On October 31, 2021, Lens Technology (300433) announced that: Xu Meng of Singapore Government Investment Co., Ltd., Deng Guoyi of Hunan Caixin Industry Fund, Liu Yingying of CICC, Jia Shunhe of CICC, Li Chengning of CICC, Hu Yujing of CICC, Zhang Han of Hillhouse Capital, Liang Yang of Penghua Fund, Hu Ying of Penghua Fund, Xie Shuying of Penghua Fund, Zhang Haozhi of Huaxia Fund, Liu Sixian of Huatai Asset Management Co., Ltd., Xie Long of Huatai Asset Management Co., Ltd., Miao Fu of Huatai Asset Management Co., Ltd., ZHANG Weilin of CICC Capital, DING Ting of CICC Capital, Shen Zonghang of Tianhong Fund, Sherman of Changjiang Securities, Zhao Wenlong of Life Assets, Ma Chuan of Xinhua Asset Management, Han Yuechuan of Harvest Fund, CITIC Securities Asset Management Department, Cao Cangjian of CITIC Securities Asset Management, Qiu Ying of CITIC Asset Management Co., Ltd., Xu Bo of CITIC Construction Investment Securities Asset Management, Zhang Jinqi of Suzaku Fund, He Zhiyuan of Suzaku Investment, Yang Hua of BOCI Securities, Zhang Lixin of BOCI Securities, Wanfang Asset Management, Wu Gang of Zhongrong Fund, Li Jianyao of Zhongrong Fund, Shanghai Qingfeng Asset Management Center, Shanghai Qingfeng Asset Management Shi Baijun, Huaxia Wealth Innovation Investment Management Co., Ltd. Cheng Haiyong, Pacific Securities Wang Lingtao, Mingyao Investment Management Co., Ltd. Luo Tianyi, Zhongrong Huixin Futures Zhu Yan, Yongjin Asset Zhang Chuanjie, Jiutai Fund Zhao Wanlong, Zhongji Investment Co., Ltd. Ju Yongjun, Changjiang Pension Insurance Co., Ltd. Gao Guanpeng, Htisec Haitong International Self-operated Xu Shengdong, Feiran Singularity Investment Management (Beijing) Co., Ltd. Yu Liyue, Changsha Ling New Industry Investment Partnership Zou Yangdan, Panyao Asset Ge Legislative, Shenzhen Yuanwangjiao Investment Management Zhai Hao, Tibet Dongcai Fund Management Co., Ltd. Luo Qing, Tibet Dongcai Fund Management Co., Ltd. Qian Jianliang, Yitong Investment Zhu Longyang, China Overseas Fund Yu Zhonghua, Shanghai Hexi Investment Management Co., Ltd. Wu Di, Shanghai Kaibao Equity Investment Management Co., Ltd. Li Wei, Baolihua New Energy Co., Ltd. Lin Haifeng, Baolihua New Energy Co., Ltd. Yan Ming, Credit Suisse Securities Kyna, Beijing Fengpei Investment Management Co., Ltd. Sun Guanqiu, Shanghai Jurassic Asset Sun Kai, Shenzhen Qingshuiyuan Investment Management Co., Ltd. Cheng Yunan, Beijing Zundao Asset Management Co., Ltd. Yang Zengfei, Shanghai Xiansheng Investment Yang Hai, Comand Capital Chen Qingping, Xuanbu Investment (Shanghai) Co., Ltd. Dong Huimin, Shanghai Junhe Licheng Investment Management Center (Limited Partnership) Wang Ruisi, Shenzhen Qianhai Guhe Asset Management Co., Ltd. Wenya, Hongcheng Investment Cao Zhongshu, Miyuan Investment Yang Yixi, COFCO Capital Yan Mengxun, Beijing Hongdao Investment Management Co., Ltd. Zhuang Zichao, Changxin Fund Sun Yue, Shanghai Lingjun Asset Management Center Tang Hao, Hongdao Investment Guo Shuaitong, Yuanhao Investment Wang Yifan, Bodao Fund Zhang Wei, Wealth Securities (Asset Management) Si Yan, Chengdu Guanjin Private Equity Fund Management Co., Ltd. Jiang Ming, Shanghai Wasion Asset Management Co., Ltd. Wei Yanjun, Shanghai Bank of China Fund Lu Yang, Guangzhou Tianying Private Equity Securities Fund Management Co., Ltd. Huang Weikun, Guangzhou Tianying Private Securities Fund Management Co., Ltd. Meng Hui, China Galaxy Securities Self-operated, China Galaxy Securities Liu Lancheng, Shengxin Asset Management Co., Ltd. Hu Jianjun, Shengxin