Lens(SZ:300433) GOLDEN SUN SECURITIES·2025-10-29 09:37Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company has shown steady revenue and profit growth, with Q3 2025 achieving a revenue of 20.70 billion yuan, a year-on-year increase of 19.25% and a quarter-on-quarter increase of 30.23% [1]. - The company is benefiting from high-quality development in its main businesses, including consumer electronics and smart automotive sectors, which are expected to continue driving growth [1][4]. - The company is positioned to benefit from the development of AI technology across various business lines, with projected revenue growth rates of 32%, 23%, and 18% for 2025, 2026, and 2027, respectively [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 53.66 billion yuan, a year-on-year increase of 16.08%, and a net profit attributable to shareholders of 2.84 billion yuan, up 19.91% year-on-year [1]. - In Q3 2025, the company reported a net profit of 1.70 billion yuan, reflecting a year-on-year increase of 12.62% and a quarter-on-quarter increase of 138.20% [1]. Consumer Electronics - The company is deepening its layout in AI edge hardware, benefiting from the accelerated replacement cycle of smartphones and computers due to AI technology [2]. - The company has gained market share and profitability in high-end mobile phone components, with successful mass production of several new flagship models [2]. Smart Automotive - The company is enhancing its product matrix and market penetration in smart cockpit products, with successful integration of ultra-thin laminated car window glass into production systems of leading domestic automakers [2]. - The company is expected to see a rapid increase in the value per vehicle as it expands its production capacity for car window glass [2]. Emerging Fields - The company is expanding its collaboration with leading North American clients in the smart headset and robotics sectors, with significant production capabilities in humanoid and quadruped robots [3]. - The company is also exploring new technologies in foldable devices and AI servers, with plans for large-scale production in the near future [3]. Profit Forecast and Investment Advice - The company is expected to achieve revenues of 92.0 billion yuan, 113.1 billion yuan, and 133.9 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 5.24 billion yuan, 6.80 billion yuan, and 8.13 billion yuan [4][6]. - The current stock price corresponds to a PE ratio of 30, 23, and 19 for 2025, 2026, and 2027, respectively, indicating a favorable investment opportunity [4].