Lens(SZ:300433) Xinda Securities·2024-08-28 13:11Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report highlights that the consumer electronics industry is recovering, driven by AI, which is enhancing the company's performance growth [1]. - The company achieved a revenue of 28.867 billion yuan in the first half of 2024, representing a year-on-year increase of 43% [1]. - The net profit attributable to the parent company was 8.61 billion yuan, with a year-on-year growth of 29% [1]. - The report anticipates continued growth in revenue and net profit for the coming years, with projections of 68.895 billion yuan in revenue for 2024 and 97.079 billion yuan for 2025 [2]. Financial Summary - The company reported total revenue of 46.699 billion yuan in 2022, which is expected to grow to 54.491 billion yuan in 2023 and further to 68.895 billion yuan in 2024, reflecting a year-on-year growth rate of 16.7% in 2023 and 26.4% in 2024 [2]. - The net profit attributable to the parent company was 2.448 billion yuan in 2022, projected to increase to 3.021 billion yuan in 2023 and 3.930 billion yuan in 2024, with year-on-year growth rates of 23.4% and 30.1% respectively [2]. - The gross margin is expected to stabilize at around 19.2% in 2024 and 19.6% in 2025 [2]. - The report indicates a significant improvement in operational efficiency, with a notable reduction in expense ratios [1]. Industry Outlook - The consumer electronics sector is experiencing a rebound, supported by the demand for AI-enabled products and services [1]. - The company is positioned as a comprehensive manufacturing platform in the consumer electronics and smart automotive sectors, focusing on design, research and development, and production [1]. - The report emphasizes the company's commitment to innovation and vertical integration within the supply chain, which is expected to drive long-term growth [1].