Summary of the Conference Call for Lens Technology (蓝思科技) Industry and Company Overview - Lens Technology is a leading player in the consumer electronics and automotive sectors, with a strong focus on precision manufacturing for smart devices, including smartphones, computers, smart cars, and servers [2][3]. Key Financial Highlights - Revenue is projected to increase from 45.2 billion to 69.8 billion CNY, while profit is expected to rise from 2 billion to 3.6 billion CNY, indicating robust growth momentum [2][3]. Core Business Insights - The company maintains close collaborations with major North American clients in the consumer electronics sector and is actively expanding its AI glasses business through partnerships with Rokid, Meta, and Apple, suggesting stable growth in this area [2][3]. - In the automotive sector, Lens Technology offers a diverse product line, including smart cockpit glass, B-pillars, body structural components, and rearview mirrors, with partnerships established with leading clients like Tesla and Xiaomi, indicating a promising market outlook [2][4]. - Since 2016, the company has provided joint modules, dexterous hands, and complete assembly services to various robotics companies, accumulating significant technical expertise for future developments in the robotics field [2][5]. New Business Developments - Through acquisitions of Feimei Gao International and Yuanshi Technology, Lens Technology has rapidly entered the AI server market, forming an integrated capability for material module assembly and securing orders from specific domestic and international clients, which is expected to become a new growth engine [2][5]. - The company has made significant progress in commercial aerospace, with established shipments of satellite protection glass and radiation-proof glass to North American clients, while also expanding its domestic market presence [4][6]. Future Growth Directions - Lens Technology plans to continue its focus on multiple sectors, including consumer electronics, new terminal glasses, new energy vehicles, robotics, AI servers, and commercial aerospace. The upcoming 20th-anniversary special edition release from Apple is expected to significantly benefit the company as a core structural component supplier [7]. - New business lines such as automotive laminated glass, humanoid robot joint modules, and liquid-cooled AI servers are anticipated to become additional growth points [7].

Group 1: Investor Relations Activities - The company participated in the "2025 Investor Online Collective Reception Day" on June 12, 2025, from 14:00 to 16:40 [3] - The event was conducted remotely, with participation from investors and company representatives including Chairman Wu Linhai, Financial Officer Li Jinrong, and Securities Affairs Representative Zhang Li [3] Group 2: Key Questions and Responses - The semiconductor glass substrate and glass carrier board business is in the initial stage, with some material research at the pilot testing phase; specific scale and production details will be available in future reports [4] - The company has not disclosed any financing plans but will comply with legal and exchange regulations if such plans arise [4] - Over the past year, the company established a complete R&D system and achieved results in specialty glass materials, particularly in nano-microcrystalline glass, which has entered some end-user supply chains [4] - The company aims to enhance its core competitiveness by focusing on its main business, improving management, and increasing R&D and innovation capabilities [4] - The establishment of a subsidiary in Shanghai is intended to strengthen R&D capabilities and explore new market applications [5] Group 3: Strategic Partnerships and Market Position - The company has not established a direct partnership with Huawei HiSilicon in the semiconductor chip and terminal product sectors [5] - The appreciation of platinum prices will not be reflected in the financial statements [5] - Some radiation-proof glass products have been applied in the nuclear power industry [6] - If the company decides to introduce strategic investors, it will follow relevant legal and exchange disclosure obligations [6]

Investment Rating - The report gives a "Buy" rating for the company, Gobi Jia (戈碧迦) [3]. Core Views - Gobi Jia is positioned as a leading domestic manufacturer in the optical and specialty glass sectors, with a strong focus on cost control and operational efficiency. The company has shown significant revenue growth driven by its specialty glass segment, which has expanded rapidly in recent years [6][10]. - The company is expected to face short-term performance pressure due to the completion of orders with Chongqing Xinjing, but its long-term prospects remain strong due to its proprietary technology and market position [6][14]. Financial Forecasts - The projected financial metrics for Gobi Jia are as follows: - Revenue (in million CNY): 808.34 in 2023, expected to decline to 566.49 in 2024, then recover to 736.12 in 2025, and reach 926.89 in 2026 [2]. - Net profit (in million CNY): 104.21 in 2023, declining to 70.99 in 2024, then increasing to 86.95 in 2025, and 109.89 in 2026 [2]. - EPS (in CNY): 0.74 in 2023, expected to drop to 0.50 in 2024, then rise to 0.62 in 2025, and 0.78 in 2026 [2]. - The report anticipates a PE ratio of 45-50 for 2025, suggesting a fair value range for the stock between 27.9 and 31 CNY per share [6]. Company Overview - Gobi Jia has been in the glass manufacturing industry for over 15 years, focusing on optical and specialty glass products. The company has developed a wide range of products used in various applications, including security monitoring, automotive lenses, optical instruments, and smart projection [10][25]. - The company has a relatively dispersed ownership structure, with significant stakes held by institutional investors, which aligns the interests of management and key technical personnel with those of shareholders [22]. Industry Insights - The optical glass market in China is projected to grow, with a market size of approximately 3.76 billion CNY in 2023, reflecting a 4.4% increase. The demand for high-quality optical products is expected to rise due to advancements in technology and consumer electronics [6][30]. - The specialty glass segment is characterized by a diverse range of applications and a lack of domestic products, presenting opportunities for growth as the industry evolves [30][38]. Production Capabilities - Gobi Jia has made significant advancements in its melting and forming processes, allowing for continuous production and high-quality output. The company has developed proprietary technologies that enhance production efficiency and product quality [40][41]. - The company is expanding its production capacity with a new investment project aimed at increasing specialty glass output, which is expected to contribute significantly to future profits [6][40].