2026-01-19 02:32Summary 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.