HK Stock Market Move | Lens Technology (06613) falls over 3% to a new listing low; third-quarter net profit halves year-on-year; major banks cut the company's target price.

Lens Technology (06613) fell over 3%, touching HK$14.65 to hit a new listing low. As of press time, it was down 3.29% at HK$14.68, with turnover of HK$89.7756 million. On the news front, Lens Technology reported third-quarter operating revenue of RMB19.035 billion, down 8.05% year-on-year; net profit attributable to shareholders was RMB843 million, down 50.42% year-on-year. The earnings decline was mainly attributed to pressure on end demand caused by rising memory prices, delayed new product launches by major customers, and foreign exchange losses. Following the results, major banks said Lens Technology's third-quarter performance was below expectations and successively cut the company's target price. Citi maintained its "Buy" rating on Lens Technology's H-shares and cut its H-share target price by 35.5% from HK$31 to HK$20; UOB Kay Hian also maintained its "Buy" rating but sharply cut the company's H-share target price from HK$43.1 to HK$21.5. The bank noted that earnings growth is expected to improve significantly from the fourth quarter of this year to the first quarter of next year, as orders related to a major customer's foldable model are deferred to the fourth quarter and further ramp up in the first quarter of 2027.