Core Viewpoint - Longzheng Technology's net profit for Q1 to Q3 of 2025 reached 2.843 billion yuan, representing a year-on-year growth of 19.91%, with Q3 alone achieving a net profit of 1.7 billion yuan, up 12.62% year-on-year, driven by increased iPhone 17 sales and core contributions from the company's mid-frame business [1] Financial Performance - The net profit for Q1 to Q3 of 2025 was 2.843 billion yuan, a 19.91% increase year-on-year [1] - In Q3, the net profit was 1.7 billion yuan, reflecting a year-on-year growth of 12.62% [1] Business Segments - The mid-frame business has significantly contributed to the company's growth due to the strong sales of iPhone 17 [1] - In the smart automotive sector, the product matrix for smart cockpits is becoming increasingly diverse, with ultra-thin laminated car window glass being introduced to leading domestic car manufacturers [1] Future Outlook - The current gross margin is still affected by the Mexican factory, but the company is gradually advancing the relocation of this factory, which is expected to lead to dual growth in revenue and gross margin in the future [1] - The company is anticipated to achieve net profits of 5.070 billion, 6.956 billion, and 8.182 billion yuan for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [1]

Core Viewpoint - Longzheng Securities report indicates that Lens Technology's net profit attributable to shareholders for Q1 to Q3 of 2025 reached 2.843 billion yuan, representing a year-on-year growth of 19.91% [1] - In Q3 alone, the net profit attributable to shareholders was 1.7 billion yuan, showing a year-on-year increase of 12.62% [1] Group 1: Financial Performance - The significant increase in iPhone 17 sales has boosted the company's core revenue from the middle frame business [1] - The company is expected to achieve net profits of 5.070 billion, 6.956 billion, and 8.182 billion yuan for the years 2025 to 2027 respectively [1] Group 2: Business Development - The smart vehicle business is expanding with a rich product matrix for smart cockpits and the introduction of ultra-thin laminated car window glass to leading domestic car manufacturers [1] - Current gross margins are still affected by the Mexican factory, but the company is gradually advancing the relocation of this factory, which is expected to lead to dual growth in revenue and gross margins in the future [1] Group 3: Market Positioning - The emergence of new smart terminal products presents opportunities for the company to leverage its platform integration capabilities and years of technical accumulation in exterior components to secure orders from major clients [1] - The company is poised to embrace the AI edge wave deeply [1]