Daiwa Capital maintained Fuzhikang (02038-HK) buying rating and lowered the target price to $4.25. Since smartphone shipments from Chinese customers, especially Xiaomi, were smaller than expected, it is estimated that the Group's revenue for the second half of last year fell by 13% year on year, and the Group's profit forecast for the second half of last year was reduced from $154 million to $122 million. However, in the first half of this year, due to the benefits of the Indian market, performance should improve, and the earnings per share forecast for 2015 to 2017 was lowered by 7% to 10%, respectively.