Asset Management Co., Ltd. Hu Xiaojun, OPA Pacific Securities, Zhou Zhe of BOC Asset Management, Shen Dai of SPDB International, Zhang Jiangcheng of Xinjiang Weitong Equity Investment Management Partnership, Liu Xu of Shanghai Yijinghui Asset Management Co., Ltd., Wang Xiangyang of Shanghai Bangjie Medical Investment Management Co., Ltd., Zhai Xu of Shanghai Investment Morgan Fund, Li Bo of Shanghai Investment Morgan Fund, Wang Long of Shanghai Mingyu Asset Management Co., Ltd., Hao Biao of Xingyin Wealth Management, Zhu Hekai of Zhishun Investment, Xu Sunyu of Anxin Fund Management Co., Ltd., Zhang Nan of Shanghai Fengyang Asset Management Co., Ltd., Jiang Junguo of Beijing Yijiu Asset Management, Zhonghong Zhuojun Chen Jinhong, Centennial Life Insurance Li Zhenya, Baoying Fund Zhu Jianming, Beijing Dingsa Investment Co., Ltd. Liu Xunfeng, Chengdu Guanjin Private Equity Fund Management Co., Ltd. Zhou Jin, ICBC Wealth Management Research Department Li Ang, ICBC Wealth Management Research Department Panjing, ICBC Wealth Management Research Department Wang Li, Shenzhen Qianhai Ruixin Zhiyuan Investment Management Co., Ltd. Luo Hao, Wenyuan Capital Liu Xu, Fenghe Investment Management Wei Hongxi, Hengfu Investment Chen Yi, Bullying Asset Lai Yingxi, Huachen Future Fund Li Baihan, Shenzhen Qianhai Ruixin Zhiyuan Investment Management Co., Ltd. Luo Hao, CITIC Industrial Investment Fund Zou Tianlong, Zhongji Investment Co., Ltd. Feng Xiao, Guojin Securities Xinxiang, Guojin Securities Zeng Meng, Tongan Investment Zhonghuachao, Dunhe Asset Management Zhang Hongfan, Jiangsu Ruihua Investment Holding Group, Jiangsu Ruihua Investment Zhang Liying, Wangzheng Capital Kuangbin, Guangyu Group Li Bin, Shenzhen Red Pomegranate Investment Management Co., Ltd. He Ying, Shenzhen Red Pomegranate Investment Management Co., Ltd. Li Kejing, Beixin Ruifeng Yaohua, Anxin Fund Management Co., Ltd. Huang Wanting, Caitong Fund Wu Yunyang, Caitong Fund E Fangda, Caitong Fund LinSen, Renqiao Asset Zhang Hongyun, National Adjustment Fund Yin Jingchao, China Resources Yuanda Fund Management Co., Ltd. Su Zhan, Beijing Wise Investment Management Co., Ltd. Li Linfeng, Ordinary (Shanghai) Investment Management Co., Ltd. Zhang Pengfei, Guangdong Dasheng Real Estate Co., Ltd. Du Tong, Guangdong Dasheng Real Estate Co., Ltd. Chu Heng, Guangdong Dasheng Real Estate Co., Ltd. Ren Jia, Guangdong Dasheng Real Estate Co., Ltd. Luo Wei, Jianxin Trust Yu Lei, Hongyi Investment Wang Chao, Hony Investment Chris, Shenzhen Qianhai Longmen Asset Management Co., Ltd. Xu Zhixin, Shanghai Fengchi Asset Management Co., Ltd. Sun Guanshi, Shanghai Fengchi Asset Management Co., Ltd. Dacheng, Shanghai Fengchi Asset Management Co., Ltd., China Merchants Fund Zhou Zongzhou, Huaxia Jiuying Li Xiaojie, Chinese Insurance Hong Kong Asset Management Co., Ltd. Wang Nan, Wealth Customer Jiang Li, Shagang Investment Liu Jinyu, Jianxin Fund Zhu Hong, Shicheng Investment Chen Zhixuan, Shicheng Investment Kevin Chen, CITIC Prudential Life Asset Management Jin Wei, Paradise Silicon Valley Asset Management Group Co., Ltd. Guo Rui, Zhongshan Yihai Investment Wu Chengfeng, Tongan Investment Lin Zhenjing, Shenzhen Qifu Investment Co., Ltd. Lin Jibin, Beijing Heju Investment Mai Turong, Shenzhen Jingtai Lifeng Investment Li Laiyan, CITIC Construction Investment Fund Hu Bo, Jingcong Asset Zeng Shaopeng, Shanghai Heqing Investment Management Co., Ltd. Wu Jiahao, Shanghai Shenzhi Asset Management Partnership Yang Zixiao, China Post Wealth Management Youchao, Jinglin