公司报告 | 公司深度研究 参股泉智博布局机器人领域，机器人业务有望扩张版图。 公司通过全资 子公司蓝黛自动化以 500 万元参股泉智博 4.3%股权，切入机器人核心部 件赛道。泉智博在机器人关节领域具备技术优势，有望为蓝黛科技提供关 键技术支撑。通过本次合作，叠加重庆市"机器人+"政策支持，蓝黛科技 未来有望成为人形机器人产业链核心供应商，强化产业卡位优势。 蓝黛科技（002765） 证券研究报告 双主业协同稳健发展，机器人业务开拓新增长局面 消费电子市场回暖，触控显示业务业绩反弹增长态势良好。24 年政策驱 动消费电子市场回暖，液晶显示面板行业复苏。AI 硬件元年到来，AI 手机、 AI PC 市场前景可观，或带来新机遇。同时车载触控需求增长，新能源汽 车和智能座舱快速发展，带动车载触控业务需求增长。公司围绕车载触控 屏发展，开发双联屏等高附加值产品。 双主业并行，业务布局丰富。公司深耕汽车零部件行业超二十年，逐步形 成动力传动和触屏显示双主营业务并行的格局。公司动力传动业务产品多 样，不断向新能源领域拓展；触控显示业务产品应用于汽车电子、消费电 子等多领域。财务方面，2019 年至 2021 年期间，公 ...

公司报告 | 公司深度研究 蓝黛科技（002765） 证券研究报告 双主业协同稳健发展，机器人业务开拓新增长局面 双主业并行，业务布局丰富。公司深耕汽车零部件行业超二十年，逐步形 成动力传动和触屏显示双主营业务并行的格局。公司动力传动业务产品多 样，不断向新能源领域拓展；触控显示业务产品应用于汽车电子、消费电 子等多领域。财务方面，2019 年至 2021 年期间，公司营收整体呈上升趋 势，2021 年-2024 年公司营收小幅下降，虽盈利能力有波动，但 2024 年 触控显示等业务回暖，实现扭亏为盈。 动力传动稳健增长，新能源业务开拓新增长点。公司顺应新能源车市场增 长需求，核心产品群不断向新能源领域拓展。客户结构逐步优化，从传统 汽车制造商拓展到国际汽车零部件供应商、新能源汽车制造商，还与低空 经济相关产品制造商合作。公司凭借技术积累、优质客户资源、政策扶持 等优势，顺应新能源汽车发展趋势，拓展海外市场提升竞争力。 参股泉智博布局机器人领域，机器人业务有望扩张版图。 公司通过全资 子公司蓝黛自动化以 500 万元参股泉智博 4.3%股权，切入机器人核心部 件赛道。泉智博在机器人关节领域具备技术优势，有望为 ...

Core Insights - The company, Bluetech Technology, reported a significant growth in its 2024 annual performance, with total revenue reaching 3.536 billion yuan, a year-on-year increase of 25.93% [3] - Operating profit for the year was 138 million yuan, reflecting a substantial growth of 135.59% compared to the previous year [3] - The net profit attributable to shareholders was 124 million yuan, marking a 134.04% increase year-on-year [3] Business Segments - The company’s dual main businesses, transmission and touch display, are developing in synergy, with the touch display sector showing signs of recovery and innovation in various applications [3] - In the touch display sector, the company is diversifying its product offerings by expanding into smart cockpit electronics, smart home devices, industrial touch terminals, and outdoor interactive terminals, optimizing its product structure [3] - The transmission business is focusing on the electric drive systems for new energy vehicles, achieving record production and sales in 2024 through continuous investment in technology innovation and market expansion [3] Strategic Initiatives - The company is actively developing automotive gear components for a domestic low-altitude economy-related manufacturer, responding to specific customer demands [3] - In the field of humanoid robotics, the company is collaborating with Wuxi Quanzhibo Technology Co., Ltd. to advance the research, production, testing, and assembly of integrated robotic joints and core components [4] - The company emphasizes its commitment to keeping pace with emerging trends in the intelligent era and will assess market conditions to strategically expand into new industries and business areas [4]

现场检查报告 华泰联合证券有限责任公司 关于蓝黛科技集团股份有限公司 2024 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司作为蓝黛科技集团股份有限公司（以下简称"蓝黛科技"或"公 司"）向特定对象发行股票的保荐人，于 2025 年 3 月 31 日对蓝黛科技集团股份 有限公司 2024 年有关情况进行了现场检查，报告如下： | 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：蓝黛科技 | | | --- | --- | | 保荐代表人姓名：李爽 联系电话：010-57617013 | | | 保荐代表人姓名：李凯 联系电话：010-56839571 | | | 现场检查人员姓名：李爽（保荐代表人）、吴昊 | | | 现场检查对应期间：2024 年度 | | | 现场检查时间：2025 年 月 日 3 31 | | | 一、现场检查事项 现场检查意见 | | | （一）公司治理 是 不适用 | 否 | | 现场检查手段：对上市公司董事、监事、高级管理人员及有关人员进行访谈； ...

关于蓝黛科技集团股份有限公司 向特定对象发行股票 之保荐总结报告书 | 保荐机构名称 华泰联合证券有限责任公司 | | --- | | 保荐机构编号 Z26774000 | 保荐总结报告书 华泰联合证券有限责任公司 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于核准蓝黛 科技集团股份有限公司非公开发行股票的批复》（证监许可〔2022〕2412 号） 核准，蓝黛科技集团股份有限公司（以下简称"蓝黛科技"、"公司"或"发行 人"）向 12 名特定对象非公开发行人民币普通股（A 股）74,137,800 股。根据 中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上市公司自 律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合证券有限 责任公司（以下简称"华泰联合证券"或"保荐机构"）作为公司向特定对象发 行股票的保荐机构，截至 2024 年 12 月 31 日，公司向特定对象发行股票的法定 持续督导期限已满，华泰联合证券现根据《证券发行上市保荐业务管理办法》《深 圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关规定，出具 本持续督导保荐总结报告书。 一、保荐机构 ...

