Lens(300433) 智通财经网·2025-04-08 14:05Core Viewpoint - The company, Lens Technology, is pursuing a secondary listing amid escalating trade tensions, particularly with the U.S., which has raised concerns about supply chain costs and the overall outlook for the consumer electronics industry [1][9]. Group 1: Company Overview - Lens Technology, established in 1993 and listed on the Shenzhen Stock Exchange in 2015, is a leader in the global consumer electronics precision structural components and modules industry, as well as in the smart automotive interaction systems sector [1][2]. - The company has achieved vertical integration across the entire supply chain, from raw materials to assembly, and has established long-term strategic partnerships with leading global brands [2][3]. Group 2: Financial Performance - Revenue projections for Lens Technology from 2022 to 2024 are approximately 466.99 billion, 544.91 billion, and 698.97 billion yuan, with year-on-year growth rates of 16.7% and 28.3% for the latter two years [3]. - Net profit is expected to grow from 25.20 billion yuan in 2022 to 36.77 billion yuan in 2024, with growth rates of 20.7% and 20.9% [3]. - Despite revenue growth, the company's gross profit margin is declining, with gross profits of 85.47 billion, 84.92 billion, and 101.83 billion yuan from 2022 to 2024, while gross margins decrease from 18.3% to 14.6% [3][4]. Group 3: Business Segments - The primary business segment, smartphones and computers, is projected to generate 577.54 billion yuan in revenue in 2024, but with a slight decline in gross margin to 13.8% [4][5]. - The smart automotive segment is expected to see revenue growth of 18.73% to 59.35 billion yuan in 2024, but its gross margin is projected to drop to 8.7% [5]. - The smart wearables segment, while showing a gross margin increase to 18.2%, contributes less significantly to overall performance due to its smaller revenue share [5]. Group 4: Challenges and Risks - The company faces a significant dependency on major clients, particularly Apple, which accounted for 71.0%, 57.8%, and 49.5% of total revenue from 2022 to 2024 [7]. - High debt levels are a concern, with total liabilities reaching 321.70 billion yuan against total assets of 810.10 billion yuan, indicating potential liquidity risks [8]. - The company plans to raise 10-15 billion USD through its IPO, but there are concerns regarding the efficiency of previous fundraising efforts and the impact on future financial stability [8][9].