Lens(300433) 申万宏源证券·2025-04-21 10:41Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a significant year-on-year net profit increase of 38.7% in Q1 2025, driven by the release of the Apple iPhone 16e [1][7]. - The revenue for Q1 2025 reached 17,063 million yuan, reflecting a 10.1% increase compared to the previous year [7]. - The company has successfully implemented a vertical integration strategy, maintaining a leading position in various components for smart devices, including glass and ceramics [7]. - New product developments include breakthroughs in ultra-thin laminated glass for automotive applications and advancements in AI glasses [7]. - The company is expanding into new intelligent terminal markets, including humanoid robots and smart retail solutions [7]. - The financial forecast for 2025-2027 projects a steady increase in net profit, with estimates of 5,127 million yuan for 2025, 6,067 million yuan for 2026, and 7,300 million yuan for 2027 [6][7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 69,897 million yuan in 2024 to 90,602 million yuan in 2025, with a year-on-year growth rate of 29.6% [6]. - The gross profit margin is expected to stabilize around 14.9% in 2025, with a slight decline to 13.0% by 2027 [6]. - The return on equity (ROE) is forecasted to improve from 9.7% in 2025 to 11.4% in 2027 [6].