Broker: China Galaxy International Securities (CGSI)
Date of Report: April 16, 2026
Excerpt from China Galaxy International Securities (CGSI) report.
Report Summary
- Stock: Lens Technology (6613 HK)
- Action: ADD (reiterate, but removed from High Conviction list)
- Target Price: HK\$22.50 (lowered from previous HK\$36.90)
- Current Price: HK\$17.17
- Upside: 31.0%
- Key Idea: Despite weak 1Q26 results driven by soft Android demand and FX losses, Lens Technology is expected to benefit from Apple’s robust iPhone sales and the scheduled launch of Apple’s first foldable iPhone in September 2026. Lens Tech is set to be the exclusive supplier of ultra-thin glass (UTG) and hinge components for the foldable iPhone, with initial inventory for 10 million units. Revenue from Apple is projected to grow 12% annually (FY26-27F), supporting higher margins.
- Downside Risks: Prolonged global smartphone downturn, weak Android demand, and sluggish auto glass demand.
- Additional Highlight: Robotics business gains traction, being an exclusive supplier for Tesla’s humanoid robot head module, with mass production starting July 2026.
- Key Financials: FY26-27F EPS cut by 27-28% due to Android weakness; FY27F P/E is 12.57x.
above is an excerpt from a report by China Galaxy International Securities (CGSI). Clients of CGSI can be the first to access the full report from the CGSI website : https://www.chinastock.com.hk