Asset Management Xie Hantao, Shenzhen Simple Capital Management Co., Ltd. Liu Mingyan, Shanghai Shenzhi Asset Management Partnership Cui Peng, Shenzhen Zhuxincheng Equity Investment Fund Management Co., Ltd. Li Zhenghaofeng, Shanghai Taiyang Asset Management Co., Ltd. Tang Mingze, China Life Security Zhang Biao, Morgan Stanley Derrick Yang, Morgan Stanley Kevin Chiueh, PinpointSimon Shen, PinpointQitian LUO, CA Indosuez (Switzerland) Su Qian, UBS Jason Sung, UBSChrissy Jiang, UBS Jimmy Yu, UBSThompson Wu, Citi Marco Lin, Macquarie Securities Liu Xinzhu, Macquarie Securities Cherry Ma, Daiwa Securities Chen Sicheng, Daiwa Securities Kylie Huang, Atlantis Investment ManagementFrank Lu、Millennium CapitalTianbo Yu、Luxence CapitaCalvin Wong、Daiwa Capital MarketsJack Chen、Point 72Joe Qin、UG Investment AdvisersSara Huang、UG Investment AdvisersAbbie, EastspringEron Pooh, RAYS CapitalPeter Zhang, GuosenEric Qiu, CloudAlphaMark, Polymer Capital Zheng Tiantao, Green Court Feng Jiazhen, Dantai CapitaWei Wei, Haitong International SecuritesYinjun ZHU, Ping An of China Asset Management (Hong Kong) Dun Kewei, Ping An of China Asset Management (Hong Kong) Zhu Pan, Ping An of China Asset Management (Hong Kong) Chen Huanlong, Ping An of China Asset Management (Hong Kong) Li Zhengye, Ping An of China Asset Management (Hong Kong) Zhang Peng, Ping An of China Asset Management (Hong Kong) Chen Yining, Ping An of China Asset Management (Hong Kong) Xu Tao, Ping An of China Asset Management (Hong Kong) Joe Qin, Ping An of China Asset Management (Hong Kong) Zhou Zhou, Ping An of China Asset Management (Hong Kong) Ma Jie, Ping An of China Asset Management (Hong Kong) Tang Jun, Ping An of China Asset Management (Hong Kong) Wang Ying, Ping An of China Asset Management (Hong Kong) LiMing, Ping An of China Asset Management (Hong Kong) Liu Jie, Ping An of China Asset Management (Hong Kong) Peng Wu, Ping An of China Asset Management (Hong Kong) Wang Haigang, Ping An of China Asset Management (Hong Kong) Chen Yi, Ping An of China Asset Management (Hong Kong) Yan Mengxun, Ping An of China Asset Management (Hong Kong) Chen Jiayue, Ping An of Li Li of China Asset Management (Hong Kong), Chen Xiaosheng of Ping An of China Asset Management (Hong Kong), Hao Zhou of Ping An of China Asset Management (Hong Kong), Peng Zhang of Ping Of China Asset Management (Hong Kong), Ping An of Zhang Xun of China Asset Management (Hong Kong), Zhang Wei of Ping An of China Asset Management (Hong Kong), Dong Yi of Ping An of China Asset Management (Hong Kong), Tan Xiaofeng of Ping An of China Asset Management (Hong Kong), Ping An of China Asset Management (Hong Kong) Yu Wenyao, Ping An of China Asset Management (Hong Kong) Xia Terry, Ping An of China Asset Management (Hong Kong) Salinas Zhang, Ping An of China Asset Management (Hong Kong) Qiu Xiaolei, Ping An of China Asset Management (Hong Kong) She Yuefen, Ping An of China Asset Management (Hong Kong) Xu Heng, Ping An of China Asset Management (Hong Kong) Liu Unselfish, Ping An of China Asset Management ( Hong Kong) Peng Wu, Ping An of China Asset Management (Hong Kong) Hu Ying, Ping An of China Asset Management (Hong Kong) Zhou Zhe, Ping An of China Asset Management (Hong Kong) Yin Jingchao, Ping An of China Asset Management ( Hong Kong) Miao Feng, Ping An of China Asset Management (Hong Kong) Chen Peihao, Ping An of China Asset Management (Hong Kong) Guo Jun, Ping An of China Asset Management (Hong Kong) Zhu Xiaojie, Ping An of China Asset Management ( Hong Kong) Feng Chaoqi, Ping An of China Asset Management (Hong Kong) Wang Guizhou, Ping An of China Asset Management (Hong Kong) Pan Yao on October 27, 2021 to investigate our company.
