Lens(300433) 天风证券·2025-03-09 14:04Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39 CNY per share [4][6]. Core Views - The report highlights the upcoming release of the GenieOperator-1 model by Zhiyuan Robotics, which is expected to enhance the company's supply chain and innovation capabilities [1][2]. - The collaboration between Zhiyuan Robotics and Lens Technology is emphasized, with Lens Technology being a key ecological partner in the production of critical components for robots [3]. - The financial projections indicate significant revenue growth, with expected revenues of 72.87 billion CNY in 2024, 91.77 billion CNY in 2025, and 112.94 billion CNY in 2026 [4][5]. Financial Data and Valuation - Revenue is projected to grow from 54.49 billion CNY in 2023 to 112.94 billion CNY in 2026, reflecting a compound annual growth rate (CAGR) of approximately 25.95% [5]. - The net profit attributable to the parent company is expected to increase from 3.02 billion CNY in 2023 to 7.21 billion CNY in 2026, with a notable growth rate of 53.71% in 2025 [5]. - The report provides various financial ratios, including a projected P/E ratio decreasing from 59.07 in 2022 to 20.06 in 2026, indicating improving valuation metrics over time [5][6].