Core Insights - A total of 52 listed companies released their Q1 2025 reports, with 300 companies having reported so far, showing that 184 companies experienced year-on-year net profit growth, accounting for over 61% [1] - Companies with net profit growth exceeding 100% reached 52, representing over 17% [1] - Among the listed companies from Hunan, one reported a 74.07% increase in net profit year-on-year [1] Group 1: Company Performance - Wanxiang Technology reported the highest net profit growth at 2125.5%, with Q1 revenue of 280 million yuan, a 34.47% increase year-on-year, and a net profit of 3.88 million yuan [1] - ST Zhangjiajie, which was recently labeled as a "ST" company, reported total revenue of 58.99 million yuan, a 0.64% increase, but a net loss of 31.25 million yuan, despite a 32.77% year-on-year improvement [2] - Zhuhai Group achieved a revenue of 4.80 billion yuan, an 8.50% increase, and a net profit of 277 million yuan, a 74.07% increase [2] - Lens Technology reported Q1 revenue of 17.06 billion yuan, a 10.1% increase, and a net profit of 429 million yuan, a 38.71% increase [2] - Wenkang New Energy reported a revenue of 1.41 billion yuan, a 29.46% increase, but a net loss of 63.87 million yuan, a 2101.0% decline [2] Group 2: Declining Performance - Yuhuan CNC reported revenue of 125 million yuan, a 20.11% increase, but a net profit decline of 72.04% to 334,900 yuan [3] - Xue Tian Salt Industry reported revenue of 1.13 billion yuan, a 27.24% decrease, and a net profit decline of 85.64% to 26.78 million yuan [3] - Yueyang Xingchang reported revenue of 1.06 billion yuan, a 27.85% increase, but a net profit decline of 37% to 13.61 million yuan [3] - Juewei Food reported revenue of 1.50 billion yuan, an 11.47% decrease, and a net profit decline of 27.29% to 120 million yuan [3] - Lihua Technology reported revenue of 153 million yuan, a 7.51% decrease, and a net profit decline of 15.47% to 11.65 million yuan [4]

Core Insights - The company, Lens Technology, reported strong growth in its operating performance, benefiting from market recovery, with Q1 2025 revenue reaching 17.063 billion yuan, a year-on-year increase of 10.10%, and net profit of 429 million yuan, up 38.71% [1][2] - The company has maintained a focus on technological innovation, with cumulative R&D expenses amounting to 18.006 billion yuan over the past decade and a total of 2,249 patents obtained [1][5] - Lens Technology has initiated a plan for a Hong Kong stock listing to enhance its international brand image and support its globalization strategy [1][5] Financial Performance - In Q1 2025, the company achieved a net profit of 429 million yuan, representing a 38.71% increase year-on-year, and a non-GAAP net profit of 378 million yuan, which grew by 60.99% [2] - For the full year 2024, the company reported revenue of 69.897 billion yuan, a 28.27% increase, and net profit of 3.624 billion yuan, up 19.94% [2] - The consumer electronics market recovery has been a significant driver of the company's growth, particularly in its core smartphone and computer business, which generated revenue of 57.754 billion yuan in 2024, a 28.63% increase [2] Diversification and Market Position - The automotive sector has become the second-largest revenue source for the company, with automotive business revenue reaching 5.935 billion yuan in 2024, a year-on-year increase of 18.73% [3] - The company has established a diverse technology reserve, with revenue from smart headsets and wearable devices reaching 3.488 billion yuan in 2024, an increase of 12.39% [3] - Lens Technology has built a strong reputation in the consumer electronics and smart automotive sectors, serving well-known brands such as Apple, Samsung, and Tesla [4][5] R&D Investment - The company has consistently invested over 2 billion yuan in R&D for four consecutive years, with expenditures of 2.134 billion yuan, 2.105 billion yuan, 2.317 billion yuan, and 2.785 billion yuan from 2021 to 2024 [5] - As of the end of 2024, the company held 2,249 effective patents and 127 software copyrights, covering various fields including new materials and smart manufacturing [5]