The main contents of this survey are:
Q: Can you introduce the company's strategic progress in the fields of consumer electronics and new energy vehicles at this stage? Thank you!
A: Our core competitiveness in terms of scale, technology, market and capital has been continuously recognized and supported by everyone since its listing, and it is also constantly enhanced. Our industrial layout is also very clear, in the electronic information piece, in addition to some new materials, we have also made great improvements in automation. In the metal sector, before the company acquired back, Taizhou basically only did one project a year, and this year we got three projects next year. Therefore, just introduced the third quarter of R & D expenses, management costs are relatively high, because taizhou departments have a quite large team corresponding to new products, we have increased a lot of personnel in research and development, sales, operations and other aspects, after all, to deal with next year's three projects, and we are still continuing to strive for more projects and customers, so this is also a factor affecting our high management costs this year. In the case of new energy vehicles, the funds we raised last year have begun to open a special factory in the Yellow Garden District this year. In the past, we were scattered in several parks, each of which did a small process, resulting in high internal communication costs and yields. Now, we have put the entire automotive-related products in the Yellow Garden Area, laid out a car factory, and all the customers' trial research and development products are completed in it, and the laying of the groundwork is still very good. We look forward to the continued integration of all our products next year so that our management costs and R&D costs are optimized.
Q: The current progress of new energy vehicle products such as side window glass, windshield, and canopy glass? What new layouts will be made in the next few years in the new energy vehicle sector?
A: In the field of new energy vehicles, a large proportion of our business is mainly the central control screen, dashboard and B-pillar, etc., and the rear display screen, some decorative parts, window glass, etc. are also done. I believe that all shareholders also know that in addition to glass, we also have ceramics, sapphires, plastics, and metals. Especially in the Yellow Garden District, we will put the car above the products we can produce will do, maybe the future of the entire central control screen from the inside to the outside, in addition to the display and electronic components, other we will help customers in a park to complete. Now that our first windshield production line has been installed, the side window glass has been sampled, and the performance of our glass is very recognized by our customers. We are also arranging charging piles, after all, many parts are very consistent with our existing business of Lens. Then other products and materials, including sapphire, we also hope to apply more to cars in the future, because the texture is still different from glass. When we talk to the R&D teams of many new automotive customers, we also suggest that they can apply some new materials like electronic information products, not just glass, plastic and metal. In general, the sales share of Lens in each car will become higher and higher in the future.
