Lens(300433) 天风证券·2025-02-23 10:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39 CNY per share [2][3]. Core Insights - The strategic partnership with Rokid marks a significant advancement for the company as it transitions from a structural component manufacturer to an electronic system-level manufacturer, aiming to capture growth opportunities in various sectors including smartphones, AI PCs, new energy, humanoid robots, payment terminals, and smart home appliances [1]. - Revenue projections for the company are optimistic, with expected revenues of 729 billion CNY, 918 billion CNY, and 1,129 billion CNY for the years 2024, 2025, and 2026 respectively, alongside net profits of 36 billion CNY, 55 billion CNY, and 72 billion CNY for the same years [2]. Financial Data and Valuation - The company reported revenues of 46,698.55 million CNY in 2022, with a projected increase to 112,936.11 million CNY by 2026, reflecting a growth rate of 3.16% in 2022 and an anticipated 23.06% in 2026 [3]. - The EBITDA for 2022 was 10,513.95 million CNY, expected to rise to 14,481.45 million CNY by 2026 [3]. - The net profit attributable to the parent company was 2,448.08 million CNY in 2022, projected to reach 7,208.19 million CNY by 2026, with growth rates of 18.25% in 2022 and 31.65% in 2026 [3]. - The company’s earnings per share (EPS) is expected to grow from 0.49 CNY in 2022 to 1.45 CNY in 2026 [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 58.95 in 2022 to 20.02 in 2026, indicating an improving valuation over time [3]. Business Developments - The partnership with Rokid enables the company to cover the entire supply chain for AI glasses, enhancing its vertical integration capabilities and product performance [1]. - The company is also expanding into the humanoid robot sector, having successfully delivered components for the Lingxi X1 humanoid robot, showcasing its comprehensive service capabilities from design to mass production [1].