Lens(SZ:300433) Guoxin Securities·2024-11-01 03:00Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - In Q3 2024, the company's net profit attributable to shareholders increased by 173% quarter-on-quarter, indicating improved profitability. For the first three quarters of 2024, the company reported revenue of 46.23 billion yuan, a year-on-year increase of 36.74%, and a net profit of 2.37 billion yuan, up 43.74% year-on-year [2]. - The company's gross margin improved to 21.43% in Q3 2024, up 4.99 percentage points quarter-on-quarter, despite a year-on-year decline of 1.03 percentage points [2]. - The global smartphone shipment increased by 5% year-on-year in Q3 2024, benefiting the company's smartphone-related business, which accounted for 83% of total revenue in the first half of 2024 [2]. - The company is enhancing vertical integration in its supply chain, focusing on ODM and OEM businesses, which are expected to drive market share growth in structural and appearance components [2]. - The new energy vehicle market continues to grow, with the company’s revenue from new energy vehicles and smart cockpit business reaching 2.716 billion yuan in the first half of 2024, a year-on-year increase of 19.01% [2]. Financial Summary - The company’s revenue is projected to reach 69.795 billion yuan in 2024, with a year-on-year growth rate of 28.1%. The net profit is expected to be 3.919 billion yuan, reflecting a growth rate of 29.7% [3][8]. - The earnings per share (EPS) is forecasted to be 0.79 yuan in 2024, increasing to 1.28 yuan by 2026 [3][8]. - The company’s price-to-earnings (P/E) ratio is projected to be 28.9 in 2024, decreasing to 17.8 by 2026 [3][8].