消费电子：把握AI 终端发展机遇，垂直整合业务升级 公司以玻璃盖板业务为基础，2012 年成立蓝思湘潭和蓝思华联，横向拓展陶瓷、蓝宝石等新材料； 2020 年收购可胜科技和可利科技，切入大客户手机中框加工业务；2021 年湘潭蓝思建设智能终端设备 智造一期项目，迈入智能终端组装业务，实现从原材料生产、功能模块贴合到整机组装的全产业链布 局，助力业绩增长。 汽车电子：布局智能座舱业务，打造第二增长曲线 公司自2015 年开始深度布局新能源汽车市场。目前，公司已与特斯拉、宝马、奔驰、大众、理想、蔚 来、比亚迪等国内外头部厂商建立了长期、稳定的战略合作关系，研发并批量生产车载电子玻璃及组 件、车载中控屏（结构与功能零部件及组装）、前挡玻璃/车窗玻璃、仪表盘组件、B 柱、车载装饰 件、车身结构件、后视镜及导航仪等产品。随着公司新客户的不断拓展及新产品的不断放量，汽车电子 业务有望成为公司第二增长曲线。 新兴业务：横向拓展新兴领域，打开成长天花板 智能终端一站式精密制造解决方案供应商 公司前身（恒生玻璃表面加工厂）于1993 年成立于深圳，2006年公司总部落户湖南长沙，2015 年在深 交所创业板上市。围绕"新材料、 ...

证券研究报告|公司深度研究报告 [Table_Date] 2025 年 05 月 26 日 [Table_Title] 平台型精密制造厂商，业务布局多点开花 [Table_Title2] 蓝思科技(300433) [Table_Summary] 智能终端一站式精密制造解决方案供应商 公司前身（恒生玻璃表面加工厂）于 1993 年成立于深圳，2006 年公司总部落户湖南长沙，2015 年在深交所创业板上市。围绕 "新材料、新技术、新装备、新领域"战略，公司积极进行产业 链的纵向延伸和产品线的横向拓展，打造智能终端全产业链一站 式精密制造解决方案提供商。 消费电子：把握 AI 终端发展机遇，垂直整合业务升级 公司以玻璃盖板业务为基础，2012 年成立蓝思湘潭和蓝思华联， 横向拓展陶瓷、蓝宝石等新材料；2020 年收购可胜科技和可利科 技，切入大客户手机中框加工业务；2021 年湘潭蓝思建设智能终 端设备智造一期项目，迈入智能终端组装业务，实现从原材料生 产、功能模块贴合到整机组装的全产业链布局，助力业绩增长。 汽车电子：布局智能座舱业务，打造第二增长曲线 公司自 2015 年开始深度布局新能源汽车市场。目前，公司 ...

Investment Rating - The report assigns a "Buy" rating to several companies related to the foldable phone and AI device supply chain, including SZS, Fositek, Lingyi, AVC, AAC, and Huaqin [17]. Core Insights - The report highlights a positive outlook for Lens Technology Co. (300433.SZ) as it expands its product offerings from smartphone components to emerging markets such as AI glasses and automotive components, which is expected to enhance profitability through improved utilization rates and specification upgrades [1][4]. - There is an anticipated increase in global foldable phone shipments and a rising demand for AI devices driven by generative AI use cases, aligning with the company's optimistic view on AI glasses and foldable phones [2][4]. Summary by Sections 2025 Outlook - Management is optimistic about growth in 2025, supported by new smartphone model launches from major customers, which is expected to improve utilization rates during traditionally slow seasons [4][8]. Tariffs' Impact - Tariffs are expected to have a minor impact on growth due to the company's shipping practices and global production sites in Vietnam, Thailand, Mexico, and China, allowing for flexible capacity adjustments [8][9]. New Business Expansion - Lens Tech aims to penetrate the automotive components market, targeting major OEMs with higher dollar content per vehicle, and has formed a strategic partnership with Rokid in the AI glasses sector, anticipating growth as market demand increases [9][4].

