Lens(300433) 天风证券·2025-04-08 10:23Investment Rating - The report maintains a "Buy" rating for the company [5][4] Core Views - The company's share buyback plan, amounting to 500-1,000 million RMB, reflects confidence in its business resilience amid tariff impacts [2][1] - The company is strategically positioned in high-growth sectors such as AI glasses, robotics, and foldable screens, indicating substantial long-term growth potential [3][4] Financial Data and Projections - Revenue projections for the company are as follows: - 2023: 54,490.73 million RMB - 2024: 69,896.78 million RMB (growth rate: 16.69%) - 2025E: 91,808.76 million RMB (growth rate: 28.27%) - 2026E: 112,855.95 million RMB (growth rate: 31.35%) - 2027E: 135,427.14 million RMB (growth rate: 22.93%) [4][10] - Net profit attributable to the parent company is projected as: - 2023: 3,021.34 million RMB - 2024: 3,623.90 million RMB (growth rate: 23.42%) - 2025E: 5,528.44 million RMB (growth rate: 52.55%) - 2026E: 7,172.13 million RMB (growth rate: 29.73%) - 2027E: 8,998.30 million RMB (growth rate: 25.46%) [4][10] - Earnings per share (EPS) forecast: - 2023: 0.61 RMB - 2024: 0.73 RMB - 2025E: 1.11 RMB - 2026E: 1.44 RMB - 2027E: 1.81 RMB [4][10] Business Strategy and Market Position - The company has diversified its revenue sources, with domestic sales reaching 28.9 billion RMB in 2024, a 64% increase year-on-year, and domestic revenue now accounting for 42% of total revenue [9] - The company is enhancing its capabilities in assembly and has positioned itself as a comprehensive service provider in the robotics sector, leveraging its strengths in materials research and precision assembly [9] - The company is actively involved in the development of AI glasses, robotics, and foldable screen technologies, indicating a robust pipeline of innovative products [9]