华鑫证券：予蓝思科技“买入”评级，战略收购元拾科技-切入英伟达生态

Core Viewpoint - The strategic acquisition of Yuan Shi Technology by Lens Technology marks its entry into the NVIDIA ecosystem, enhancing its AI hardware layout and capabilities [1] Group 1: Acquisition and Strategic Positioning - Lens Technology has acquired Yuan Shi Technology, which is one of only five companies globally certified by NVIDIA RVL, indicating a strong strategic positioning in the AI hardware sector [1] - Yuan Shi Technology has provided core components such as MGXRack racks and sliding rail systems for NVIDIA's GB200/GB300 series and is involved in the development of NVIDIA's next-generation main server, Vera Rubin [1] Group 2: Business Growth and Diversification - Lens Technology, known for its smartphone glass cover manufacturing, has achieved steady growth in its traditional sectors while expanding into the automotive and consumer electronics markets through technological upgrades [1] - The company has been investing in AI edge hardware since 2016, with the launch of its AI hardware production facility, capable of producing 10,000 large automation devices and 500,000 intelligent robots annually, set to open on November 18, 2025 [1] Group 3: Future Outlook - The acquisition signifies Lens Technology's transition from AI edge hardware to foundational computing infrastructure, completing a "terminal + computing power" ecosystem to support the global AI industry [1] - The company is expected to continue its steady growth in consumer electronics while actively expanding its AI hardware business, leading to a "buy" investment rating [1]