Citi: Slashes Lens Technology (06613.HK) target price by 35.5% to HK$20; third-quarter results far below expectations.

Zhitong Finance APP has learned that Citi issued a research report stating that Lens Technology's (06613, 300433.SZ) third-quarter results were significantly below expectations, mainly dragged down by weak consumer electronics demand, adjusted launch timing of key foldable phone models, and foreign exchange factors. The bank maintained its "Buy" rating on the H-shares, cut the H-share target price by 35.5% from HK$31 to HK$20, lowered the A-share target price by 25% from RMB40 to RMB30, and reduced its net profit forecasts for 2026 to 2028 by 40%, 24%, and 23% respectively to RMB2.7 billion, RMB5.4 billion, and RMB7.0 billion, mainly reflecting lower gross margin forecasts and higher R&D expenses.