Lens(300433) 天风证券·2025-01-19 07:14Investment Rating - The report gives a "Buy" rating for the company with a target price of 39 CNY per share, based on a PEG valuation of 1x [5]. Core Insights - The company, Lens Technology, is a leading ODM in the global consumer electronics and new energy smart automotive electronic window protection and structural components sector. In 2023, the company achieved significant results from its vertical integration strategy, with new business lines accelerating their growth [1][3]. - The company reported a revenue of 449.01 billion CNY from smartphone and computer-related businesses in 2023, marking a year-on-year growth of 17.50%. The revenue from new energy vehicles and smart cockpit-related businesses reached 49.98 billion CNY, a year-on-year increase of 39.47% [1][3]. Summary by Sections 1. Company Overview - Lens Technology, founded in 2003 by Zhou Qunfei, is headquartered in Changsha, Hunan Province. The company went public on the Shenzhen Stock Exchange in 2015 and has been a pioneer in integrating new materials like glass, sapphire, and ceramics into consumer electronics and smart automotive touch panels [1][14]. 2. Consumer Electronics Recovery - The consumer electronics sector is showing signs of recovery, with stable growth in smartphone sales, particularly for Apple, which saw a 4.5% year-on-year increase in Q3 2024. The PC market is also experiencing a slow recovery, with a 1.3% year-on-year growth in Q3 2024 [2][63]. 3. New Energy Vehicle Business - The new energy vehicle and smart cockpit business achieved a revenue of 49.98 billion CNY in 2023, reflecting a 39.47% year-on-year growth. The company has established partnerships with over 30 domestic and international automotive brands, including Tesla and BYD, enhancing its customer base and product offerings [3][29]. 4. Financial Performance - In 2023, the company reported a total revenue of 544.91 billion CNY, a 16.69% increase from the previous year, and a net profit of 30.21 billion CNY, up 23.42% year-on-year. The company’s operating cash flow reached 93.00 billion CNY, indicating a 1.30% increase [37][48]. 5. Future Projections - The company is expected to achieve revenues of 729 billion CNY, 918 billion CNY, and 1,129 billion CNY in 2024, 2025, and 2026, respectively, with net profits projected at 36 billion CNY, 55 billion CNY, and 72 billion CNY for the same years [3][4].