Lens(SZ:300433) Shanghai Aijian Securities·2025-12-31 11:43Investment Rating - The report initiates coverage on Lens Technology (300433.SZ) with a "Buy" rating [4]. Core Insights - Lens Technology is positioned as a one-stop precision manufacturing solution provider for the global smart terminal industry, focusing primarily on mobile glass processing. The company is expected to benefit significantly from the upcoming launch of foldable iPhones in 2026, which could drive substantial revenue growth [4]. - The report forecasts Lens Technology's revenue for 2025, 2026, and 2027 to be approximately 90.66 billion, 112.84 billion, and 134.90 billion yuan, respectively, with year-on-year growth rates of 29.7%, 24.5%, and 19.6% [4]. - The anticipated launch of foldable iPhones is expected to fill a gap in the high-end smartphone market, as the demand for Pro versions of iPhones has been increasing significantly [4]. - The company is also expanding into the AI glasses sector, providing comprehensive production services for Rokid Glasses, which may offer a first-mover advantage in the smart glasses market [4]. - Lens Technology is diversifying its business by engaging in humanoid robotics, with plans to assemble the Lingxi X2 robot and participate in the development of key components [4]. Financial Data and Profit Forecast - Total revenue is projected to grow from 54.49 billion yuan in 2023 to 134.90 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.6% [4]. - The net profit attributable to the parent company is expected to increase from 3.02 billion yuan in 2023 to 7.93 billion yuan in 2027, reflecting a CAGR of 18.3% [4]. - Earnings per share (EPS) are forecasted to rise from 0.57 yuan in 2023 to 1.59 yuan in 2027 [4]. - The report indicates a stable gross margin, projected at 16.1%, 15.9%, and 15.8% for the years 2025, 2026, and 2027, respectively [4]. Market Trends and Competitive Landscape - The global foldable smartphone market is expected to see significant growth, with an estimated 15.3 million units sold in 2024, and Lens Technology is well-positioned to capitalize on this trend with its manufacturing capabilities [4]. - The report highlights that the average selling price (ASP) of iPhones is significantly higher than that of competitors, suggesting that the introduction of a foldable iPhone could outperform market expectations due to brand premium [4]. - The increasing sales proportion of Pro versions of iPhones indicates a shift in consumer demand towards higher-end models, which could further enhance Lens Technology's market position [4].