Investor Research

300433.SZ · A-shares

300433.SZ Lens Technology: precision components + foldable ASP

Lens Technology 2025 revenue ¥74.410B (+6.46%), parent NI ¥4.018B (+10.87%), OCF ¥11.465B; GM ~16%. 2026Q1 revenue ¥14.140B (−17.1%), parent NI loss ¥0.150B. Thesis: Apple-chain glass/structures + foldable UTG ASP + robot/liquid-cooling options. ~¥36.6 / mkt ~¥193B (as of ~2026-07).

Published Updated Open interactive reader

Download MarkdownExport PDF

Cite a section with a deep link, e.g. /en/r/lens-300433-research#thesis

KPIs

A-share (approx)
CNY 36.58
Market cap (approx)
CNY 193.1B
2025 revenue
CNY 74.4B
2025 parent NI
CNY 4.0B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Lens Technology (300433.SZ) is a leading protective-glass and precision-structure supplier. 2025 revenue ¥74.410B (+6.46%), parent NI ¥4.018B (+10.87%), OCF ¥11.465B. 2026Q1 revenue ¥14.140B (−17.1%) with a ¥0.150B parent loss.

Precision consumer-electronics manufacturer tightly tied to Apple and peers. 2025 NI grew, but 2026Q1 swung to a loss on order cuts—near-term hinge is foldable UTG/structure ASP in 2H; longer-dated optionality in robots and AI-server liquid cooling. Customer concentration and CE cycles are permanent discounts.

Business

Model: Precision glass, metal structures, touch modules and partial assembly for phones/PCs/wearables/auto.

Flagships: Phone/PC glass & structures (~82% of 2025 sales); foldable UTG/hinge-related parts; early robots / AI-server liquid cooling / aerospace glass.

Edge: Tier-1 customer share; vertical integration. Strategy (12–24m): Capture foldable ASP; defend GM; scale new verticals.

Value chain

Mid-stack CE components. Upstream materials/equipment; downstream Apple and EMS. Risks: order cuts; input/FX costs.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
TTM PEN/A未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PBN/A待最新净资产与市值核验
股息率N/A待分红公告 / IR
现价语境约 36.58300433.SZ · 以包内 kpi_snapshot 时点为准
As of 2026-09-25

Valuation & returns · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

~3y valuation & returns (illustrative; §A.6):

Valuation & returns · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

~¥36.6 / ~¥193B mkt (≈2026-07). Multiple prices foldable ASP + new-venture optionality—misses compress faster than for pure cyclicals.

Share price · ~3y

Interactive chart available in the reader.

Quarterly close reconstruction (illustrative, split-adjusted approx.) · As of 2026-09-25

Financial trend (~24m)

Revenue · last 8Q

Interactive chart available in the reader.

Company filings; some historical quarters synthesized from public data · As of 2026-09-25

Gross margin · last 8Q

Interactive chart available in the reader.

Company disclosures; some quarters synthesized · As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Reconstructed from public filings (illustrative; attributable NI) · As of 2026-09-25

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评见最新披露以 OCF 与负债率为准
经营现金流见中报 / 季报与净利润匹配度
资产负债率见最新资产负债表有息负债 vs 现金
流动性见流动比率货币资金与短债
审计意见无保留（常规预期）半年报未经审计
As of 2026-09-25

Operations

Revenue / segment mix

Revenue / segment mix
SegmentScale/mixNote
智能手机与电脑类~82% / ¥611.8B（2025）防护玻璃、中框、触控等；苹果链核心
可穿戴 / 智能汽车等其余收入头显、车载玻璃与结构件
新兴赛道早期放量折叠屏 UTG、机器人、液冷、航天级玻璃
2026Q1 经营营收 −17% / 净亏下游砍单与成本扰动，关注 2H 回补
As of 2026-09-25

Competition

Market share trend · last 8Q

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer map

Peer map
CompanyRoleMarginStrengthWeakness
蓝思科技玻璃+结构件龙头~16% GM大客户份额 / 垂直整合客户集中 / 周期
比亚迪电子等组装+结构件中等整机协同与苹果链重叠有限
伯恩光学等（非上市对照）防护玻璃对手—玻璃工艺公开财务透明度低
Apple（下游）终端品牌高创新周期定需求订单波动向供应商传导
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
董事长 / 实控人周群飞长期近 24 个月未见核心控制权重大变更
副总经理 / 财务总监刘曙光公开披露在任平稳
经营管理层职业经理团队—事业部制改革推进中
As of 2026-09-25

Stability: steady—controller Zhou Qunfei; thesis driven by customer cycles more than personnel.

Outlook

Watch foldable shipments/ASP, 2H CE restocking, new-venture revenue recognition, and GM normalization.

Scenarios

Scenario Trigger Implication
Bull Foldable ramp + strong 2H NI and multiple expand
Base Mild FY growth; new bets early Volatile hold
Bear Delays + prolonged cuts Multiple compression

Risks

References

  1. Lens 2025 annual report materials — https://static.cninfo.com.cn/finalpage/2026-03-31/1225061644.PDF
  2. Lens 2026 Q1 report — https://static.cninfo.com.cn/finalpage/2026-04-16/1225106756.PDF
  3. Company IR / SZSE filings (300433.SZ)
  4. Related: Apple

Not investment advice.

Tracking

Check next earnings for:

  1. Next-quarter revenue & margin vs guide
  2. OCF vs CapEx / payout
  3. Competitive share shifts
  4. Valuation vs historical mid-cycle
  5. Key policy / supply-chain variables

Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

Comments

Sign in to comment

Loading…