected to launch in Spring 2027 [2]

Core Viewpoint - Foxconn has suspended nearly all production lines for the iPhone Air, indicating a halt in Apple's attempt to develop a "super-thin flagship" model [1][2]. Production Status - Foxconn has stopped most iPhone Air assembly, retaining only one complete line and half a line for transitional production, with a complete shutdown expected by the end of November [1] - Luxshare Precision has also completed its last orders for the iPhone Air by the end of October [1]. Market Performance - The iPhone Air accounted for only about 3% of Apple's overall smartphone sales as of September, significantly lower than the iPhone 17 Pro (9%) and iPhone 17 Pro Max (12%) [3] - The iPhone mini, which was discontinued last year, had a higher early lifecycle share of 5% to 6% [3]. - Analysts attribute the weak market performance of the iPhone Air to three main reasons: focus on "lightweight" features at the expense of battery life and performance, pricing close to flagship models, and competition from higher-performance or better-value models [3]. Future Product Development - The next-generation iPhone Air (codename "V62") has been removed from the product roadmap, originally planned for a 2026 launch alongside the iPhone 18 series [4]. - Apple is not abandoning the project but is redesigning its hardware, considering the addition of a second rear camera module to enhance its imaging capabilities [4][5]. Strategic Adjustments - The iPhone Air's design aimed to create a "light flagship" segment between high-end and standard models, focusing on ultra-thin and lightweight structures [5]. - The decision to add a second camera module is seen as a key step to improve competitiveness and attract more mainstream users [5]. - The suspension of production is viewed as a strategic adjustment rather than a failure, with Apple responding quickly to market signals [7]. Industry Implications - The production halt is expected to impact several upstream and downstream partners involved in the iPhone Air's supply chain, including suppliers of shells, screens, and camera modules [6]. - Market research indicates that Apple's retreat from the iPhone Air may signal a future focus on flagship and foldable devices, as well as a reevaluation of product definitions in the post-iPhone era [7].

Summary of Key Points from the Conference Call Industry Overview - **Sector**: Technology, specifically focusing on AI and semiconductor industries - **Market Dynamics**: The technology sector is experiencing a range-bound market with significant attention on memory and optical segments due to political uncertainties affecting semiconductors [1][2] Core Insights - **Memory Pricing**: - TrendForce has raised the 4Q25 DRAM pricing growth expectation to 18-23% QoQ, slightly below the previous estimates of 20-25% [1] - Anticipation of another 20-25% QoQ increase in 1Q26 [1] - The DRAM upcycle is expected to extend into at least 1H26, with pricing dynamics stronger than previously expected [9] - NAND contract prices are projected to increase by 20-25% in both 4Q25 and 1Q26 [9] - **AI Demand**: - AI is expected to drive significant demand in the semiconductor sector, with the total addressable market (TAM) for AI accelerators projected to reach $308 billion and $440 billion in 2026 and 2027, respectively, representing a YoY growth of +54% and +33% [3] - Companies like Nvidia, Google, and AWS are leading the demand for AI accelerators [11] - **Optical Sector Recovery**: - The optical sector has regained strength, with companies like Lumentum, Coherent, and Tower providing strong guidance [1] - A bullish outlook on 1.6T demand into 2026/2027 is maintained [1] Company-Specific Highlights - **TSMC**: - Reported October revenue of NT$367.5 billion, up 11% MoM and 16.9% YoY, driven by AI [14] - Full-year sales guidance raised to a 30% increase in USD terms [14] - Expected price hikes for leading nodes in 1Q26 [14] - **SanDisk**: - Strong FY1Q26 results with revenue at $2.3 billion and margin at 29.9% [8] - FY2Q26 guidance indicates a margin increase to 41-43% [8] - **Teradyne**: - Initiated with a Buy rating, expected revenue of $4.07 billion and $5.43 billion in 2026 and 2027, respectively [10] - Positioned well for AI market share gain [10] - **AMD**: - Inline results with solid guidance, focusing on the MI450 product ramp [12] - Expected EPS contribution of ~27% to 2027 [12] Risks and Considerations - **Market Risks**: - Concerns regarding alternative technologies and potential slowdowns in AI demand and capital expenditures [6] - Risks associated with product delays and IT demand slowdown [6] Additional Insights - **Consumer Electronics**: - The PC market is expected to see a 4% YoY increase in shipments in 2025, driven by commercial demand, but consumer concerns over memory pricing may pose risks [18] - **Smartphone Market**: - MediaTek reported a slight decline in sales, with expectations for a sequential increase in 4Q [19] - **Non-AI Semiconductor Performance**: - Companies like UMC and Vanguard are experiencing mixed results, with UMC showing a 6.9% MoM increase but a slight YoY decline [20] This summary encapsulates the key points discussed in the conference call, highlighting the current state of the technology sector, particularly in AI and semiconductors, along with company-specific performances and market risks.

