Lens(SZ:300433) Orient Securities·2025-11-10 02:36Investment Rating - The report maintains a "Buy" rating for the company with a target price of 40.61 CNY based on a projected PE of 31 times for 2026 [3][6]. Core Insights - The company's robot business is set to ramp up, positioning itself as a leading platform in the domestic and international markets, with significant orders and expected deliveries of humanoid and quadruped robots [11]. - The company is expected to benefit from strong demand for consumer electronics, particularly from major North American clients, with anticipated double-digit growth in iPhone revenue [11]. - The company is leveraging its technological capabilities across various sectors, including consumer electronics and automotive electronics, establishing a competitive edge through vertical integration and horizontal expansion [11]. Financial Forecasts - The projected net profits for the company from 2025 to 2027 are 5 billion, 6.9 billion, and 8.9 billion CNY respectively, with slight adjustments made to previous forecasts [3][12]. - Revenue is expected to grow from 54.49 billion CNY in 2023 to 143.2 billion CNY in 2027, reflecting a compound annual growth rate of approximately 21.5% [5][13]. - The company's gross margin is projected to remain stable around 15% over the forecast period, with net profit margins gradually increasing from 5.5% in 2023 to 6.2% in 2027 [5][13].