Lens(SZ:300433) 2 1 Shi Ji Jing Ji Bao Dao·2025-07-11 04:56Core Viewpoint - The article discusses the globalization and diversification strategy of Lens Technology, highlighting its recent IPO on the Hong Kong Stock Exchange and the company's ambition to reduce dependency on Apple while expanding into new markets and industries [1][2][12]. Company Overview - Lens Technology, founded by Zhou Qunfei, officially listed on the Hong Kong Stock Exchange on July 9, raising approximately HKD 4.768 billion by issuing 262 million shares at HKD 18.18 each [1]. - The company aims to leverage its listing to enhance its global presence and integrate international capital with its manufacturing advantages [2]. Financial Performance - Lens Technology's revenue has seen exponential growth, from CNY 60 billion in 2011 to an expected CNY 699 billion in 2024, marking over tenfold growth in 13 years [3]. - The company's reliance on Apple is significant, with sales to its largest customer accounting for over 66% of total sales from 2021 to 2023 [3]. Challenges and Risks - The company faced challenges in 2021, including a significant drop in net profit, with a 34.97% year-on-year decline in Q3 and a net loss of CNY 12.27 billion in Q4 [4][6]. - The broader consumer electronics industry also experienced difficulties due to power shortages and chip shortages, impacting Lens Technology's performance [6][7]. Diversification Strategy - To mitigate risks associated with heavy reliance on Apple, Lens Technology has been exploring new growth avenues, including the automotive sector, where it has been active since 2015 [8][9]. - The company has reported significant revenue from its automotive electronics business, achieving CNY 9.72 billion in 2019, and has established partnerships with several high-end automotive brands [9][10]. Global Expansion Plans - Lens Technology plans to establish production lines in Vietnam and Thailand to optimize its global footprint and reduce logistics costs, with operations expected to begin by the end of 2025 [12][13]. - The company has already set up multiple production and R&D bases globally, including in Southeast Asia, the U.S., Japan, and South Korea [13]. Future Outlook - The company aims to implement a "multi-wheel drive" strategy by integrating consumer electronics, smart automotive, and humanoid robotics, enhancing its resilience against market fluctuations [11][12]. - The recent IPO has attracted significant interest from international investors, indicating strong market confidence in Lens Technology's growth potential [13][14].