Gelonghui December 3rd | Changjiang Securities research report pointed out that Lens Technology (300433.SZ) as the head of exterior parts in Fruit Chain, significantly improved its profit ability in the third quarter. Recently, the subsidies for consumer electronics are expected to boost the sales of high-priced phones such as iPhones out of the trough, and Lens Technology is expected to benefit corely. Next year, the dual drive of AI functionality and exterior parts innovation will lead to comprehensive upgrades of various components of smart phones such as middle frames, glass, heat dissipation, and batteries. With glass cover plate as the core, the company expands horizontally through internal and external extensions, opening up sapphire and ceramic materials, metal middle frames, etc., and finally vertically integrates into the assembly business. The platform-type leader layout of exterior parts has been established. In addition, the company's new energy vehicles, smart watches, smart headsets, smart payment, and other newly opened tracks have achieved good growth, with sufficient momentum for performance improvement. It is expected that the company will achieve net income attributable to mothers of 4.121, 6.024, 8.263 billion yuan respectively in 2024-2026, and maintain a "buy" rating for the company.