Puyin International initiated coverage on LENS (06613) with a "Buy" rating and a HK$23.3 target price, representing 25.2% potential upside. The research note highlights LENS's attractive valuation, with its A-shares trading at 23.1x 2025 P/E and H-shares at 17.3x. Using sum-of-the-parts valuation, Puyin assigned 2025 P/E multiples of 26x for smartphone/PC segments, 28x for NEV/smart cockpit, and 30x for smart wearables/XR devices.

The firm identified five growth catalysts: 1) Ultra-thin and foldable smartphones driving higher ASP and gross margins over the next three years; 2) Sustained momentum from UTG glass penetration in foldables starting next year; 3) Automotive glass business entering harvest phase in 2025; 4) Continued expansion in multi-material applications including aluminum and titanium; 5) Emerging opportunities in humanoid robots and AI glasses securing long-term growth visibility.

Puyin emphasized LENS's robust short-to-long term growth trajectory across its diversified technology portfolio.