Lens(300433) Minsheng Securities·2024-10-22 08:30Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company has entered a new growth cycle with continuous revenue and profit growth, achieving total revenue of 46.228 billion yuan in the first three quarters of 2024, a year-on-year increase of 36.74%, and a net profit attributable to shareholders of 2.371 billion yuan, up 43.74% year-on-year [1]. - The global smartphone market is showing signs of recovery, with the company holding a dominant position in the domestic glass cover market and deep collaborations with major brands like Apple, Samsung, and Xiaomi [1]. - The company is expanding its product offerings by venturing into new materials such as ceramics and sapphire, as well as touch sensors, while also enhancing its downstream assembly business [1]. - The automotive business is rapidly growing, with revenue from new energy vehicles and smart cockpit-related products reaching 2.716 billion yuan in the first half of 2024, accounting for 9.4% of total revenue, and a year-on-year growth of 19.01% [1]. Financial Summary - For 2024, the company is projected to achieve revenues of 66.039 billion yuan, 77.562 billion yuan in 2025, and 91.774 billion yuan in 2026, with net profits of 4.227 billion yuan, 5.375 billion yuan, and 6.708 billion yuan respectively [2][6]. - The company's PE ratios are expected to be 28, 22, and 18 for the years 2024, 2025, and 2026 respectively [2][6]. - The company has increased its R&D investment to 1.960 billion yuan in the first three quarters of 2024, a year-on-year increase of 16.59% [1].