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.

Core Viewpoint - Antai Technology (000969) confirmed its partnership with Lens Technology (300433) in response to investor inquiries, indicating that specific customer cooperation details will be provided through official announcements by the company [1]. Group 1 - Antai Technology is engaged in a partnership with Lens Technology [1]. - The company emphasizes that any specific information regarding customer cooperation should be referenced from formal announcements [1].

Group 1 - The reducer concept sector increased by 2.63%, ranking 10th among concept sectors, with 107 stocks rising, including a 20% limit up for Deen Precision [1] - Major gainers in the reducer sector included Wuzhou New Spring, Aidi Precision, and Henggong Precision, with respective increases of 20%, 14.61%, and 13.10% [1] - The sector saw a net inflow of 4.605 billion yuan from main funds, with 84 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflows [1] Group 2 - The top three stocks by net inflow were Wuzhou New Spring with 801 million yuan, followed by Changying Precision and Lens Technology with 712 million yuan and 591 million yuan respectively [1] - The net inflow ratios for Aidi Precision, Deen Precision, and Wuzhou New Spring were 23.33%, 19.92%, and 17.24% respectively [2] - The trading volume for the reducer concept was significant, with several stocks showing high turnover rates, indicating strong investor interest [2][3]

Group 1 - The Tonghuashun Guo Index concept rose by 2.74%, ranking 7th among concept sectors, with 17 stocks increasing, including Saiteng Co. and Changdian Technology hitting the daily limit, while BOE A, GoerTek, and Crystal Optoelectronics saw declines [1] - The top gainers in the sector included Huanxu Electronics, Changying Precision, and Industrial Fulian, which rose by 6.31%, 5.12%, and 4.20% respectively [1] - The sector experienced a net inflow of 7.383 billion yuan, with 17 stocks receiving net inflows, and 10 stocks exceeding 1 billion yuan in net inflow, led by Changdian Technology with 2.413 billion yuan [1] Group 2 - In terms of capital inflow ratios, Changdian Technology, Saiteng Co., and Industrial Fulian had the highest net inflow rates at 25.98%, 17.49%, and 12.33% respectively [2] - The capital inflow leaderboard for the Tonghuashun Guo Index concept showed Changdian Technology with a daily increase of 10.00% and a turnover rate of 11.01%, while Industrial Fulian increased by 4.20% with a turnover rate of 1.32% [2][3] - Other notable stocks included Changying Precision with a 5.12% increase and a turnover rate of 10.32%, and Lens Technology with a 2.11% increase and a turnover rate of 3.30% [2][3]

Group 1 - The core viewpoint of the article is that Dai Le New Materials (300700.SZ) has primarily collaborated with Lens Technology in the consumer electronics sector [1] Group 2 - The company has engaged in discussions on its investor interaction platform regarding its previous cooperation with Lens Technology [1]

Group 1 - The stock of Lens Technology (06613.HK) increased by over 4%, specifically rising by 4.12% to reach 29.8 HKD per share [2] - The trading volume for Lens Technology amounted to 475 million HKD [2]

Core Viewpoint - Lens Technology (300433)(06613) has seen a stock increase of over 4%, currently trading at 29.8 HKD with a transaction volume of 475 million HKD, indicating strong market interest and confidence in the company's growth prospects [1] Group 1 - The company has successfully delivered humanoid robots, quadruped robots, and various modules to several leading robot clients both domestically and internationally, positioning itself among the top in assembly and shipment scale within the industry [1] - Lens Technology has been confirmed as a core supplier for a leading North American robot client, with head modules already certified by the client and structural components undergoing certification [1] - At CES 2026, the company showcased its self-developed aerospace-grade ultra-thin flexible glass (UTG) photovoltaic packaging solution, highlighting its innovation capabilities [1] Group 2 - According to Aijian Securities, the company is focusing on continuous process innovation in traditional consumer electronics while increasing production capacity in emerging fields such as robotics and server liquid cooling [1] - The company has established a leading technological layout in the cutting-edge commercial aerospace sector, leveraging its long-standing expertise in material processing and precision manufacturing [1] - The outlook remains positive for the company as it expands its business into consumer electronics, robotics, server components, and commercial aerospace sectors [1]

Core Insights - As of January 15, a total of 169 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest consecutive net inflow is Shenwan Hongyuan, which has seen net buying for 13 trading days [1] - Other notable stocks with significant consecutive net inflows include Shijia Guangzi, Lens Technology, Shangwei New Materials, Zhaochi Co., Deep Keda, Zhongchen Technology, Wukuang Capital, and Qianeng Hengxin [1]

Group 1 - The core viewpoint of the article highlights a significant rise in robot concept stocks, with notable increases in share prices for companies such as 极智嘉-W (6.6%), 云迹 (5.79%), 蓝思科技 (3.35%), and 优必选 (2.7%) [1] - According to an Omdia report, the global annual installation of humanoid robots is expected to add approximately 16,000 units in 2025, with 智元 leading the market, followed by 宇树科技 and 优必选 [1] - Omdia forecasts exponential growth in the humanoid robot market over the next decade, predicting that global shipments could reach 2.6 million units by 2035 [1] Group 2 - Guotai Junan Securities released a research report indicating that both international giants like Tesla, Figure, and Boston Dynamics, as well as domestic leaders such as 宇树 and 智元, are poised to achieve breakthroughs in core areas like perception, decision-making, and execution [1] - The report emphasizes the potential for these companies to seize a first-mover advantage in the robot industry during what is referred to as the "ChatGPT moment," facilitating the transition of humanoid robots from laboratory settings to large-scale commercial applications [1]

Core Insights - The financing balance of the ChiNext market has reached 600.61 billion yuan, marking a continuous increase for nine trading days, with a total increase of 50.47 billion yuan during this period [1] Financing Balance Overview - As of January 15, 2026, the total margin balance of the ChiNext market is 602.50 billion yuan, an increase of 4.94 billion yuan from the previous trading day [1] - The financing balance specifically is 600.61 billion yuan, which is an increase of 4.95 billion yuan from the previous day [1] - The increase in financing balance has been observed in 691 stocks, with 224 stocks showing an increase of over 20% [1] Notable Stocks with Significant Financing Changes - The stock with the highest increase in financing balance is 港通医疗 (Port Medical), with a latest financing balance of 12.12 million yuan, reflecting a 325.93% increase [2] - Other notable stocks include 普蕊斯 (Pruis) and 美好医疗 (Beautiful Medical), with increases of 249.18% and 211.84%, respectively [2] - Conversely, 森鹰窗业 (Sen Ying Window Industry) has the largest decrease in financing balance at 1.47 million yuan, down 33.80% [2] Market Performance - Stocks with a financing balance increase of over 20% have averaged a rise of 19.09%, outperforming the ChiNext index [4] - The top performers include 志特新材 (Zhi Te New Materials), 易点天下 (Easy Point World), and 迪安诊断 (Di An Diagnosis), with increases of 198.57%, 100.79%, and 82.97%, respectively [4] - The largest increase in financing balance by amount is seen in 蓝色光标 (Blue Focus), with a latest balance of 5.83 billion yuan, increasing by 2.92 billion yuan [4] Sector Analysis - Among stocks with financing balance increases over 20%, the majority are concentrated in the computer, electronics, and pharmaceutical industries, with 33, 32, and 31 stocks respectively [3]