免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，国信证券9月4日发布研报称，给予蓝黛科技（002765.SZ）优于大市评级。评级理由主要 包括：1）费用管控稳定，盈利能力同环比持续修复；2）主业持续放量，新能源业务加速拓展。风险提 示：原材料价格波动，国际及经济环境变化，汽车行业需求承压。 每经头条（nbdtoutiao）——AI内容强制标识"首周"实测：抖音、小红书、微博自动识别"失灵"，AI应 用文本漏标，视频"会员可去水印" （记者 王晓波） ...

证券研究报告 | 2025年09月04日 蓝黛科技（002765.SZ） 优于大市 二季度净利润同比增长 79%，机器人业务持续推进 产品线持续发力，公司业绩持续释放。蓝黛科技 2025 年上半年实现营收 17.5 亿元，同比+8.3%，归母净利润 1.1 亿元，同比+61.6%；扣非归母净利为 0.9 亿元，同比+138%；单二季度看，25Q2 营收 9.4 亿元，同比+8.5%，环比+15.3%， 归母利润 0.57 亿元，同比+79.1%，环比+9.4%，扣非净利润 0.46 亿元，同 比+159.3%，环比+3.9%。整体来看，得益于公司汽车零部件业务的订单释放 以及盈利能力的持续提升，公司业绩持续释放。 费用管控稳定，盈利能力同环比持续修复。费用层面，25Q2 蓝黛科技销售/ 管理/研发费用率分别为 1.2%/3.0%/3.4%，同比分别-0.3/+0.4/-0.4pct，环 比分别-0.7/-0.8/0.0pct，整体费用管控相对稳定；25Q2 公司毛利率 17.6%， 同比+4.2pct，环比+2.2pct，净利率 6.1%，同比+2.4pct，环比-0.3pct；预 计公司盈利能力的提升主要系 ...

Core Viewpoint - The company, BlueDai Technology, reported strong financial performance in the first half of 2025, driven by its dual business segments of power transmission and touch display, showcasing robust market competitiveness and governance standards [1] Financial Performance - The company's revenue reached 1.751 billion yuan, an increase of 8.32% year-on-year [1] - Net profit attributable to shareholders was 109 million yuan, up 61.56% year-on-year [1] - The net profit after deducting non-recurring items was 89.84 million yuan, a growth of 138.00% [1] - Basic earnings per share were 0.1675 yuan, indicating significant enhancement in profitability [1] - Operating cash flow was 44.72 million yuan, showing marked improvement compared to the same period last year [1] Business Segments Power Transmission - The power transmission segment generated revenue of 961 million yuan, a substantial increase of 20.57% year-on-year [2] - Net profit for this segment was 72.18 million yuan, reflecting a growth of 48.33% [2] - The company capitalized on the booming electric vehicle industry, expanding sales of automotive components [2] - New orders in the integrated robotic joint module business indicate progress in the smart equipment sector [2] - The company’s products are now part of the supply chains of major automotive groups like SAIC, FAW, Toyota, and Geely, strengthening its growth foundation [2] Touch Display - The touch display segment reported revenue of 788 million yuan, a slight decline of 3.82% year-on-year [3] - Net profit for this segment reached 38.07 million yuan, a significant increase of 88.19% [3] - The growth in sales of automotive-related products was a key driver for performance [3] - The company has successfully supplied touch display products to renowned firms such as Corning, Innolux, and BOE, solidifying its market position [3] Financial Health Indicators - The gross margin for the first half of 2025 was 16.57%, an increase of 4.29 percentage points year-on-year [4] - The net profit margin was 6.36%, up 2.20 percentage points from the previous year [4] - In Q2 2025, the gross margin was 17.61%, showing a year-on-year increase of 4.20 percentage points [4] - The company’s operating expenses for the first half amounted to 152 million yuan, an increase of 18.14 million yuan year-on-year [4] - The expense ratio was 8.69%, up 0.40 percentage points from the previous year, with notable increases in sales, management, and financial expenses [4]

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 16.16亿 | 17.51亿 | 8.32% | | 归母净利润(元) | 6761.65万 | 2660.T | 61.56% | | 扣非净利润(元) | 3774.74万 | 4 8984.02万 | 138.00% | | 货币资金(元) | 5.41亿 | 6.35 C | 17.25% | | 应收账款(元) | 10.16亿 | 10.96亿 | 7.88% | | 有息负债(元) | 8.69亿 | 11.07亿 | 27.32% | | 毛利率 | 12.28% | 16.57% | 34.95% | | 净利率 | 4.16% | 6.36% | 52.95% | | 三费占营收比 | 4.61% | 5.24% | 13.56% | | 每股净资产 (元) | 3.75 | 3.94 | 5.10% | | 每股收益(元) | 0.1 | 0.17 | 61.52% | | 每股经营性现金流(元) | -0 | 0.07 | 2013.29% ...