Q: A large part of the company's revenue is denominated in US dollars, and the current exchange rate fluctuations are more frequent, what means is the company prepared to use in the future to control the impact of the FLUCTUATIONs of the US dollar exchange rate on the company?
A: This is indeed a very concerned issue for management, because the overall global economic situation is still relatively turbulent, and the entire epidemic is not over, which will have a very big impact on the fluctuations of the entire exchange rate. We are also an import and export-oriented enterprise, so this piece is indeed a difficult and important issue. The company has also established a multi-party control mechanism composed of asset management department, finance department, economic management department and external expert team. First, we still focus on balancing our own dollar assets and liabilities, not betting on market fluctuations, so that when our dollar assets and dollar liabilities basically match, the fierce fluctuations in the market have no greater impact on our own operations. At the same time, we have received strong support from financial institutions, and high-level experts have given us timely refresh of the exchange rate, and each financial institution provides exchange rate predictions of about 2-3 times a week to give us a reference for judging the future direction. In addition, we have also adopted a relatively risk-controllable method of locking foreign exchange, that is, our lock foreign exchange basically will not cross, so that we can basically control a risk in a relatively small range, from the perspective of our current implementation, it still played a very good effect, our entire 1-9 months of exchange loss control at about 38 million, from the scale of the enterprise itself and compared with other peers, this is a very good number. In addition, we will also consider the DOLLAR liability, because the interest rate of the US dollar is still lower than the interest rate of the renminbi, so we also improve our overall interest expense by adjusting the US dollar debt to match the LEVEL of THE US dollar assets.
Q: How does the sharp rise in raw material prices affect the company?
A: The sharp rise in raw material prices has raised the procurement cost of our raw materials and accessories to a certain extent this year, especially the increase in chemical raw materials, which has led to an increase in the procurement cost of consumable materials in the chemical industry; in addition, the increase in metal materials including copper and so on has also been very large, and there is also an increase in the purchase costs of these molding tools, equipment and our infrastructure. In view of this, the company continues to optimize the centralized procurement model, enhance the bargaining power of products, and through our internal supporting subsidiaries such as Lens Intelligence and Lens New Materials, continuously improve the self-made efficiency and proportion of these auxiliary materials and auxiliary tools, superimpose the continuous innovation of processing technology and production technology, and further reduce costs as a whole.
Q: In the context of the price reduction of end products, what are the ways for companies to continue to improve profitability in the future?
A: First of all, we have a long-term and in-depth strategic cooperative relationship with our customers, and will continuously optimize production costs through continuous lean production and supply chain integration measures, and provide customers with products with price competitiveness and product quality assurance. The company also cooperates with customers to make phased and strategic adjustments, and customers will also provide corresponding support to the company, such as shares and new business. Lens is a company that pays great attention to innovation, we will continue to carry out research and development of new products, new technologies, new materials and new equipment, and constantly increase innovation efforts to further improve the added value of products. At the same time, we adhere to the platform development, continue to develop new businesses such as new energy, automobiles, metal wearables, etc., continuously broaden the main revenue channels, and continue to improve efficiency and yield, control production and operating costs, and continuously improve profitability through a number of cost reduction measures such as industrial Internet and production automation.
Q: Can you introduce the company's layout thinking in the field of AR and VR products, and the future development trend of smart wearable devices?
A: We have been developing AR and VR products with our core customers for 4 years, and we continue to have a layout in both customers and products. Personally, I understand that in the future, when all materials and product structures, software and hardware have reached the ultimate level, it will be a trend, and it will take time to improve.
Q: The company announced a measure to repurchase shares, the company at this stage to start the equity incentive plan to consider?
