Lens(300433) 信达证券·2025-04-27 10:15Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the market [3]. Core Insights - The company has shown strong performance in Q1 2025, with total revenue reaching 17.063 billion yuan, a year-on-year increase of 10.10%. The net profit attributable to shareholders was 429 million yuan, up 38.71% year-on-year, and the net profit excluding non-recurring items was 378 million yuan, reflecting a 60.99% increase year-on-year [1][3]. - The company is benefiting from a favorable environment in the consumer electronics sector, particularly with key clients like Apple and Xiaomi experiencing growth. The diversification into various business segments such as smartphones, computers, wearables, automotive, and robotics is contributing to its robust performance [3]. - The capital structure has improved, with a debt-to-asset ratio of 37.69%, the lowest in recent years. R&D expenses increased by 37.6% year-on-year, indicating a commitment to innovation [3]. Financial Performance Summary - For 2025E, the company is projected to achieve total revenue of 92.179 billion yuan, with a year-on-year growth rate of 31.9%. The net profit attributable to shareholders is expected to be 5.251 billion yuan, reflecting a 44.9% increase year-on-year [2][3]. - The gross margin is forecasted to remain stable at around 15.9% for 2025E, with a return on equity (ROE) projected to reach 9.9% [2][3]. - The earnings per share (EPS) is expected to be 1.05 yuan for 2025E, with a price-to-earnings (P/E) ratio of 19.81 [2][3].