Lens(300433) Orient Securities·2024-10-22 00:38Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.70 CNY [5][8]. Core Insights - The company achieved significant year-on-year growth in revenue and net profit for the third quarter, with revenue reaching 46.2 billion CNY, a 37% increase, and net profit of 2.37 billion CNY, a 44% increase [2]. - The company benefits from a strong position in the North American market, particularly with major clients in the AI hardware sector, which is expected to drive future growth [2]. - The vertical integration strategy enhances the company's competitive edge, while horizontal expansion into various AI terminal clients is also underway [2]. Financial Performance Summary - Revenue for 2022 was 46.7 billion CNY, with a projected increase to 67.0 billion CNY in 2024, reflecting a growth rate of 23% [4]. - The net profit for 2022 was 2.45 billion CNY, expected to rise to 3.93 billion CNY in 2024, indicating a growth rate of 30.2% [4]. - The gross margin for 2023 is projected at 16.6%, with a slight increase to 16.8% in 2024 [4].