Lens(300433) 天风证券·2025-04-08 07:41Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [5][16]. Core Views - The company's share buyback plan, amounting to 500 million to 1 billion RMB, reflects confidence in its business resilience amid tariff impacts [1][2]. - The company is strategically positioned in high-growth sectors such as AI glasses, robotics, and foldable screens, indicating substantial long-term growth potential [3][4]. Financial Data and Projections - Revenue projections for the company are as follows: - 2023: 54.49 billion RMB - 2024: 69.90 billion RMB (growth rate of 16.69%) - 2025: 91.81 billion RMB (growth rate of 28.27%) - 2026: 112.86 billion RMB (growth rate of 31.35%) - 2027: 135.43 billion RMB (growth rate of 22.93%) [4][10]. - The projected net profit attributable to the parent company is: - 2023: 3.02 billion RMB - 2024: 3.62 billion RMB (growth rate of 23.42%) - 2025: 5.53 billion RMB (growth rate of 52.55%) - 2026: 7.17 billion RMB (growth rate of 29.73%) - 2027: 8.99 billion RMB (growth rate of 25.46%) [4][10]. - The company’s earnings per share (EPS) are projected to increase from 0.61 RMB in 2023 to 1.81 RMB in 2027 [4][10]. Business Strategy and Market Position - The company has diversified its revenue streams, with domestic sales expected to reach 28.9 billion RMB in 2024, a 64% year-on-year increase, indicating a more balanced customer structure [9]. - The company is enhancing its capabilities in assembly and electronic systems, positioning itself as a one-stop service provider in the robotics sector [9]. - The company is actively involved in the development of AI glasses, robotics, and foldable screen technologies, which are expected to drive future growth [9].