Group 1 - The U.S. Navy's Ford aircraft carrier strike group has entered the Caribbean Sea, marking a significant military deployment in the region [2] - Meta's Chief AI Scientist Yann LeCun plans to leave the company to start his own venture, coinciding with a major restructuring of Meta's AI operations [3] - SoftBank has fully divested from NVIDIA, raising $5.83 billion, and has also reduced its stake in T-Mobile, generating $9.17 billion [4] Group 2 - Apple has decided to delay the release of the next-generation iPhone Air due to lower-than-expected sales, impacting its supply chain [7][8] - Foxconn has dismantled a significant portion of its production lines in response to Apple's decision, with plans to cease operations by the end of the month [8] - The next iPhone Air is now expected to be redesigned and potentially launched in spring 2027 alongside other new models [9] Group 3 - The "Chai Dui Dui" defamation case against Pang Donglai resulted in a court ruling that ordered the defendants to pay a total of 2.6 million yuan in damages [10][12] - The court found that the defendants had spread false information about Pang Donglai's business practices, which misled the public and disrupted market order [12] Group 4 - Berkshire Hathaway's CEO Warren Buffett announced he will step down by the end of the year and accelerate his philanthropic efforts [13][14] - Buffett's departure marks a significant transition for the company, as he has been a key figure in its management for decades [14] Group 5 - The 2025 World Power Battery Conference will take place in Yibin, Sichuan, focusing on new opportunities in the battery industry [35] - The Shanghai Stock Exchange will host its International Investor Conference, providing a platform for foreign investors to engage with domestic entities [36]

Core Viewpoint - Apple has decided to postpone the release of the next-generation iPhone Air due to lower-than-expected sales, which has significantly impacted its supply chain [1]. Group 1: Product Development and Release - Apple has removed the iPhone Air 2 development project from the 2026 fall release schedule and has not provided a new timeline [1]. - The iPhone Air was initially planned to launch alongside the iPhone 18 Pro series and iPhone Fold [1]. - Foxconn, one of the assembly partners for iPhone Air, has dismantled all but one production line and is expected to cease production by the end of the month [1]. - Another partner, Luxshare Precision, ended its related production tasks by the end of October [1]. - There are indications that Apple may redesign the iPhone Air for a potential spring 2027 release alongside the iPhone 18 and iPhone 18e [1]. Group 2: Market Performance and Consumer Response - The iPhone Air, positioned between the iPhone 17 standard and Pro versions, features the thinnest body in iPhone history at 5.6 mm and weighs 165 grams, with a frame made of 80% recycled titanium [2]. - Despite initial interest, the iPhone Air's high starting price of $999 and compromises in key specifications led to lower consumer enthusiasm compared to the more complete iPhone 17 standard and Pro versions [2]. - The iPhone Air's launch in China was delayed until October 17 for pre-orders and October 22 for official sales, where initial stock sold out quickly but failed to maintain market momentum [2]. - Complicated eSIM activation processes also deterred potential buyers [2]. Group 3: Market Positioning and Competition - Analyst Ming-Chi Kuo suggests that the existing iPhone 17 Pro series and standard models effectively meet the needs of most high-end users, leaving little room for new market segments, which is a key reason for the iPhone Air's poor sales [3]. - Historical analysis shows that previous models like mini, Plus, and now Air have not successfully carved out new market segments or positions [3]. - The iPhone mini's small screen size did not align with consumer preferences, while the iPhone Plus lacked sufficient differentiation in performance and price [3].

Core Insights - Apple has decided to postpone the release of its next-generation iPhone Air model due to underwhelming market performance, marking a significant shift in its product line strategy [1][3] - The iPhone Air 2 development project has been removed from the 2026 fall release schedule, with no new timeline provided [3] - The current iPhone Air's poor sales performance has been a key factor in Apple's decision [3] Group 1 - Apple has informed internal engineers and external suppliers about the removal of the iPhone Air 2 from the development schedule, which was initially planned to launch alongside the iPhone 18 Pro series and iPhone Fold [3] - The design goals for the iPhone Air 2 included reducing weight, increasing battery capacity, and introducing a new heat dissipation system [3] - Supply chain impacts are already evident, with major partner Foxconn dismantling all but one production line for the iPhone Air, expected to cease production by the end of the month [3] Group 2 - Despite the postponement, Apple retains the possibility of reviving the iPhone Air series in the future, potentially redesigning it for a spring 2027 launch alongside the standard iPhone 18 and a more budget-friendly iPhone 18e [4]

Core Insights - Apple has indefinitely postponed the release of the next-generation iPhone Air due to poor sales performance of the current model [1] - Foxconn has dismantled most of the iPhone Air production lines, with plans to cease production entirely by the end of the month [2] Group 1: Product Development - Apple has removed the next-generation iPhone Air from its development schedule without providing a new timeline for release [1] - The iPhone Air 2 was initially planned to launch in the fall alongside the iPhone 18 Pro/Max and iPhone Fold, featuring a lighter design and larger battery capacity [1] - There are rumors that the iPhone Air 2 may adopt a dual-camera design and incorporate a VC thermal plate cooling system previously used in the iPhone 17 Pro [1] Group 2: Production Changes - Foxconn has reportedly dismantled all but one and a half of the iPhone Air production lines, with complete cessation of production expected by the end of the month [2] - Another production partner, Luxshare Precision, has already ended production of the iPhone Air model as of the end of October [2] - There are indications that the iPhone Air may undergo significant redesign, with a potential release alongside the standard iPhone 18 and a more affordable iPhone 18e in spring 2027 [2]