2025-12-12 02:19Summary of the Conference Call for Lens Technology (蓝思科技) Company Overview - Company: Lens Technology (蓝思科技) - Acquisition: Acquired PMG International, which includes the acquisition of Original Technology (原石科技), a key supplier for NVIDIA's server cabinet business [2][3] Key Points and Arguments Acquisition Details - The acquisition aims to quickly gain access to NVIDIA's server cabinet business, including technologies for racks, slides, trays, and advanced liquid cooling systems [2][3] - Original Technology is a critical supplier for NVIDIA's AI servers, providing metal structural components and manufacturing liquid cooling plates for Pinda Technology (品达科技) [2][4] Market Position and Financial Projections - Original Technology is one of the top three suppliers in NVIDIA's supply chain, with expected revenues of approximately 200-300 million RMB in 2025 and projected revenues of 800-1,000 million RMB in 2026, with a gross margin exceeding 30% [4][8] - The market for server cabinets is valued at least 500 billion RMB, with upstream module and structural markets nearing 100 billion RMB, presenting new growth opportunities for Lens Technology [7] Strategic Implications - The integration of Original Technology will enhance Lens Technology's capabilities in metal manufacturing and expand its production capacity, allowing it to provide continuous growth for NVIDIA [5][10] - The collaboration with Pinda Technology remains crucial, as Pinda will continue to rely on Original Technology for key component manufacturing, despite not being directly acquired [6][11] Industry Impact - The acquisition signifies a new trend for the fruit chain industry, which has faced challenges due to declining smartphone shipments. Entering the NVIDIA server cabinet supply chain represents a significant growth opportunity [7][12] - The fruit chain industry, represented by companies like Lens Technology, is expected to open a second growth avenue by tapping into the server market, potentially leading to an upward shift in valuation [12] Future Outlook - Lens Technology is expected to see business growth in 2026 and 2027, driven by its role as a major supplier for Apple's foldable devices and collaborations in the automotive sector [13] - Anticipated profits for 2026 could exceed 7 billion RMB, with a potential valuation exceeding 30 times earnings, indicating significant room for stock price and market value growth [14]