重要提示： 资金，以集中竞价交易方式回购公司部分已发行的人民币普通股（A股）股份， 用于实施员工持股计划或股权激励计划。本次回购金额不低于人民币5亿元（含） 且不超过人民币10亿元（含），按回购资金总额上限人民币10亿元和回购股份价 格上限35元/股测算，预计回购股份数量约为28,571,429股，约占目前公司总股本 的0.57%；按回购总金额下限人民币5亿元和回购股份价格上限35元/股测算，预 计回购股份数量约为14,285,714股，约占目前公司总股本的0.29%。（具体回购 金额及回购数量以回购期满时实际使用的资金和回购的股份数量为准）。回购 股份期限为自公司董事会审议通过本次回购股份方案之日起12个月内。 次会议审议通过。公司已在中国证券登记结算有限责任公司深圳分公司开立回 购专用证券账户。 证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-045 蓝思科技股份有限公司 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。 购价格上限，导致回购方案无法实施或只能部分实施的不确定性风险；因员工 持股计划方案或股权激励计划方案未能经董事会和股东 ...

证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-045 蓝思科技股份有限公司 回购股份报告书 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。 重要提示： 1、蓝思科技股份有限公司（以下简称"公司"）拟使用公司自有资金或自筹 资金，以集中竞价交易方式回购公司部分已发行的人民币普通股（A股）股份， 用于实施员工持股计划或股权激励计划。本次回购金额不低于人民币5亿元（含） 且不超过人民币10亿元（含），按回购资金总额上限人民币10亿元和回购股份价 格上限35元/股测算，预计回购股份数量约为28,571,429股，约占目前公司总股本 的0.57%；按回购总金额下限人民币5亿元和回购股份价格上限35元/股测算，预 计回购股份数量约为14,285,714股，约占目前公司总股本的0.29%。（具体回购 金额及回购数量以回购期满时实际使用的资金和回购的股份数量为准）。回购 股份期限为自公司董事会审议通过本次回购股份方案之日起12个月内。 2、本次回购股份相关事项已经公司2025年4月7日召开的第五届董事会第四 次会议审议通过。公司已在中国证券登记结算有限责 ...

统一社会信用代码：91430000796852865Y 关于完成工商变更登记的公告 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。 蓝思科技股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召开 2025 年第二次临时股东大会，审议通过了《关于变更公司类型的议案》，同意公司根 据《中华人民共和国外商投资法》规定及《国家市场监管总局关于贯彻落实<外 商投资法>做好外商投资企业登记注册工作的通知》（国市监注[2019]247 号）要 求，将企业类型变更为"股份有限公司（港澳台投资、上市）"。 2025 年 5 月 20 日，公司完成相应工商变更登记备案，并取得了湖南省市场 监督管理局换发的营业执照，现将相关信息公告如下： 证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-044 蓝思科技股份有限公司 名称：蓝思科技股份有限公司 注册资本：498306.978100 万人民币 类型：股份有限公司（港澳台投资、上市） 成立日期：2006 年 12 月 21 日 准文件或许可证件为准）一般项目：光学玻璃制造；技术玻璃制品制造；特种陶 瓷 ...

双方合作不仅限于制造端，更通过股权投资、合作基金等资本协同模式，推动AI眼镜"硬件+内容+服 务"生态闭环成型，加速产业链本土化进程。 XR行业第三方研究机构Wellsenn XR统计数据显示，2024年全球AI眼镜销量达到234万台，预计2025年 全球AI眼镜销售有望达到550万台，同比增长135%。蓝思科技表示，凭借"垂直整合+材料创新"双引 擎，为Rokid等国内与北美高端AI眼镜量产提供技术支持，持续兑现业绩高增预期。AI眼镜叠加智能手 机、智能汽车、人形机器人、智慧零售等业务的协同发力，蓝思科技有望在AI终端浪潮中占据核心卡 位。 长沙晚报掌上长沙5月19日讯（全媒体记者 刘琼萍）由蓝思科技深度赋能的AI智能眼镜Rokid Glasses即 将实现集中交付。近日，记者获悉，杭州灵伴科技（Rokid）宣布其AI智能眼镜Rokid Glasses全球已交 定金订单超25万台，将于6月正式上市。作为灵伴科技的核心合作伙伴，蓝思科技凭借其在智能制造与 材料技术领域的领先优势，通过"智能制造+资本协同"深度赋能，为产品的规模化量产与性能突破提供 了坚实支撑。 回溯到今年2月，在浙江省杭州市余杭区举行的经济高 ...