Core Viewpoint - Lens Technology, a well-known company in the Apple supply chain, has submitted a listing application to the Hong Kong Stock Exchange, facing challenges due to its heavy reliance on Apple for nearly half of its revenue in 2024 [1][2]. Group 1: Financial Performance - In 2024, Lens Technology achieved operating revenue of 69.90 billion yuan, a year-on-year increase of 28.27%, and a net profit attributable to shareholders of 3.62 billion yuan, up 19.94% [4][8]. - The gross profit margin of Lens Technology has declined from nearly 30% in 2020 to less than 16% in 2024, indicating weak bargaining power within the supply chain [1][4]. - The company reported a net profit growth of nearly 40% in the first quarter of 2025, but the sustainability of this growth is questioned due to potential market fluctuations [6]. Group 2: Customer Dependency - A significant portion of Lens Technology's revenue comes from a few key clients, with revenue from the top five clients amounting to 38.88 billion yuan, 45.28 billion yuan, and 56.71 billion yuan for 2022, 2023, and 2024 respectively, accounting for 83.3%, 83.1%, and 81.1% of total revenue [2][3]. - Sales to the largest customer represented 71.0%, 57.8%, and 49.5% of total revenue in the same years, highlighting the company's dependency on major clients [2]. Group 3: Strategic Initiatives - Lens Technology aims to diversify its customer base and enhance global delivery capabilities through its listing, with plans to expand operations in Vietnam, Thailand, and Mexico [2][5]. - The company is focusing on vertical integration and has increased R&D spending to a record 2.79 billion yuan, targeting advanced technologies in areas such as foldable screens, AI glasses, and smart vehicles [3][4]. Group 4: Market Challenges - The company faces challenges in pricing power due to high customer demands for cost reductions, which has contributed to the declining profit margins in the consumer electronics sector [4][5]. - The competitive landscape in the smartphone and personal computer markets has shifted to a saturation phase, necessitating differentiation or breakthrough innovations for growth [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.50 CNY based on a 25x PE valuation for 2025 [2][5][11]. Core Insights - The company is expected to achieve robust revenue growth, with projected revenues of 54,491 million CNY in 2023, increasing to 143,201 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 21.5% [4][10]. - The net profit attributable to the parent company is forecasted to grow from 3,021 million CNY in 2023 to 8,890 million CNY in 2027, with a significant increase of 46.3% in 2025 [4][10]. - The company has shown strong performance in Q1 2024, with a revenue of 170 million CNY, a 10% year-on-year increase, and a net profit of 4.3 million CNY, up 39% year-on-year [10]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are 93,978 million CNY, 117,906 million CNY, and 143,201 million CNY respectively, with year-on-year growth rates of 34.5%, 25.5%, and 21.5% [4][10]. - The company's gross margin is expected to slightly decline from 16.6% in 2023 to 15.1% in 2027, while the net profit margin is projected to improve from 5.5% to 6.2% over the same period [4][10]. - The return on equity (ROE) is anticipated to rise from 6.7% in 2023 to 13.6% in 2027, indicating improved profitability and efficiency [4][10]. Business Performance - The company has successfully integrated vertically, enhancing its global production capacity to ensure supply security, with significant revenue contributions from smartphone and computer-related businesses [10]. - The company is expanding into new growth areas such as AI glasses, humanoid robots, and AIPC, collaborating with leading brands to drive future revenue growth [10].

Investment Rating - The investment rating for the electronics industry is "Positive" [2] Core Viewpoints - The consumer electronics industry has established a strong global presence, with companies like Industrial Fulian and Lens Technology demonstrating resilience against geopolitical risks through diversified international operations [2][4] - The impact of current tariff policies is expected to be short-term, with potential for recovery in the consumer electronics sector as companies optimize their global supply chains [3][4] - The report emphasizes the importance of Chinese consumer electronics firms in the global supply chain, highlighting their technological advantages and the challenges in finding alternatives in other countries [4] Summary by Relevant Sections Industrial Fulian - Industrial Fulian has a significant global footprint, operating in 14 countries and regions, with overseas assets amounting to 180.158 billion RMB, representing 61.44% of total assets [2][11] - The company is focused on cloud computing and communication networks, with rapid growth in its cloud computing business due to the rise of AI [5] Lens Technology - Lens Technology has become a leading provider of precision manufacturing solutions for smart terminals, with a strong focus on innovation and a diversified product range [13] - The company has established multiple R&D and production bases in China and overseas, including Vietnam, where a new facility is under construction with a budget of 429 million RMB [16] Pengding Holdings - Pengding Holdings is recognized as a major player in the PCB industry, with a diverse product range and significant investments in Taiwan and Thailand [18][23] - The company has been ranked as the largest PCB manufacturer globally for eight consecutive years [18] Linyi Intelligent Manufacturing - Linyi Intelligent Manufacturing has a strong market share in precision components for consumer electronics and has expanded its global footprint with subsidiaries in various countries [24][27] Dongshan Precision - Dongshan Precision has established itself as a leading manufacturer in the FPC and PCB sectors, with significant investments in overseas operations to enhance its global supply chain resilience [29][31] Luxshare Precision - Luxshare Precision focuses on providing integrated manufacturing solutions for consumer electronics and automotive products, with a strong international presence [33][35]

证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-042 蓝思科技股份有限公司 2024 年年度股东大会决议公告 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。 蓝思科技股份有限公司（以下简称"公司"）2024 年年度股东大会现场会 议于 2025 年 4 月 18 日下午 14:30，在长沙县黄花镇漓湘东路 319 号蓝思科技办 公大楼一楼 VIP 会议室召开，网络投票从 2025 年 4 月 18 日上午 09:15 起至 2025 年 4 月 18 日下午 15:00 止。本次股东大会由公司董事会召集，公司董事长周群 飞女士主持。会议的召集、召开符合《中华人民共和国公司法》《上市公司股东 会规则》等法律、法规和《蓝思科技股份有限公司章程》的规定。 出席本次股东大会的股东及股东代表共 1,208 名，代表有效表决权的股份总 数为 3,305,323,782 股，占公司有表决权股份总数的 66.6536%。其中，参加现场 投票的股东 18 名，代表有效表决权的股份总数为 3,102,405,528 股，占公司有表 决权股份总数的 62.56 ...

