On December 17th, Gallon News reported that HAITONG SEC's research report pointed out that Lens Technology (300433.SZ) achieved revenue of 46.228 billion yuan in the first three quarters of 2024 (up 36.74% year-on-year), with a net income attributable to the parent of 2.371 billion yuan (up 43.74% year-on-year), and a net income attributable to the parent after deducting non-recurring gains and losses of 2.1 billion yuan (up 45.96% year-on-year). In terms of business sectors, revenue from smart phones and computers accounted for over 80% in the first three quarters, achieving rapid growth. The company develops and mass-produces smart phones and payment terminals among other smart devices through deep vertical integration of the Industry Chain, driving the growth of the company’s sales scale and enhancing market share of structural parts such as Glass and Metal. In 2024, leading companies will successively launch AI-related products, and the company actively cooperates with clients in the R&D of AI mobile phone and PC-related appearance and structural parts, which is expected to enhance the value per unit. At the same time, the company has already made technical arrangements for key components such as UTG and CPI required for folding screens. Considering the valuation levels of comparable companies, a 2025 PE valuation range of 20-25x is given, corresponding to a reasonable value range of 21.60-27.00 yuan, with an initial coverage giving an "outperform market" rating.