Lens(300433) 华泰证券·2025-04-22 10:50Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.40 RMB [7][4]. Core Views - The company achieved a revenue of 69.897 billion RMB in 2024, representing a year-on-year increase of 28.27%, and a net profit of 3.624 billion RMB, up 19.94% year-on-year. The revenue exceeded previous expectations, while net profit was slightly below expectations due to increased asset impairment provisions [1][2]. - The company is expected to benefit from strong growth in consumer electronics driven by new product launches from major clients in North America, increased market share in Android products, and expansion into new terminals such as PC/AI glasses and smart retail [1][3]. - The automotive segment is anticipated to see an increase in unit value, and the humanoid robot business is expected to contribute to long-term performance growth [1][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 17.063 billion RMB, a year-on-year increase of 10.10%, and a net profit of 4.29 billion RMB, up 38.71% year-on-year. The non-recurring net profit was 3.78 billion RMB, reflecting a 60.99% increase year-on-year [1][2]. - The company’s revenue from smartphones, computers, smart cars, and other intelligent terminals in 2024 was 577.5 billion RMB, 59.3 billion RMB, 34.9 billion RMB, and 14.1 billion RMB respectively, with significant growth in assembly business [2]. Business Segments - The company is focusing on multiple new fields, including: 1. Smartphones: Anticipated growth from new model upgrades in H2 2025 and advancements in foldable screen technology [3]. 2. AI Glasses: Collaborations with clients like Rokid for high-end AI glasses and headsets [3]. 3. Automotive: New model launches expected in H2 2025, with increased unit value from ultra-thin laminated glass [3]. 4. Robotics: Established partnerships with leading clients for the development of structural components for humanoid robots [3]. Valuation and Forecast - The forecasted net profits for 2025, 2026, and 2027 are 5.308 billion RMB, 6.433 billion RMB, and 7.767 billion RMB respectively, with a projected PE ratio of 27.5x for 2025 [4][6]. - The company’s comprehensive gross margin for 2024 is expected to be 15.89%, slightly down from the previous year, attributed to the increased revenue share from assembly business [2]. Market Position - The company is positioned as a leader in the consumer electronics sector, with a strong foothold in AI applications and new technology developments, which are expected to drive future growth [4][6].