Lens(SZ:300433) Ge Long Hui·2025-11-06 03:53Core Viewpoint - Haitong International's report indicates that Lens Technology, as a leading platform in the smart terminal industry chain, is set to benefit significantly from the innovation cycle of major clients, with high visibility in business and expected accelerated growth in the next three years [1] Group 1: Business Growth Potential - The smartphone and computer sectors are expected to benefit from the innovation cycle of major clients, leading to high business visibility and accelerated growth [1] - Strategic innovation in the smart automotive and cockpit sectors, particularly with the upcoming release of ultra-thin automotive laminated glass, is anticipated to drive growth [1] - The company is expected to see accelerated growth in business over the next two years, with profit growth outpacing revenue growth [1] Group 2: Financial Projections - Revenue projections for Lens Technology are estimated at 87.407 billion, 110.547 billion, and 133.141 billion yuan for the years 2025, 2026, and 2027 respectively [1] - The projected net profit attributable to shareholders is expected to be 4.785 billion, 6.801 billion, and 8.362 billion yuan for the same years [1] Group 3: Market Position and Valuation - The company is positioned to benefit from the core AR market in smart headsets and wearables, awaiting an industry explosion [1] - A price-to-earnings ratio of 26 times is assigned for 2026, leading to a target price of 36.5 HKD, indicating a potential upside of 46.7% [1] - The report initiates coverage with an "outperform the market" rating for Lens Technology [1]