Lens(SZ:300433) Xinda Securities·2024-04-28 14:30Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The consumer electronics industry is recovering, and the company's diversified development is gaining momentum. In 2023, the company achieved operating revenue of 54.49 billion yuan, a year-on-year increase of 16.69%, and a net profit attributable to the parent company of 3.02 billion yuan, up 23.42% year-on-year. For Q1 2024, the company reported operating revenue of 15.50 billion yuan, a significant year-on-year increase of 57.52%, with a net profit of 309 million yuan, up 379.02% year-on-year [2] - The company's smartphone and computer-related businesses generated operating revenue of 44.90 billion yuan in 2023, reflecting a year-on-year growth of 17.50%. The company is a leader in consumer electronics appearance components, with a diverse product matrix including glass, metal, ceramics, and sapphire. The assembly business is also growing rapidly, with a successful turnaround in the blue thinking Xiangtan facility in 2023. Looking ahead to 2024, sales of Android smartphones from brands like Huawei and Xiaomi are expected to grow further, alongside the demand for upgrades driven by AI, indicating potential growth in mobile, PC, and VR sectors [2] - The automotive business is experiencing rapid growth, with revenue from new energy vehicles and smart cockpit businesses reaching 4.99 billion yuan in 2023, a year-on-year increase of 39.47%. The company has established partnerships with over 30 domestic and international brands in the new energy vehicle and traditional luxury car sectors, with new products entering mass production. The company leverages its technological foundation from consumer electronics to expand horizontally, indicating substantial potential in related businesses and products [2] - The revenue forecast for the company is projected at 70.26 billion yuan for 2024, 86.03 billion yuan for 2025, and 95.25 billion yuan for 2026, with year-on-year growth rates of 28.9%, 22.4%, and 10.7% respectively. The net profit attributable to the parent company is expected to be 4.02 billion yuan in 2024, 5.00 billion yuan in 2025, and 6.43 billion yuan in 2026, with year-on-year growth rates of 33.2%, 24.3%, and 28.6% respectively. The report maintains a positive outlook on the company's future growth potential, reaffirming the "Buy" rating [2][3]