证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-043 蓝思科技股份有限公司 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。 类型：股份有限公司（台港澳与境内合资、上市） 成立日期：2006 年 12 月 21 日 法定代表人：周群飞 住所：湖南浏阳生物医药园 经营范围：许可项目：医护人员防护用品生产（Ⅱ类医疗器械）（依法须经 批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批 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 瓷制品制造；金属结构制造；电子元器件制造；移动终端设备制造；可穿戴智能 1/2 蓝思科技股份有限公司（以下简称"公司"）2023 年度股东大会审议通过了 《关于修订<公司章程>部分条款的议案》，同意公司根据股权激励变动产生的股 份变化，对公司注册资本/股份总数进行相应修订。 近日，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： 统一社会信用代码：91430000796852865Y 名称：蓝思科技 ...

Core Viewpoint - The company achieved a revenue of 69.897 billion yuan in 2024, representing a year-on-year increase of 28.27%, with a net profit of 3.624 billion yuan, up 19.94% year-on-year, slightly below previous profit expectations due to increased asset impairment provisions [1] Group 1: Financial Performance - In Q1 2025, the company reported a revenue of 17.063 billion yuan, a year-on-year increase of 10.10%, and a net profit of 429 million yuan, up 38.71% year-on-year [1] - The company’s comprehensive gross margin decreased by 0.70 percentage points to 15.89% in 2024, primarily due to the increased revenue share from assembly business and challenges in the automotive electronics segment [2] - The company forecasts net profits of 5.308 billion yuan, 6.433 billion yuan, and 7.767 billion yuan for 2025, 2026, and 2027 respectively, with slight downward adjustments from previous estimates [4] Group 2: Business Segments - The company’s revenue from smartphones, computers, smart cars, smart headsets, and other smart terminals in 2024 was 57.75 billion yuan, 5.93 billion yuan, 3.49 billion yuan, and 1.41 billion yuan respectively, with significant growth in assembly business [2] - The company is focusing on multiple new fields including foldable screens, AI glasses, automotive electronics, and robotics, which are expected to drive strong growth [3][4] - The company has established deep collaborations with leading clients in the robotics sector, developing various structural components and modules [3] Group 3: Market Outlook - The company is optimistic about the growth of its consumer electronics business driven by new product launches from major North American clients and increased market share in Android products [1] - The company maintains a target price of 29.4 yuan and a buy rating, reflecting confidence in its strategic positioning in emerging AI terminal markets [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.40 RMB [7][4]. Core Views - The company achieved a revenue of 69.897 billion RMB in 2024, representing a year-on-year increase of 28.27%, and a net profit of 3.624 billion RMB, up 19.94% year-on-year. The revenue exceeded previous expectations, while net profit was slightly below expectations due to increased asset impairment provisions [1][2]. - The company is expected to benefit from strong growth in consumer electronics driven by new product launches from major clients in North America, increased market share in Android products, and expansion into new terminals such as PC/AI glasses and smart retail [1][3]. - The automotive segment is anticipated to see an increase in unit value, and the humanoid robot business is expected to contribute to long-term performance growth [1][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 17.063 billion RMB, a year-on-year increase of 10.10%, and a net profit of 4.29 billion RMB, up 38.71% year-on-year. The non-recurring net profit was 3.78 billion RMB, reflecting a 60.99% increase year-on-year [1][2]. - The company’s revenue from smartphones, computers, smart cars, and other intelligent terminals in 2024 was 577.5 billion RMB, 59.3 billion RMB, 34.9 billion RMB, and 14.1 billion RMB respectively, with significant growth in assembly business [2]. Business Segments - The company is focusing on multiple new fields, including: 1. **Smartphones**: Anticipated growth from new model upgrades in H2 2025 and advancements in foldable screen technology [3]. 2. **AI Glasses**: Collaborations with clients like Rokid for high-end AI glasses and headsets [3]. 3. **Automotive**: New model launches expected in H2 2025, with increased unit value from ultra-thin laminated glass [3]. 4. **Robotics**: Established partnerships with leading clients for the development of structural components for humanoid robots [3]. Valuation and Forecast - The forecasted net profits for 2025, 2026, and 2027 are 5.308 billion RMB, 6.433 billion RMB, and 7.767 billion RMB respectively, with a projected PE ratio of 27.5x for 2025 [4][6]. - The company’s comprehensive gross margin for 2024 is expected to be 15.89%, slightly down from the previous year, attributed to the increased revenue share from assembly business [2]. Market Position - The company is positioned as a leader in the consumer electronics sector, with a strong foothold in AI applications and new technology developments, which are expected to drive future growth [4][6].

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 17.063 billion, a year-on-year increase of 10.10% compared to Q1 2024 [1] - The net profit attributable to shareholders reached CNY 429 million, reflecting a significant year-on-year growth of 38.71% [1] - The net operating cash flow amounted to CNY 2.630 billion, up 29.59% year-on-year, indicating improved cash flow management [1] Group 2: Operational Highlights - The gross profit margin for Q1 2025 was 12.80%, an increase of 0.28 percentage points from Q1 2024, driven by high-margin assembly operations [2] - The company successfully reduced the ratio of sales, management, and financial expenses by 1.27 percentage points, showcasing effective cost control [2] - R&D expenses increased by 37.73% year-on-year to CNY 791 million, primarily due to numerous new product developments [9] Group 3: Strategic Initiatives - The company has diversified its customer base, reducing revenue from its largest customer from 71% to 49.5% over three years, while increasing the proportion of domestic brand customers from 18% to 41% [5] - The vertical integration of the supply chain has been strengthened, allowing the company to provide comprehensive manufacturing services from design to mass production [5] - The company is focusing on emerging fields such as AI terminals, new energy vehicles, and humanoid robots, leveraging material innovation and smart manufacturing advantages [2] Group 4: Market Position and Risk Management - The company has established a robust global supply chain, with 58% of its overseas business in 2024, primarily in components and functional modules, mitigating tariff risks [3] - The company’s overseas production capacity includes nine major R&D and production bases, enhancing its ability to respond quickly to customer needs [11] - The anticipated impact of foreign tariff policy changes on overall operations is expected to be minimal, with strategies in place to adapt to external environmental changes [4]

