Lens(SZ:300433) Guoxin Securities·2025-04-01 08:45Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve revenue of 69.897 billion yuan in 2024, representing a year-on-year growth of 28.27%, and a net profit of 3.624 billion yuan, with a year-on-year increase of 19.94% [1] - The company is increasing its R&D investment, with a focus on advanced technologies in areas such as foldable smartphones, humanoid robots, AI glasses, smart cars, and smart retail [1][3] - The assembly business is rapidly growing, with smartphone and computer revenue increasing by 28.6% year-on-year, and the assembly-focused Xiangtan Lansi's revenue soaring by 97.4% year-on-year [2] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 23.669 billion yuan, a year-on-year increase of 14.44% and a quarter-on-quarter increase of 36.33%, with a net profit of 1.253 billion yuan, down 8.67% year-on-year and 17.01% quarter-on-quarter [1] - The company’s R&D expenses for 2024 are projected to be 2.785 billion yuan, a 20.21% increase year-on-year [1] Business Segments - The smart automotive and cockpit business is expected to grow by 19% year-on-year, with revenue reaching 5.935 billion yuan [2] - The company has over 30 smart automotive clients and maintains a vertically integrated supply chain, with products like central control modules and wireless charging modules experiencing rapid growth [2] Emerging Fields - The company is accelerating its industrialization in emerging fields such as humanoid robots and AI glasses, having already delivered humanoid robot products in bulk and established a strategic partnership for AI glasses assembly [3] - The company aims to provide a one-stop vertical integration service for the robotics industry, leveraging its strengths in new materials and precision assembly [3] Profit Forecast - The projected net profits for 2025-2027 are 5.146 billion yuan, 6.433 billion yuan, and 7.343 billion yuan, with year-on-year growth rates of 42.0%, 25.0%, and 14.1% respectively [3][4]