As of 4Q25, Hon Precision expanded its equipment capacity to 600 units. Currently, the company targets to expand at least 40% Y/Y by end-2026. With a view to meeting the very strong demand from Al and HPC customers, and as it takes some time for expansion, we expect its UTR to run at >100% in 2026-27e. Hon Precision's contract liabilities rose 175% Y/Y in 4Q25, reaching 71% of revenue, streams, from which we expect strong profitability in the coming quarters. The introduction of next-gen Al GPU (including NVIDIA, AMD and MediaTek) should drive a significant increase in the content value for testing, requiring longer testing time and more testing procedures needed, such as adding SLT into its process. Combined with the multiplier effect emerging in the CPO market, we expect these drivers to help Hon Precision's revenue CAGR reach 67%, 2025-28e. throughout 2026-28e, with increasing adoption in tri-temp from areas such as auto and aerospace, and continual ASP increase of at least 15-20% annually in dual- temp, with spec migration acting as the key revenue driver. We also see new areas, such as CPO and micro-channel lid, acting as emerging opportunities for Hon 25% in 2026-28e, as we see spec migration from installed base customers, and increasing site deployment in the SLT testing part.