Guoyuan Securities' research report points out that the AI transformation is a long-term trend, and 2025 will be a significant year of innovation for Apple, likely driving a substantial improvement in supply chain prosperity. Major clients are expected to release slimmer models of the iPhone 17, foldable screen phones, and upgraded SE versions next year. The increase in shipment volume and the rising demand for hardware upgrades are expected to boost Lingyi Itech (002600.SZ)'s product utilization rates and the value of single-unit support. It is estimated that the iPhone shipment volume in 2025 will reach 0.255 billion units, anticipating a growth of over 10%. The company has a comprehensive international capacity layout, with capacity reserves in India, Vietnam, the USA, Brazil, Turkey, and is gradually expanding steadily. In the trend of overseas capacity layout for major clients, the company also has local support advantages and product delivery capabilities, providing opportunities to undertake more overseas projects in the future. AI is bringing innovations in the upgrade of edge components, and the company will benefit from cooling, batteries, and fast charging segments. At the same time, the company chooses to closely bind with globally leading clients and is also conducting extensive layouts in areas like foldable screens and XR. The layout and landing of new projects are continuously injecting new growth momentum into the company. This is the initial coverage, with a "Buy" rating assigned. This is the initial coverage, with a "Buy" rating assigned.