Group 1: Northern Huachuang - Northern Huachuang achieved operating revenue of 16.142 billion yuan in the first half of 2025, a year-on-year increase of 29.51% [2][3] - The net profit attributable to shareholders was 3.208 billion yuan, reflecting a year-on-year growth of 14.97% [2][3] - The company focuses on the research, production, sales, and technical services of semiconductor basic products, including electronic process equipment and electronic components [4] Group 2: Deep Kangjia - Deep Kangjia reported operating revenue of 5.248 billion yuan in the first half of 2025, a decrease of 3.05% year-on-year [5][6] - The company incurred a net loss of 383 million yuan attributable to shareholders [5][6] - The consumer electronics business faced intensified competition and product mismatch with national subsidy policies, leading to losses [7] Group 3: Crystal Integration - Crystal Integration achieved operating revenue of 5.198 billion yuan in the first half of 2025, an increase of 18.21% year-on-year [8][10] - The net profit attributable to shareholders was 332 million yuan, marking a significant increase of 77.61% [8][10] - The company specializes in 12-inch wafer foundry services and has made progress in various technology platforms [11] Group 4: Weida Optoelectronics - Weida Optoelectronics reported operating revenue of 101 million yuan in the first half of 2025, a decrease of 7.25% year-on-year [12][13] - The net profit attributable to shareholders was 9.48 million yuan, down 39.78% [12][13] - The company is focused on the development and sales of polarizers and optical films for liquid crystal displays [14] Group 5: Landai Technology - Landai Technology achieved operating revenue of 1.751 billion yuan in the first half of 2025, a year-on-year increase of 8.32% [15][16] - The net profit attributable to shareholders was 109 million yuan, reflecting a growth of 61.56% [15][16] - The company is engaged in power transmission and touch display businesses, with a focus on automotive electronics and IoT devices [17]

Core Insights - BlueDye Technology Group Co., Ltd. reported a revenue of 1.751 billion yuan for the first half of 2025, representing a year-on-year growth of 8.32% [1] - The net profit attributable to shareholders reached 109 million yuan, showing a significant increase of 61.56% year-on-year [1] Business Segments - The company focuses on power transmission and touch display businesses, actively advancing its operations according to its development strategy and annual business plan [1] - In the power transmission sector, the company continues to optimize its industrial layout, with a growing sales proportion from core components for new energy vehicles, while maintaining market share in traditional fuel vehicle components [1] - The company launched an innovative product, the "integrated joint module for robots," marking a new phase in its strategic layout within the intelligent equipment sector [1] - In the touch display business, the company is seizing opportunities in the rapidly growing markets for cover glass and in-vehicle touch screens, while enhancing quality management to better meet customer needs [1]

Core Viewpoint - BlueDai Technology's stock performance and financial metrics indicate a stable growth trajectory, with significant increases in revenue and net profit year-over-year, despite low financing and margin trading activity [1][2]. Financial Performance - For the first half of 2025, BlueDai Technology achieved a revenue of 1.751 billion yuan, representing a year-on-year growth of 8.32% [2]. - The net profit attributable to shareholders for the same period was 109 million yuan, showing a substantial increase of 61.56% compared to the previous year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 79,500, a reduction of 4.70% from the previous period [2]. - The average number of circulating shares per shareholder increased to 7,493 shares, up by 4.93% [2]. Business Segments - The main revenue sources for BlueDai Technology include: - Power transmission assembly: 30.85% - Touch display module assembly: 24.28% - Power transmission components: 23.49% - Touch display components: 20.56% - Other: 0.83% [2]. Dividend Distribution - BlueDai Technology has distributed a total of 189 million yuan in dividends since its A-share listing, with 65.42 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include: - Penghua Carbon Neutral Theme Mixed A, holding 18.16 million shares, an increase of 9.76 million shares from the previous period [3]. - Yongying Advanced Manufacturing Smart Selection Mixed A, holding 12.65 million shares, a decrease of 11.59 million shares [3]. - New institutional shareholder, Huafu Technology Momentum Mixed A, holding 3.40 million shares [3].

Group 1 - The core point of the article is that Landai Technology (SZ 002765) held its 17th meeting of the fifth board of directors on August 28, 2025, to review the company's semi-annual report for 2025 [1] - For the first half of 2025, Landai Technology's revenue composition was as follows: 54.45% from the automotive parts manufacturing industry, 44.9% from the electronic components manufacturing industry, and 0.65% from other businesses [1]

智通财经APP讯，蓝黛科技(002765.SZ)发布2025年半年度报告，报告期内，公司实现营业收入17.51亿元，同比增长8.32%。实现归属于上市公司股东的净利 润1.09亿元，同比增长61.56%。实现归属于上市公司股东的扣除非经常性损益的净利润8984.02万元，同比增长138.00%。基本每股收益0.1675元。 ...

蓝黛科技(002765.SZ)发布2025年半年度报告，报告期内，公司实现营业收入17.51亿元，同比增长 8.32%。实现归属于上市公司股东的净利润1.09亿元，同比增长61.56%。实现归属于上市公司股东的扣 除非经常性损益的净利润8984.02万元，同比增长138.00%。基本每股收益0.1675元。 ...