Lens(SZ:300433) HUAXI Securities·2025-05-27 05:45Investment Rating - The report assigns a "Buy" rating to the company [5] Core Viewpoints - The company is positioned as a leading provider of one-stop precision manufacturing solutions for smart terminals, leveraging its extensive experience in materials and technology to expand its business across various sectors [1][14] - The company has established a comprehensive vertical integration from raw material production to final assembly, enhancing its competitive edge in the consumer electronics and automotive electronics markets [15][20] - The company is actively exploring emerging markets such as AI/XR glasses, smart retail terminals, and humanoid robots, which are expected to contribute significantly to future growth [4][15] Summary by Sections Company Overview - The company, originally founded in 1993, has evolved into a leading precision manufacturing solution provider for smart terminals, with a focus on new materials, technologies, and equipment [1][14] - The company has a concentrated ownership structure, with the chairman and her husband holding over 62% of the shares [16] Business Layout - The company implements a "Four New Strategy" focusing on new materials, technologies, equipment, and fields, achieving both vertical and horizontal expansion in its operations [20][15] - It has established long-term strategic partnerships with leading global brands in consumer electronics and smart automotive sectors [20] Financial Analysis - The company has shown steady revenue growth, with a CAGR of 16.67% from 2018 to 2024, and a significant improvement in profitability since 2022 [27][29] - In 2024, the company achieved a net profit of 3.624 billion, reflecting a year-on-year increase of 19.94% [27] Consumer Electronics - The company is capitalizing on the growth of AI-enabled terminals, with a projected increase in global smartphone sales in 2024 [36] - The company has a comprehensive product offering that includes protective glass, metal frames, and various functional modules for consumer electronics [20][56] Automotive Electronics - The company has established a strong presence in the automotive electronics market, collaborating with major manufacturers to provide a range of products including in-car displays and structural components [3][20] Emerging Businesses - The company is actively developing technologies for foldable screens, AI/XR glasses, smart retail terminals, and humanoid robots, positioning itself for future growth opportunities [4][15] - It has formed strategic partnerships to enhance its capabilities in these emerging fields, such as collaborating with Rokid for AI glasses production [4][15]