Lens(SZ:300433) Ge Long Hui·2025-10-30 07:48Core Viewpoint - Citigroup's research report indicates that Lens Technology's third-quarter revenue increased by 19% year-on-year and 30% quarter-on-quarter, with a gross margin of 18.6%, reflecting a quarter-on-quarter increase of 3.6 percentage points but a year-on-year decrease of 0.2 percentage points [1] Group 1 - The operating profit for the period reached 2.2 billion yuan, representing year-on-year and quarter-on-quarter growth of 8% and 211%, respectively, exceeding Citigroup's expectations and market forecasts by 4% and 5% [1] - The company's management anticipates that some third-quarter orders will be delayed until the fourth quarter, and that new model orders in the second half may not be fully delivered in the fourth quarter [1] - Despite the delays, the company maintains a positive outlook on the shipment of key components for foldable phones, including UTG, PET, glass support plates, hinge shafts, and cover glass [1] Group 2 - Citigroup maintains a "Buy" rating on Lens Technology, raising the target price from 31 HKD to 32 HKD [1]