1. The author argues Celestica is significantly overvalued due to its low gross margins (10%) and inability to invest in building competitive advantages; 2. Despite improved operating margins and upbeat FY2025 guidance, the stock's recent rally is deemed unsustainable given weak R&D spending and lack of innovation; 3. The bearish thesis emphasizes that Celestica’s fundamentals do not justify its current valuation, despite short-term price fluctuations.