(Yicai Global) April 24 -- Lens Technology’s shares rose after the Apple supplier reported a gain in annual earnings and announced plans to invest CNY8.67 billion (USD1.26 billion) in a project to expand the production capacity of its main business.

After jumping by as much as 6.9 percent earlier today, Lens Technology [SHE: 300433], a one-stop solution provider for precision structural components and other components, closed 1.7 percent up at CNY12.81 (USD1.86) a share.

Net profit jumped 18 percent to CNY2.45 billion (USD355 million) in the 12 months ended Dec. 31 from the year before, the Changsha-based company’s annual financial report showed late yesterday.

Revenue rose 3.2 percent to CNY46.7 billion (USD6.8 billion). Of that, income from the firm’s new energy vehicle business stood at CNY3.58 billion, a 59 percent jump.

Lens Technology also said its production capacity expansion project will be built in phases at the firm’s Taizhou industrial park in China’s eastern Jiangsu province, with a total construction period of three years.

The project will upgrade its products, including aluminum alloy enclosures and molds for electronics, and metal structural parts for cars. After being put into operation, it is expected to generate CNY8 billion in revenue and CNY421 million (USD61 million) in profit annually.

Its after-tax static investment payback period, including the construction period, will be almost 11 years, according to the statement.

The project will also help enrich Lens Technology’s portfolio, increase its market share, and meet its customers’ diversified needs, said the firm, whose customers also include Samsung, Tesla, BMW, Mercedes-Benz, and Volkswagen.

Editor: Peter Thomas