A: The incentive plan can stabilize the team, so that the team can serve the company in the long run, which is of great help to the company's efficiency and yield improvement, and in the past two years, the company has introduced a lot of excellent talents to serve the new business, so we hope to help stabilize the team.
Q: Based on the company's strong processing capacity and technical reserves in glass, metal, sapphire and other materials, in addition to consumer electronics, new energy vehicles, does the company have an idea to develop other strategic businesses?
A: The answer is yes, we will keep our main business, sustained, long-term and efficient development, and then use our core materials, core technologies, core equipment, core concepts, continuous innovation, and absorb more excellent teams to extend to different industries. We want to bring our new concepts and new technologies to a new industry, and then let consumers have a better experience.
Q: What are the advantages of Lens over existing suppliers in terms of windshields for car windows?
A: Our advantage may be to use a process of electronic information glass that we have accumulated for decades to optimize: First, let the glass be lighter, because the automotive glass they are physically tempered, relatively thick, new energy vehicles to improve the endurance, and the entire automotive glass occupies a relatively heavy amount, so we can help it thin down; the second to help it increase transparency, the future automotive glass he wants to make a projection screen in all aspects will be better; the third is to enhance the impact resistance of collisions, through our process to make glass, There will be toughness, more impact resistance, not easy to break, and after breaking, it is also a blunt angle like rice, even if it is broken to people, it will not hurt people's skin; fourth, if the glass is thinner, it uses fewer raw materials, and now the world is doing photovoltaics, cars, glass, in fact, the really good quartz placer ore is very little, less and less resources, if in the future we can use thinner glass to meet the requirements of our brand customers, consumers also accept, I think for a global resource is also a kind of savings In addition, its processing accuracy can also be optimized, such as further noise reduction and anti-fouling. So I think our process can be optimized from many aspects to improve automotive glass.
Q: The company's main investment direction in the third quarter?
A: As we have said in a quarterly report, as the opening year of Lens's strategy for the next 5 years, the company has made a strategic layout in the next 3 or even 5 years with the support of customers last year, including the beginning of this year. In the third quarter, of course, we were a large quarter, but at the same time we made a lot of investment and research and development layout for new products next year and new products in the following year. At the same time, we have increased our investment in capacity, equipment, automation processes and the entire technological innovation, and we do not say that Lens is now satisfied with the existing capacity. A real platform company should be able to carry out synchronously on these functional lines and do a very good job. You can see that some of our investment data shows a capability of Lens in this regard. The core investment in the third quarter is still around the four new we talked about, new products, new customers, new technologies, new equipment as a whole to increase investment. Next year, it will be a big year for our core customers of consumer electronics and automotive new energy vehicles. So in this process, Lens is in front of the entire industry, we also make a lot of investment with the support of customers, I believe that you can see some results in our business and data next year.
The main business of Lens Technology: R & D, production and sales of high-end touch protection glass panels, new materials for appearance protection and other intelligent terminal appearance protection parts
Lens Technology's 2021 third quarter report shows that the company's main revenue was 33.926 billion yuan, up 30.07% year-on-year; net profit attributable to the mother was 3.297 billion yuan, down 3.94% year-on-year; deducting non-net profit was 2.638 billion yuan, down 14.69% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 12.535 billion yuan, up 19.21% year-on-year; single-quarter net profit attributable to the mother was 989 million yuan, down 34.97% year-on-year. In a single quarter, the non-net profit was 755 million yuan, down 48.92% year-on-year; the debt ratio was 41.16%, the investment income was 254 million yuan, the financial expense was 333 million yuan, and the gross profit margin was 24.29%.
In the past 90 days, a total of 8 institutions have given ratings and 8 buy ratings; the target average price of institutions in the past 90 days has been 31.21; the net inflow of financing in the past 3 months has increased by 40.926 million, and the net inflow of margin has increased by 279 million, and the balance of margin has increased. The Securities Star Valuation Analysis Tool shows that 300433) good company rating is 3.5 stars, good price rating is 3 stars, and valuation comprehensive rating is 3.5 stars.