华泰联合证券有限责任公司 关于蓝黛科技集团股份有限公司 2024 年度保荐工作报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：蓝黛科技 | | --- | --- | | 保荐代表人姓名：李爽 | 联系电话：010-56839300 | | 保荐代表人姓名：李凯 | 联系电话：010-56839300 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止 | | | 关联方占用公司资源的制度、募集资金管理制度、内控 | 是 | | 制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 通过募集资金专户开户银行提供的月度对 | | | 账单逐笔查询募集资金的存放和使用情况 | | （2）公司募集资 ...

Group 1: Financial Performance - The company achieved a revenue of CNY 353,581.74 million in 2024, representing a growth of 25.93% year-on-year [6] - The total profit for 2024 was CNY 13,346.33 million, an increase of 134.81% compared to the previous year [6] - The net profit attributable to shareholders was CNY 12,428.01 million, reflecting a year-on-year growth of 134.04% [6] Group 2: Business Strategy and Development - The company is focusing on dual main business strategies in power transmission and touch display, aiming for synergistic development [5] - A subsidiary in Thailand is being established to enhance overseas production capabilities [5] - The company is collaborating with Wuxi Quanzhibo Technology Co., Ltd. on the research and production of robotic joints and core components [5] Group 3: Market Outlook and Risks - The company is monitoring international political and trade dynamics to mitigate risks associated with U.S. tariffs, as its products are not directly exported to the U.S. [3] - The touch display industry is recovering from a cyclical downturn, with the company leveraging its core advantages in large-size touch screens [5] - The company is committed to enhancing its technological capabilities and expanding its market presence to improve profitability [3] Group 4: Investor Relations and Communication - The annual performance briefing was held on April 14, 2025, via the Panoramic Network's investor relations platform, allowing for interactive communication with investors [2] - The company plans to disclose its first-quarter report for 2025 on April 29, 2025, providing updates on its financial performance [6] - The company emphasizes transparency in information disclosure and aims to enhance investor confidence through effective communication [8]

Core Viewpoint - The company has achieved a turnaround in profitability for 2024, driven by significant growth in its new energy transmission and touch display businesses, alongside strategic investments in robotics [1][2][4]. Financial Performance - In 2024, the company reported a revenue of 3.536 billion yuan, representing a year-on-year increase of 25.93% [1]. - The net profit attributable to shareholders reached 124 million yuan, with a net profit excluding non-recurring items of 657 million yuan, marking a return to profitability [1]. - The new energy transmission business generated revenue of 1.776 billion yuan, up 15.09%, and net profit attributable to shareholders soared by 1065.97% to 114 million yuan [2]. Business Segments - The new energy business saw a sales volume of 5.4 million units, a 120% increase year-on-year, with revenue of 527 million yuan, up 88% [2]. - The touch display business achieved revenue of 1.760 billion yuan, a growth of 39.16%, and net profit of 39.64 million yuan, also returning to profitability [2]. - The company’s subsidiaries are expanding into various sectors, including automotive touch screens and industrial control products, with positive feedback from new projects [2]. Strategic Investments - The company has invested in Wuxi Quanzhibo, acquiring a 4.3478% stake, focusing on the robotics joint actuator sector [3]. - This investment aims to enhance the company's capabilities in the research, production, and assembly of integrated robotic joints and core components [3]. Future Outlook - Revenue projections for 2025, 2026, and 2027 are estimated at 4.511 billion, 5.561 billion, and 6.646 billion yuan, respectively, with corresponding EPS of 0.33, 0.45, and 0.59 yuan [4]. - The current price-to-earnings ratios are forecasted at 40.5, 30.0, and 22.9 times for the respective years, indicating strong growth potential in the new energy transmission and robotics sectors [4].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [8]. Core Insights - The company has successfully turned around its performance, achieving profitability driven by rapid growth in its new energy transmission business [4]. - The company reported a revenue of 3.536 billion yuan in 2024, reflecting a year-on-year growth of 25.93%, and a net profit attributable to shareholders of 124 million yuan, marking a significant recovery from losses [3]. - The new energy transmission segment generated 1.776 billion yuan in revenue, up 15.09% year-on-year, with a net profit of 1.14 billion yuan, a staggering increase of 1065.97% [4]. - The touch display business also showed strong performance, with revenue reaching 1.760 billion yuan, a growth of 39.16% year-on-year, and a net profit of 39.64 million yuan [5]. - The company has made strategic investments in the robotics sector, acquiring a 4.3478% stake in Wuxi Quanzhibo, which specializes in robotic joints [6]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 3.536 billion yuan, with a growth rate of 25.9% [10]. - The net profit attributable to shareholders was 124 million yuan, with a projected growth rate of -134.0% for 2024, followed by 75.4% in 2025 [10]. - Earnings per share (EPS) are forecasted to be 0.19 yuan for 2024, increasing to 0.33 yuan in 2025 and 0.45 yuan in 2026 [10]. Business Segments - The new energy transmission business is expected to continue its rapid growth, with projected revenues of 4.511 billion yuan in 2025 and 5.561 billion yuan in 2026 [7]. - The touch display segment is also anticipated to grow, with revenues expected to reach 4.511 billion yuan in 2025 [10]. Strategic Initiatives - The company is focusing on expanding its footprint in the robotics industry through its investment in Wuxi Quanzhibo, enhancing its capabilities in robotic joints [6].