Broker: China Galaxy International Securities (CGSI)
Date of Report: April 16, 2026
Excerpt from CGSI report.
Report Summary
- Stock: Lens Technology (6613.HK)
- Action: Reiterate Add (Buy) rating
- Target Price: HK\$22.50 (down from HK\$36.90)
- Key Idea: The company missed 1Q26 estimates, posting a net loss due to weaker Android demand and FX headwinds. Despite this, management confirmed Apple’s foldable iPhone launch is on track for September 2026, with Lens Technology as the exclusive supplier for key components (UTG and hinge). Apple-related revenue is expected to grow 12% annually in FY26-27, offsetting weakness in Android demand.
- Highlights:
- Removed from High Conviction list due to global smartphone market downturn and soft Android demand.
- Significant growth expected from Apple supply chain and robotics segment (notably as exclusive supplier for Tesla humanoid robot head module).
- Downside risks: Prolonged smartphone market downturn or sluggish auto glass demand.
- Implications: The lower target price reflects a more conservative outlook due to weak Android demand, but potential remains from Apple’s foldable device and robotics growth. Investors should monitor iPhone sales and robotics segment execution for upside catalysts.
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/
