Lens(SZ:300433) Tianfeng Securities·2025-03-09 13:25Investment Rating - The investment rating for the company is "Buy" with a target price of 39 CNY per share, maintaining the rating [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]. - Zhiyuan Robotics is positioned as a leader in the industry with rapid production and innovation cycles, and Lens Technology is identified as a key ecological partner benefiting from this collaboration [3][4]. Financial Projections - Revenue projections for the company are as follows: 72.87 billion CNY in 2024, 91.77 billion CNY in 2025, and 112.94 billion CNY in 2026, with corresponding net profits of 3.56 billion CNY, 5.48 billion CNY, and 7.21 billion CNY respectively [4][5]. - The company is expected to achieve a revenue growth rate of 33.73% in 2024, 25.95% in 2025, and 23.06% in 2026 [5][12]. Key Financial Metrics - The company’s earnings per share (EPS) are projected to be 0.71 CNY in 2024, 1.10 CNY in 2025, and 1.45 CNY in 2026 [5][12]. - The price-to-earnings (P/E) ratio is expected to decrease from 40.59 in 2024 to 20.06 in 2026, indicating improving valuation [5][12]. Market Position - Lens Technology is noted for its comprehensive advantages in new material development, structural component manufacturing, and precision assembly, which are crucial for supporting the robotics industry [3][4]. - The company is involved in the production and assembly of key components for Zhiyuan Robotics, ensuring high-quality standards and large-scale production capabilities [3][4].