Lens(SZ:300433) Xin Lang Cai Jing·2025-04-24 00:37Core Insights - The company has achieved significant revenue growth and profit increase in 2024, with total revenue reaching 69.897 billion and net profit of 3.624 billion, marking year-on-year increases of 28.27% and 19.94% respectively [1] - The company's vertical integration strategy is showing results, particularly in the assembly business, which has seen rapid growth due to the introduction of more proprietary upstream components [1] - The company is focusing on cost reduction and efficiency improvement, with a notable increase in R&D investment aimed at advanced technology fields [1] Financial Performance - In Q1 2025, the company reported total revenue of 17.063 billion, a year-on-year increase of 10.1%, and a net profit of 0.429 billion, reflecting a significant growth of 38.71% [1] - R&D investment reached 2.785 billion in 2024, up 20.2%, focusing on cutting-edge technologies such as foldable screens and AI [1] Strategic Developments - The company has established a strong position in the UTG and CPI manufacturing processes for foldable screens, becoming a core supplier for major clients in North America [2] - The company has been actively developing its robotics capabilities since 2016, with a focus on humanoid robots and related components [2] - A partnership with Zhiyuan Robotics led to the delivery of the world's first fully open-source robot, Lingxi X1, in January 2025 [2] Market Outlook - The company is expected to benefit from a recovery in the consumer electronics industry, with an upward revision of net profit forecasts for 2025-2027 [3] - The projected net profits for 2025 and 2026 are 5.062 billion and 6.863 billion respectively, with a new forecast for 2027 at 8.179 billion [3] - The current market valuation corresponds to a PE ratio of 19/14/12X for 2025-2027, maintaining a "buy" rating [3]