Group 1 - The Tonghuashun Fruit Index concept declined by 1.38%, ranking among the top declines in the concept sector, with companies like Lens Technology, Lante Optics, and Changying Precision experiencing significant drops [1][2] - Among the stocks in the Tonghuashun Fruit Index, only two stocks saw price increases, with Zhongshi Technology and BOE A rising by 2.20% and 0.26% respectively [1][2] Group 2 - The concept sectors with the highest gains today included Supply and Marketing Cooperatives (+3.93%), Cross-Border Payment (CIPS) (+3.65%), and Glyphosate (+3.57%), while the China AI 50 and Nvidia concept saw declines of -2.09% and -1.48% respectively [2] - The Tonghuashun Fruit Index experienced a net outflow of 587 million yuan from main funds, with 14 stocks seeing net outflows, and five stocks experiencing outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 184 million yuan, followed by Goer Technology and Lingyi iTech with outflows of 165 million yuan and 61.8 million yuan respectively [2][3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant growth in Q1 2025, with 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%, and the net profit excluding non-recurring items was 378 million yuan, reflecting a 60.99% increase [2][6]. - The gross margin for Q1 2025 was 12.8%, an increase of 0.28 percentage points year-on-year, while the net profit margin was 2.51%, up 0.51 percentage points year-on-year [2][6]. - The demand for consumer electronics is recovering, with the company benefiting from its position as a core supplier for Apple, which saw its market share increase from 17.5% in Q1 2024 to 19.0% in Q1 2025, with a 10% year-on-year sales growth [11]. - The company has submitted an application for listing on the Hong Kong Stock Exchange to enhance its global delivery capabilities and address uncertainties in foreign trade due to geopolitical factors [11]. - The company is actively expanding into emerging businesses, leveraging its precision processing capabilities accumulated from the smartphone sector, focusing on areas such as foldable screens, humanoid robots, AI glasses, and smart vehicles [11]. - The projected net profit attributable to shareholders for 2025 to 2027 is estimated at 5.421 billion yuan, 7.249 billion yuan, and 8.256 billion yuan, respectively, indicating strong growth potential [11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 17.063 billion yuan, a 10.10% increase year-on-year. The net profit attributable to shareholders was 429 million yuan, up 38.71%, and the net profit excluding non-recurring items was 378 million yuan, reflecting a 60.99% increase. The gross margin was 12.8%, and the net profit margin was 2.51% [2][6]. Business Expansion - The company is applying for a listing on the Hong Kong Stock Exchange to enhance its global business layout and improve delivery capabilities in regions like Vietnam, Thailand, and Mexico [11]. - The company is diversifying into new business areas, including foldable screens, humanoid robots, AI glasses, and smart vehicles, which are expected to contribute to long-term revenue growth [11]. Market Position - The company is a key supplier for Apple, benefiting from the recovery in consumer electronics demand, with Apple’s market share increasing significantly in Q1 2025 [11].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a significant year-on-year net profit increase of 38.7% in Q1 2025, driven by the release of the Apple iPhone 16e [1][7]. - The revenue for Q1 2025 reached 17,063 million yuan, reflecting a 10.1% increase compared to the previous year [7]. - The company has successfully implemented a vertical integration strategy, maintaining a leading position in various components for smart devices, including glass and ceramics [7]. - New product developments include breakthroughs in ultra-thin laminated glass for automotive applications and advancements in AI glasses [7]. - The company is expanding into new intelligent terminal markets, including humanoid robots and smart retail solutions [7]. - The financial forecast for 2025-2027 projects a steady increase in net profit, with estimates of 5,127 million yuan for 2025, 6,067 million yuan for 2026, and 7,300 million yuan for 2027 [6][7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 69,897 million yuan in 2024 to 90,602 million yuan in 2025, with a year-on-year growth rate of 29.6% [6]. - The gross profit margin is expected to stabilize around 14.9% in 2025, with a slight decline to 13.0% by 2027 [6]. - The return on equity (ROE) is forecasted to improve from 9.7% in 2025 to 11.4% in 2027 [6].

点评：25Q1 收入稳健增长，盈利能力同比改善。25Q1 实现营业收入 170.63 亿，yoy+10.10%，主要得益于智能手机与电脑类业务的增加。毛利率为 12.8%，yoy+0.28pct。研发费用为 7.91 亿元，yoy+37.73%，反映了公司在 新项目、新产品和新领域的研发投入加大。财务费用由正转负，主要由于 汇兑收益增加。其他收益减少 42.69%，主要因为政府补助减少。公司实现 归母净利润为 4.29 亿，yoy+38.71%。盈利增长的主要原因是收入增加、成 本控制得当以及汇兑收益增加。 我们持续看好公司业务在关税冲击下的韧性和成长潜力： 投资建议：维持公司 25/26/27 年 55/72/90 亿归母净利润预期，维持"买入" 评级。 风险提示：消费电子需求不及预期、消费电子创新不及预期、新能源车价 格压力影响供应商盈利能力、下游产品推出节奏不及预期、地缘政治风险 &客户集中度高风险 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5 ...

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]