Group 1 - The index of Tonghuashun (300033) has increased by 4% [1] - Lens Technology (300433) has risen over 9% [1] - Luxshare Precision (002475) has increased by more than 7% [1] - GoerTek (002241) has seen a rise of over 6% [1] - Leading Technology (002600) and Crystal Optoelectronics (002273) are among the top gainers [1] Group 2 - There is a significant influx of dark pool funds into these stocks [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for three companies, including Lens Technology, regarding their overseas listing applications [1] - Lens Technology, listed on the Shenzhen Stock Exchange since March 18, 2015, has a current stock price of 21.15 yuan per share, with a market capitalization of approximately 105.4 billion yuan as of May 7, 2025 [3] - The company submitted its prospectus for a Hong Kong Stock Exchange listing on March 31, 2025, aiming to raise funds to expand its product and service offerings, particularly in the smart automotive sector [3][7] Group 2 - Lens Technology was founded in December 2006 and is headquartered in Changsha, Hunan Province, with a registered capital of approximately 500 million yuan [3] - The company has established itself as a leading provider of precision manufacturing solutions across the entire smart terminal industry chain, focusing on consumer electronics and smart automotive applications [5][7] - In 2022, 2023, and 2024, Lens Technology reported revenues of approximately 466.99 billion yuan, 544.91 billion yuan, and 698.97 billion yuan, respectively, with net profits of about 25.20 billion yuan, 30.42 billion yuan, and 36.77 billion yuan [7] Group 3 - The company has a high customer concentration, with its top five customers accounting for approximately 83.3%, 83.1%, and 81.1% of total revenue in the respective years [7] - Lens Technology is often referred to as a "leading player in the Apple supply chain," indicating its significant reliance on major clients like Apple Inc. [8] - The company has highlighted risks associated with its dependence on key customers, noting that any changes in purchasing behavior or product specifications could adversely affect its business and financial performance [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the market [3]. Core Insights - The company has shown strong performance in Q1 2025, with total revenue reaching 17.063 billion yuan, a year-on-year increase of 10.10%. The net profit attributable to shareholders was 429 million yuan, up 38.71% year-on-year, and the net profit excluding non-recurring items was 378 million yuan, reflecting a 60.99% increase year-on-year [1][3]. - The company is benefiting from a favorable environment in the consumer electronics sector, particularly with key clients like Apple and Xiaomi experiencing growth. The diversification into various business segments such as smartphones, computers, wearables, automotive, and robotics is contributing to its robust performance [3]. - The capital structure has improved, with a debt-to-asset ratio of 37.69%, the lowest in recent years. R&D expenses increased by 37.6% year-on-year, indicating a commitment to innovation [3]. Financial Performance Summary - For 2025E, the company is projected to achieve total revenue of 92.179 billion yuan, with a year-on-year growth rate of 31.9%. The net profit attributable to shareholders is expected to be 5.251 billion yuan, reflecting a 44.9% increase year-on-year [2][3]. - The gross margin is forecasted to remain stable at around 15.9% for 2025E, with a return on equity (ROE) projected to reach 9.9% [2][3]. - The earnings per share (EPS) is expected to be 1.05 yuan for 2025E, with a price-to-earnings (P/E) ratio of 19.81 [2][3].