Core Viewpoint - The report from Guosheng Securities highlights Lens Technology's expansion from being a cover glass supplier for consumer electronics to a comprehensive solution provider in smart terminals, with a focus on vertical integration and new business opportunities in smart automotive, humanoid robots, and AI glasses [1] Group 1: Business Expansion - Lens Technology has broadened its product offerings to include smart automotive, humanoid robots, and AI glasses, in addition to its original glass products for consumer electronics [1] - The company is vertically integrating its operations by expanding into functional modules and complete assembly, leveraging its strengths in glass, metal, and modules [1] Group 2: Financial Performance - The company's revenue has shown steady growth, increasing from 27.72 billion yuan in 2018 to an expected 69.90 billion yuan in 2024, with a compound annual growth rate (CAGR) of 16.7% [1] Group 3: Future Opportunities - Lens Technology is positioning itself to be among the first in the industry to mass-produce and assemble key components for humanoid robots and AI glasses/XR headsets [1] - The company is expected to benefit significantly from the development of AI technology, with all business lines projected to experience comprehensive growth [1]

Core Insights - The article discusses the successful transition of consumer electronics companies, particularly Xiaomi and Liyi Zhizao, into the automotive sector, highlighting their competitive advantages and strategies in this new market. Group 1: Xiaomi's Automotive Strategy - Xiaomi has rapidly established itself in the automotive sector since announcing its entry into the electric vehicle market in 2021, leveraging its extensive experience in consumer electronics [1] - The company has demonstrated exceptional cost control by utilizing its vast supply chain network built from its consumer electronics business, allowing for strong bargaining power and efficient supply chain management [1] - Xiaomi's first model, the SU7, is set to launch in 2024, with over 135,000 units delivered and an order backlog of 150,000 to 180,000 units, indicating strong market demand [1] Group 2: Liyi Zhizao's Precision Manufacturing - Liyi Zhizao has a long-standing expertise in precision manufacturing within the consumer electronics sector, providing high-precision components to major brands like Apple [2] - Since entering the electric vehicle market in 2021, Liyi Zhizao has successfully adapted its precision manufacturing capabilities to meet the stringent quality requirements of automotive components [2] Group 3: R&D and AI Integration - The fast-paced competition in the consumer electronics industry has driven companies to invest heavily in R&D, with Liyi Zhizao leveraging its experience in AI hardware manufacturing to support the smart transformation of vehicles [3] - The company's expertise in miniaturization and integration from consumer electronics can enhance the design of automotive interiors, addressing technical challenges faced by traditional automotive parts manufacturers [3] Group 4: Cost Control and Supply Chain Management - The large scale of the consumer electronics market allows companies to effectively reduce costs through mass production and efficient supply chain systems, which Liyi Zhizao aims to replicate in the automotive sector [4] - By utilizing established supply chain management practices, Liyi Zhizao can optimize production processes and reduce costs in automotive component manufacturing, enhancing its market competitiveness [4] Group 5: Strategic Acquisition of Jiangsu Keda - Liyi Zhizao's recent acquisition of Jiangsu Keda marks a significant step in its automotive strategy, with projected revenue growth of 52.90% in 2024, reaching 2.117 billion yuan [5] - Jiangsu Keda specializes in automotive decorative components and has established relationships with major automotive manufacturers, which will enhance Liyi Zhizao's product offerings and market reach [6] - The acquisition is expected to increase Liyi Zhizao's per vehicle supply value from 300-500 yuan to 2000-3000 yuan, significantly boosting its competitive edge [6] Group 6: Financial Aspects of the Acquisition - The acquisition of Jiangsu Keda is structured as a combination of convertible bonds and cash, valued at 332 million yuan, with a PE ratio of 9.02, well below the industry average of approximately 20 [7] - Jiangsu Keda has committed to achieving a minimum net profit of 47 million yuan, 56 million yuan, and 65 million yuan for the years 2025 to 2027, ensuring a total of at least 168 million yuan in net profit [7] - The collaboration between Jiangsu Keda and Xiaopeng Huitian to explore flying car technology positions Liyi Zhizao at the forefront of automotive innovation, suggesting significant future potential [7]

公司具备强大的平台化能力，涵盖人才、技术、供应和智能制造等方面，并积累了深厚的技术和能力， 尤其在消费电子和智能汽车领域。公司积极拓展新业务领域，例如人形机器人和AI眼镜/XR头显的关键 核心部件量产及整机组装。 公司业务涵盖从原材料及功能结构件生产、功能模组贴合到智能终端整机组装的全产业链。拥有多种功 能材料的技术能力，实现了全材料覆盖，是全球消费电子供应链中少有同时具备玻璃和金属先进制程能 力的解决方案提供商。为客户提供从设计到量产的一站式垂直整合服务。 目前，公司已实现从原材料及功能结构件生产、功能模组贴合到整机组装的智能终端全产业链垂直整 合，其材料技术涵盖玻璃、金属、蓝宝石、陶瓷、塑胶、皮革、硅胶、玻纤和碳纤等。公司与全球领先 的消费电子及智能汽车品牌客户建立了长期战略合作伙伴关系，通常在产品上市前2到3年就深度参与到 客户的研发和生产中。此外，公司还横向拓展业务至智慧零售终端、工业及人形机器人、AI眼镜/XR头 显等多元化场景。 蓝思科技（300433）递表港交所主板，中信证券为其独家保荐人。 公司与主要原材料和设备供应商保持稳定和长期的合作关系。2022年、2023年和2024年，公司向前五大 ...