资金面上看，两市主力资金全天净流出123.06亿元，今日有8个行业主力资金净流入，通信行业主力资 金净流入规模居首，该行业今日上涨1.59%，全天净流入资金25.01亿元，其次是房地产行业，日涨幅为 1.53%，净流入资金为10.15亿元。 沪指4月18日下跌0.11%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为通信、房地产，涨 幅分别为1.59%、1.53%。跌幅居前的行业为美容护理、社会服务，跌幅分别为2.46%、2.45%。电子行 业今日下跌0.15%。 主力资金净流出的行业有23个，食品饮料行业主力资金净流出规模居首，全天净流出资金17.91亿元， 其次是电子行业，净流出资金为15.68亿元，净流出资金较多的还有计算机、农林牧渔、机械设备等行 业。 电子行业今日下跌0.15%，全天主力资金净流出15.68亿元，该行业所属的个股共461只，今日上涨的有 212只，涨停的有6只；下跌的有237只。以资金流向数据进行统计，该行业资金净流入的个股有178只， 其中，净流入资金超亿元的有8只，净流入资金居首的是硕贝德，今日净流入资金3.09亿元，紧随其后 的是蓝思科技、胜宏科技，净流入资金分别为2.4 ...

营收稳健增长，扣非利润持续高增 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年归母净利润分别为 53/69/89 亿元（原 25-26 年预测分别为 55/69 亿元，主要上调营收预测，下调毛利率预测），根据可比公司 25 年 25 倍 PE 估值，对应目标价为 26.50 元，维持给予买入评级。 风险提示 ⚫ 大客户手机出货量不及预期、公司新产品良率爬坡不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 54,491 | 69,897 | 93,978 | 117,906 | 143,201 | | 同比增长 (%) | 16.7% | 28.3% | 34.5% | 25.5% | 21.5% | | 营业利润(百万元) | 3,277 | 3,871 | 5,759 | 7,526 | 9,655 | | 同比增长 (%) | 10.5% | 18.1% | 48.8% | 30.7% | 28.3% | | 归属母公司 ...

中国 深圳 福田区 益田路6001号 太平金融大厦11、12楼 邮政编码：518038 11/F、12/F., TAIPING FINANCE TOWER, NO.6001 YITIAN ROAD, SHENZHEN, P.R. CHINA 电话（Tel.）：（86-755) 88265288 传真（Fax.）：（86-755）88265537 信达会字（2025）第 073 号 致：蓝思科技股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东大 会规则》（下称"《规则》"）等法律、法规以及现行有效的《蓝思科技股份有限 公司章程》（下称"《公司章程》"）的规定，广东信达律师事务所（下称"信达"） 接受贵公司的委托，指派律师（下称"信达律师"）出席贵公司 2024 年年度股东 大会（下称"本次股东大会"），在进行必要验证工作的基础上，对贵公司本次股 东大会的召集、召开程序、出席会议人员和召集人资格、表决程序和结果等事项 1 网站（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于蓝思科技股份有限公司 2024年年度股东大会 法律意 ...

垂直整合成效显著，全球化产能布局确保供应安全。24 年公司智能手机与电脑类业务实现营业收入 578 亿元，同比增长 29%，毛利率同比轻微下滑0.5pct 至15.1%，以组装为主的湘潭蓝思营业收入同比增长 97%至251 亿元，在组装业务占比大幅提升的背景下毛利率基本稳定，彰显公司金属和玻璃业务优异的 盈利能力。北美大客户方面，公司作为新一代iphone 玻璃和铝合金中框核心供应商受益份额及单机价值 量双重提升，且26 年苹果首代折叠屏有望发布，公司utg 玻璃、中框等供应价值量有望大幅提升，深度 受益北美大客户大创新周期。产能布局方面，同时公司在国内外拥有9 个研发和生产基地，包括位于越 南、泰国、墨西哥的生产基地，已在越南和墨西哥为美国客户批量出货，有效抵御地缘风险，全球业务 版图持续拓宽。 布局AI 眼镜、人形机器人、AIPC 等多重增长极。1）眼镜方面，公司与Rokid、meta、小米、苹果等头 部品牌均有整机及零部件合作。2）人形机器人方面，公司与国内外头部公司合作，智元整机持续交 付，并在关节模组、夹爪、DCU 控制器等核心部件实现自产。3）AIPC 方面，公司成功突破老牌北美 传统PC厂商组装 ...