Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company expects a significant increase in net profit for the first half of 2025, projecting a range of CNY 350 million to CNY 410 million, representing a year-on-year growth of 50% to 76%. The net profit after excluding non-recurring gains is expected to be between CNY 323 million and CNY 383 million, indicating a growth of 202% to 258% [1] - The growth in profitability is attributed to a full order book in both domestic and overseas markets, along with improved overall capacity utilization [1] - The company's color-spun yarn products are driving profitability, with sales expected to generate CNY 4.056 billion in revenue for 2024, accounting for 55% of total revenue, and a gross margin of 11.22% [2] - The company is focusing on innovation and sustainable production, launching new eco-friendly products to meet global demand [2] - The company's production capacity in Vietnam accounts for approximately 77% of total capacity, benefiting from lower labor costs and tax incentives, which enhances its international competitiveness [3] Financial Projections - Revenue projections for 2025 to 2027 are CNY 87.5 billion, CNY 97.2 billion, and CNY 107.6 billion respectively, with net profits expected to be CNY 5.5 billion, CNY 5.9 billion, and CNY 6.5 billion [4] - Earnings per share (EPS) are projected to be CNY 0.37, CNY 0.39, and CNY 0.43 for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 14x, 13x, and 12x [4] - The company’s total revenue for 2023 is reported at CNY 6.914 billion, with a growth rate of -1.08%, and is expected to grow by 14.86% in 2024 [5] Market Position - The company operates in the textile and apparel manufacturing industry, with a strong focus on innovative and sustainable practices [6] - The current market capitalization is approximately CNY 7.753 billion, with a total share capital of 1,499.57 million shares [7]

Core Viewpoint - Lens Technology (06613.HK) plans to globally offer approximately 262 million H-shares, with a pricing range of HKD 17.38-18.18 per share, aiming to raise around HKD 4.59 billion net from the offering [1][4] Group 1: Company Overview - The company is a leading provider of precision manufacturing solutions for the entire industry chain of smart terminals, focusing on technological innovation and intelligent manufacturing [1] - It ranks first in the global market share for precision structural components and module solutions in consumer electronics at 13.0% and in interactive systems for smart vehicles at 20.9% [1] - The company has established long-term strategic partnerships with leading global consumer electronics and smart automotive brands, participating in product development and production 2 to 3 years prior to product launches [2] Group 2: Investment and Financials - The cornerstone investors have agreed to subscribe for shares totaling approximately USD 191 million (or about HKD 1.499 billion), with a total of 84.32 million shares at a median price of HKD 17.78 per share [3] - The estimated net proceeds from the global offering, after deducting underwriting commissions and other expenses, will be approximately HKD 4.59 billion [4] - The proceeds will be allocated as follows: about 48% for expanding the product and service portfolio, 28% for enhancing overseas business capabilities, 14% for improving vertical integration in intelligent manufacturing, and 10% for working capital and general corporate purposes [4]