蓝黛科技集团股份有限公司（以下简称"公司"）第五届董事会第十五次会议 通知于 2025 年 04 月 24 日以专人送达、电子邮件方式向公司全体董事、监事和高 级管理人员发出，会议于 2025 年 04 月 28 日在重庆市璧山区璧泉街道剑山路 100 号公司办公楼 506 会议室以现场结合通讯表决方式召开。本次会议应出席董事 9 名， 实际出席董事 9 名，其中现场出席会议董事 8 名，通讯方式出席会议董事 1 名；公 司监事及高级管理人员列席了会议。本次会议由董事长朱俊翰先生召集并主持，本 次会议的召集、召开与表决程序符合有关法律、法规、规章、规范性文件和《公司 章程》等有关规定。经全体董事认真审议，本次会议以记名投票方式通过决议如下： 一、审议通过了《公司 2025 年第一季度报告》 证券代码：002765 证券简称：蓝黛科技 公告编号：2025-037 蓝黛科技集团股份有限公司 第五届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 《公司 2025 年第一季度报告》（公告 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥813,114,463.85, representing an increase of 8.06% compared to ¥752,454,703.38 in the same period last year[5]. - Net profit attributable to shareholders was ¥52,163,607.87, a significant increase of 45.93% from ¥35,745,954.24 year-on-year[5]. - The net profit after deducting non-recurring gains and losses was ¥44,058,235.60, up 119.26% from ¥20,093,814.89 in the previous year[5]. - Basic and diluted earnings per share increased to ¥0.08, reflecting a growth of 46.79% from ¥0.0545[5]. - The net profit for the current period was RMB 53,368,552.44, compared to RMB 34,265,097.36 in the previous period, indicating a growth of approximately 55.8%[22]. - The total comprehensive income amounted to CNY 53,368,552.44, compared to CNY 34,265,097.36 in the prior period, indicating an increase of about 55.8%[24]. Cash Flow - The company's cash flow from operating activities improved to -¥7,732,991.64, a 89.98% increase compared to -¥77,171,921.51 in the same period last year[5]. - Cash inflows from operating activities totaled CNY 754,462,767.55, compared to CNY 556,553,493.57 in the prior period, marking an increase of about 35.5%[26]. - The net cash flow from operating activities was CNY -7,732,991.64, an improvement from CNY -77,171,921.51 in the previous period[26]. - The net cash flow from financing activities was CNY 56,009,464.21, up from CNY 18,018,978.94 in the previous period, representing a growth of about 211.1%[27]. - The ending cash and cash equivalents balance was CNY 504,759,064.56, compared to CNY 416,049,314.76 in the previous period, reflecting an increase of approximately 21.3%[27]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,529,595,721.61, a 0.99% increase from ¥5,475,597,654.80 at the end of the previous year[5]. - The total liabilities decreased slightly to RMB 2,986,520,782.07 from RMB 2,985,891,267.70[21]. - The company’s retained earnings rose to RMB 255,038,296.71 from RMB 202,874,688.84, an increase of about 25.5%[21]. - Accounts receivable decreased to RMB 994,535,835.41 from RMB 1,133,237,205.03, a decline of about 12.3%[19]. Investments and Subsidiaries - The company plans to invest up to RMB 200 million in establishing a production base in Thailand to support future business development and overseas market expansion[13]. - The company has established a wholly-owned subsidiary in Singapore, ZYPHRA TECH PTE.LTD., and a subsidiary in Thailand, AUREVEX TECHNOLOGY (THAILAND) CO., LTD.[13]. - The company’s subsidiary, Chongqing Landai Automation Technology Co., Ltd., has invested RMB 500,000 in Wuxi Quanzhibo Technology Co., Ltd., acquiring a 4.3478% stake[15]. - The company’s subsidiary, Chongqing Landai Transmission Co., Ltd., has changed its name to Chongqing Landai Precision Components Co., Ltd.[16]. - The company approved a capital increase of RMB 30 million for its wholly-owned subsidiary, Ma'anshan Landai Transmission Machinery Co., Ltd., raising its registered capital from RMB 140 million to RMB 170 million[17]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 83,448[11]. - The largest shareholder, Zhu Tangfu, holds 19.36% of shares, amounting to 126,260,320 shares, with 47,000,000 shares pledged[11]. - The second-largest shareholder, Zhu Junhan, holds 11.45% of shares, totaling 74,665,600 shares, with 29,716,400 shares pledged[11]. Operating Costs and Revenue - Total operating costs increased to RMB 769,402,987.77 from RMB 734,838,636.28, reflecting a rise of about 4.7%[23]. - The company reported a 37.77% increase in cash received from sales of goods and services, totaling ¥719,558,156.91 compared to ¥522,278,805.02 last year[8]. - The company reported a cash inflow of CNY 12,568,764.29 from tax refunds, an increase from CNY 9,077,476.95 in the previous period, representing a growth of approximately 38.8%[26].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [6]. Core Insights - The company is engaged in dual business lines of touch display and power transmission, with a projected revenue CAGR of 25.5% from 2019 to 2024. The human-shaped robot sector is expected to provide new growth momentum [2][6]. Summary by Sections Touch Display Business - The touch display market is expected to benefit from AI development, with revenue projected to account for 49.3% in 2024. The global touch display market reached $35 billion in 2019 and is anticipated to grow steadily due to the smart device trend [3][46]. - The company has established stable partnerships with major clients such as Foxconn and BOE, focusing on high-margin products like dual-screen and curved-screen automotive touch displays [3][72]. Power Transmission Business - The power transmission market is experiencing stable growth, with a significant shift towards electrification. The global automotive transmission system market is projected to reach $147.09 billion in 2024, with a CAGR of 2.4% from 2025 to 2033 [4][64]. - The company is actively expanding its product offerings in the electric drive transmission system components for new energy vehicles, collaborating closely with high-end clients like Toyota and BYD [4][31]. Human-Shaped Robot Sector - The company has invested in Wuxi Quanzhibo to expand into the human-shaped robot sector, which is entering a growth phase as international giants ramp up production [5][71]. Financial Forecast and Valuation - The company is expected to achieve revenues of 4.39 billion, 5.30 billion, and 6.19 billion yuan from 2025 to 2027, with corresponding net profits of 200 million, 260 million, and 370 million yuan, reflecting growth rates of 59%, 32%, and 41% respectively [6][8]. The projected P/E ratios are 48, 36, and 26 for the same period [6].

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 ...