Lens(300433) 长江证券·2025-04-21 15:17Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant growth in Q1 2025, with revenue reaching 17.063 billion yuan, a year-on-year increase of 10.10%. The net profit attributable to shareholders was 429 million yuan, up 38.71%, and the net profit excluding non-recurring items was 378 million yuan, reflecting a 60.99% increase [2][6]. - The gross margin for Q1 2025 was 12.8%, an increase of 0.28 percentage points year-on-year, while the net profit margin was 2.51%, up 0.51 percentage points year-on-year [2][6]. - The demand for consumer electronics is recovering, with the company benefiting from its position as a core supplier for Apple, which saw its market share increase from 17.5% in Q1 2024 to 19.0% in Q1 2025, with a 10% year-on-year sales growth [11]. - The company has submitted an application for listing on the Hong Kong Stock Exchange to enhance its global delivery capabilities and address uncertainties in foreign trade due to geopolitical factors [11]. - The company is actively expanding into emerging businesses, leveraging its precision processing capabilities accumulated from the smartphone sector, focusing on areas such as foldable screens, humanoid robots, AI glasses, and smart vehicles [11]. - The projected net profit attributable to shareholders for 2025 to 2027 is estimated at 5.421 billion yuan, 7.249 billion yuan, and 8.256 billion yuan, respectively, indicating strong growth potential [11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 17.063 billion yuan, a 10.10% increase year-on-year. The net profit attributable to shareholders was 429 million yuan, up 38.71%, and the net profit excluding non-recurring items was 378 million yuan, reflecting a 60.99% increase. The gross margin was 12.8%, and the net profit margin was 2.51% [2][6]. Business Expansion - The company is applying for a listing on the Hong Kong Stock Exchange to enhance its global business layout and improve delivery capabilities in regions like Vietnam, Thailand, and Mexico [11]. - The company is diversifying into new business areas, including foldable screens, humanoid robots, AI glasses, and smart vehicles, which are expected to contribute to long-term revenue growth [11]. Market Position - The company is a key supplier for Apple, benefiting from the recovery in consumer electronics demand, with Apple’s market share increasing significantly in Q1 2025 [11].