Lens(SZ:300433) ZHESHANG SECURITIES·2024-10-21 01:03Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's Q3 report shows solid and comprehensive growth, with revenue of 46.228 billion yuan, a year-on-year increase of 36.74%, and a net profit attributable to shareholders of 2.371 billion yuan, up 43.74% year-on-year [3][4] - The company is entering a new inventory cycle with important international clients, solidifying growth expectations. The sales gross margin reached a new high of 17%, and the net profit margin was 5.21%, indicating healthy compound growth in traditional glass and metal appearance parts, assembly business, and automotive business [4] - The company is well-positioned in the smartphone innovation landscape, with a comprehensive coverage of glass, sapphire, ceramics, and precision metal processing, supported by numerous core patents [5] - The advent of the AI smart terminal era is approaching, with significant growth expected in smartphones and laptops. The company is actively moving towards complete assembly processes, aligning with the demand for vertical integration in the supply chain [6] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 46.228 billion yuan, with a net profit of 2.371 billion yuan, and a non-recurring net profit of 2.100 billion yuan, reflecting a year-on-year growth of 45.96% [3] - The forecast for revenue from 2024 to 2026 is 71.2 billion, 106.7 billion, and 140.2 billion yuan, respectively, with corresponding net profits of 4.072 billion, 5.962 billion, and 7.495 billion yuan [10] - The current market valuation corresponds to P/E ratios of 27.56, 18.82, and 14.97 for the years 2024, 2025, and 2026, respectively [10]