Lens(300433) 东吴证券·2025-03-12 07:20Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is making significant strides in platformization, embracing opportunities in robotics and AR, marking a critical leap in its development [7] - The company has established itself as a one-stop service solution platform for smart terminals, with a focus on precision manufacturing and integration across various sectors [7] - The report highlights the company's role as a core supplier for Zhiyuan Robotics, aiming to deliver over a thousand robots in 2024, showcasing its capabilities beyond traditional consumer electronics [7] - The collaboration with Rokid for AR glasses assembly and integration demonstrates the company's comprehensive coverage of the supply chain [7] - The report emphasizes the advantages of platform enterprises in emerging complex precision manufacturing, suggesting that the company is well-positioned to capture growth opportunities in new industries [7] - The company is expected to benefit from the historical opportunities presented by AI and robotics, leveraging its existing capabilities in consumer electronics manufacturing [7] - The report projects significant revenue growth, with expected revenues of 70.64 billion, 98.21 billion, and 130.06 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 29.64%, 39.03%, and 32.43% [1][8] - The forecast for net profit is set at 3.71 billion, 5.57 billion, and 7.23 billion for the same years, with corresponding growth rates of 22.79%, 50.14%, and 29.81% [1][8] Financial Summary - The company’s total revenue for 2022 was 46.699 billion, with a projected increase to 54.491 billion in 2023, and further growth expected in subsequent years [1] - The latest diluted EPS is projected to rise from 0.61 in 2023 to 1.45 in 2026, indicating a strong upward trend in earnings per share [1] - The current P/E ratio is 47.20, expected to decrease to 19.72 by 2026, suggesting an attractive valuation as earnings grow [1]