证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-020 关于变更公司工商登记类型的公告 二○二五年三月十三日 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。 1 / 1 蓝思科技股份有限公司（以下简称"公司"）于 2025 年 3 月 12 日召开了第 五届董事会第二次会议、第五届监事会第二次会议，审议通过了《关于变更公司 类型的议案》，具体情况如下： 公司目前的营业执照及在市场监督管理部门登记的企业类型为"股份有限公 司（台港澳与境内合资、上市）"，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，拟将企业类型变更为"股份有限公 司（港澳台投资、上市）"。本次变更事项最终以市场监督管理部门核定的内容 为准。 特此公告。 蓝思科技股份有限公司 蓝思科技股份有限公司董事会 ...

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。 根据《蓝思科技股份有限公司章程》的有关规定，经蓝思科技股份有限公司 （以下简称"公司"或"本公司"）第五届董事会第二次会议审议通过，决定于 2025 年 3 月 28 日召开 2025 年第二次临时股东大会。现将会议有关事项通知如 下： 一、本次股东大会召开会议的基本情况 1、股东大会届次：2025 年第二次临时股东大会。 证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-022 蓝思科技股份有限公司 关于召开 2025 年第二次临时股东大会的通知 2、股东大会的召集人：公司董事会。 3、会议召开的合法、合规性：本次会议的召开已经公司第五届董事会第二 次会议审议通过，召集程序符合有关法律、法规、规范性文件和《公司章程》的 规定。 4、会议召开日期和时间： 现场召开日期和时间：2025 年 3 月 28 日（星期五）下午 14:00。 网络投票日期和时间：2025 年 3 月 28 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 3 月 28 日上午 9:15-9:2 ...

证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-017 蓝思科技股份有限公司 第五届监事会第二次会议决议公告 经与会监事审议和表决，形成决议如下： 一、审议通过了《关于公司发行 H 股股票并在香港联合交易所有限公司主 板上市的议案》 为进一步推进公司国际化战略，提升公司国际品牌形象，增强公司核心竞争 力，提升公司经营管理水平，同意公司发行H股股票并申请在香港联合交易所有 限公司（以下简称"香港联交所"）主板挂牌上市（以下简称"本次发行上市"）。 根据《公司法》《中华人民共和国证券法》（以下简称"《证券法》"）、《境 内企业境外发行证券和上市管理试行办法》（以下简称"《境外上市管理办法》"） 及《香港联合交易所有限公司证券上市规则》（以下简称"《香港上市规则》"） 1 / 9 等对在中华人民共和国（以下简称"中国"）境内注册成立的发行人在香港发行 股票并上市的有关规定，结合公司自身实际情况，公司本次发行上市符合中国境 内有关法律、法规和规范性文件的要求和条件。公司本次发行上市将在符合中国 境内有关法律、法规的规定及经不时修订的《香港上市规则》和香港法律的要求 和条件下进行。 表决结果：三票赞 ...

证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-016 蓝思科技股份有限公司 第五届董事会第二次会议决议公告 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。 蓝思科技股份有限公司（以下简称"公司"）第五届董事会第二次会议于 2025 年 3 月 12 日（星期三）上午 10:00，在浏阳市经济技术开发区蓝思科技南园总部 办公大楼董事办会议室，以现场及通讯表决相结合的方式召开。会议通知于 2025 年 3 月 7 日以专人送达或电子邮件等方式送达全体董事。会议由董事长周群飞女 士主持，应出席董事 7 名，实际出席董事 7 名，公司全体监事和高级管理人员列 席了会议。本次会议的召开和表决程序符合《中华人民共和国公司法》（以下简 称"《公司法》"）和《蓝思科技股份有限公司章程》的有关规定，是合法、有效 的。 经与会董事审议和表决，形成决议如下： 一、审议通过了《关于公司发行 H 股股票并在香港联合交易所有限公司主 板上市的议案》 公司拟发行H股股票并申请在香港联交所主板挂牌上市，为此，公司制定了 本次发行上市方案如下： 为进一步推进公司国际化战略 ...

公司将充分考虑现有股东利益及境内外资本市场情况，在股东大会决议有效期内（即经公司股东大会审 议通过之日起24个月或同意延长的其他期限）择机完成本次发行上市。 人民财讯3月12日电，蓝思科技(300433)3月12日晚间公告，公司拟发行境外上市外资股（H股）股票， 并申请在香港联合交易所有限公司（简称"香港联交所"）主板挂牌上市。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is making significant strides in platformization, embracing opportunities in robotics and AR, marking a critical leap in its development [7] - The company has established itself as a one-stop service solution platform for smart terminals, with a focus on precision manufacturing and integration across various sectors [7] - The report highlights the company's role as a core supplier for Zhiyuan Robotics, aiming to deliver over a thousand robots in 2024, showcasing its capabilities beyond traditional consumer electronics [7] - The collaboration with Rokid for AR glasses assembly and integration demonstrates the company's comprehensive coverage of the supply chain [7] - The report emphasizes the advantages of platform enterprises in emerging complex precision manufacturing, suggesting that the company is well-positioned to capture growth opportunities in new industries [7] - The company is expected to benefit from the historical opportunities presented by AI and robotics, leveraging its existing capabilities in consumer electronics manufacturing [7] - The report projects significant revenue growth, with expected revenues of 70.64 billion, 98.21 billion, and 130.06 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 29.64%, 39.03%, and 32.43% [1][8] - The forecast for net profit is set at 3.71 billion, 5.57 billion, and 7.23 billion for the same years, with corresponding growth rates of 22.79%, 50.14%, and 29.81% [1][8] Financial Summary - The company’s total revenue for 2022 was 46.699 billion, with a projected increase to 54.491 billion in 2023, and further growth expected in subsequent years [1] - The latest diluted EPS is projected to rise from 0.61 in 2023 to 1.45 in 2026, indicating a strong upward trend in earnings per share [1] - The current P/E ratio is 47.20, expected to decrease to 19.72 by 2026, suggesting an attractive valuation as earnings grow [1]

