Ge Long Hui·2025-11-10 08:49Core Viewpoint - The report from Dongfang Securities highlights that Lens Technology's robotics business is set to expand significantly, positioning itself to serve leading domestic and international clients in the field of embodied intelligence [1] Group 1: Robotics Business Expansion - Lens Technology has entered the supply chain of top robotics companies in North America and domestically, achieving bulk deliveries of its Yuanlingxi robots while also successfully delivering components such as joint modules, dexterous hands, and structural parts [1] - Recently, the company secured an order for the assembly of 10,000 quadruped robotic dogs from Yujian Robotics, becoming a key supplier of essential components including joint motors and structural parts, thus establishing a closed loop of "R&D - Manufacturing - Supply" [1] Group 2: Future Projections - The company anticipates shipping 3,000 humanoid robots and over 10,000 quadruped robotic dogs by 2025, with expectations for the shipment scale to double by 2026, positioning itself as one of the largest manufacturers of embodied intelligence hardware globally [1] Group 3: Consumer Electronics and AI Hardware - The new product logic in consumer electronics is benefiting from a simultaneous increase in volume and price from major North American clients; the hardware transformation at the AI edge is allowing the platform leader to expand horizontally and vertically, establishing competitive advantages [1] - The technological innovation and manufacturing strength of the company as a platform leader will facilitate growth opportunities across various sectors including consumer electronics, automotive electronics, and embodied intelligence [1] Group 4: Valuation and Rating - Based on comparable companies' 2026 price-to-earnings ratio of 31 times, the target price is set at 40.61 yuan, maintaining a "Buy" rating [1]