According to a research report by Haitong Securities, Lansi Technology (300433. SZ) achieved a revenue of 46.228 billion yuan (+36.74% year-on-year), a net profit attributable to shareholders of 2.371 billion yuan (+43.74% year-on-year), and a non net profit attributable to shareholders of 2.1 billion yuan (+45.96% year-on-year) in the first three quarters of 2024. Looking at business segments, the revenue from smartphones and computers accounted for over 80% in the first three quarters, achieving rapid growth. The company deepened vertical integration of the industrial chain, developed and mass-produced smart devices such as smartphones and payment terminals for customers, driving sales growth and increasing market share of structural components such as glass and metal. In the past 24 years, leading companies have successively launched AI related products. The company actively cooperates with customers in the research and development of AI mobile phones, PC related appearance parts, and structural parts, and is expected to achieve a single machine value increase. At the same time, the company has already established a technical layout for core components such as UTG and CPI required for foldable screens. Considering the valuation level of comparable companies, a 25 year PE valuation range of 20-25x is given, corresponding to a reasonable value range of 21.60-27.00 yuan. For the first coverage, a rating of "better than the market" is given.