证券研究报告·公司点评报告·消费电子 蓝思科技（300433） 平台化迈上关键台阶，拥抱机器人+AR 历史 机遇 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 46699 | 54491 | 70640 | 98210 | 130059 | | 同比（%） | 3.16 | 16.69 | 29.64 | 39.03 | 32.43 | | 归母净利润（百万元） | 2448 | 3021 | 3710 | 5570 | 7231 | | 同比（%） | 18.25 | 23.42 | 22.79 | 50.14 | 29.81 | | EPS-最新摊薄（元/股） | 0.49 | 0.61 | 0.74 | 1.12 | 1.45 | | P/E（现价&最新摊薄） | 58.25 | 47.20 | 38.44 | 25.60 | 19.72 | [Table_Tag] [Table_Summary] 投资要 ...

Summary of the Conference Call Industry and Company Involved - The conference focuses on the humanoid robot industry, specifically highlighting the collaboration between **Blues Technology** and **Zhiyuan Robotics** regarding the **Lingxi X1 humanoid robot** [1] Core Points and Arguments - On January 21, 2025, **Blues Technology** successfully delivered the **Lingxi X1 humanoid robot** package, marking a significant milestone in mass production [1] - **Blues Technology** is deeply involved in the production, assembly, and testing control of key components for the **Lingxi X1 robot**, including the joint modules, DCU controllers, and OmniPicker (gripper) [1] Other Important but Possibly Overlooked Content - The conference emphasizes the importance of overcoming challenges in mass production within the humanoid robot sector, indicating a forward-looking perspective on industry advancements [1]

Investment Rating - The report indicates a positive investment outlook for the domestic computing power industry, driven by the surge in AI applications and infrastructure investments from major cloud service providers [3]. Core Insights - The demand for AI applications is expected to lead to significant growth in the domestic computing power industry, with major investments from cloud service providers like Alibaba, ByteDance, and Tencent [3][12]. - Advances in semiconductor manufacturing processes are reshaping the global semiconductor landscape, with China making notable progress in advanced processes [3][27]. - AI-enabled devices are anticipated to proliferate across various sectors, including smartphones, PCs, wearables, and IoT devices, with a focus on enhancing user experience through AI integration [3][48]. Summary by Sections Infrastructure: Cloud Providers Leading Domestic Computing Power Breakthrough - Major cloud providers are expected to drive a resurgence in capital expenditures, with Alibaba planning to invest over 380 billion yuan in AI computing centers and data centers over the next three years [12]. - The AIDC hardware spending is projected to benefit from increased demand for computing chips and storage solutions, particularly in the context of AI infrastructure [13]. Advanced Manufacturing: Multi-Dimensional Breakthroughs in Advanced Processes - China has achieved an 8% market share in advanced semiconductor processes as of 2023, with local foundries like SMIC and HHGrace making strides in narrowing the technology gap [27]. - The report highlights the importance of advanced packaging technologies such as CoWoS and SoIC, which are being industrialized in China [37]. Intelligent Terminals: A Blooming Era for Edge AI - The report forecasts that by 2025, the global market for GenAI smartphones will reach approximately 420 million units, representing a year-on-year growth of 82.7% [48]. - Apple is expected to lead in smart edge devices, with significant investments in IoT and wearable technology, enhancing AI capabilities across its product lines [50]. Key Investment Targets - The report identifies several key companies across various sectors, including: - Infrastructure: Lanqi Technology, Demingli, and Jiewate [3]. - Advanced Manufacturing: SMIC, Huahong, and Changdian Technology [3]. - Edge AI/SoC: Xiaomi Group, Lenovo Group, and Rockchip [3]. - Autonomous Driving: Horizon Robotics and Weir Shares [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39 CNY per share [4][6]. Core Views - The report highlights the upcoming release of the GenieOperator-1 model by Zhiyuan Robotics, which is expected to enhance the company's supply chain and innovation capabilities [1][2]. - The collaboration between Zhiyuan Robotics and Lens Technology is emphasized, with Lens Technology being a key ecological partner in the production of critical components for robots [3]. - The financial projections indicate significant revenue growth, with expected revenues of 72.87 billion CNY in 2024, 91.77 billion CNY in 2025, and 112.94 billion CNY in 2026 [4][5]. Financial Data and Valuation - Revenue is projected to grow from 54.49 billion CNY in 2023 to 112.94 billion CNY in 2026, reflecting a compound annual growth rate (CAGR) of approximately 25.95% [5]. - The net profit attributable to the parent company is expected to increase from 3.02 billion CNY in 2023 to 7.21 billion CNY in 2026, with a notable growth rate of 53.71% in 2025 [5]. - The report provides various financial ratios, including a projected P/E ratio decreasing from 59.07 in 2022 to 20.06 in 2026, indicating improving valuation metrics over time [5][6].