证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-036 蓝思科技股份有限公司 关于回购公司股份方案的公告 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、本次回购经公司董事会审议通过后，尚存在因公司股票价格持续超出回 购方案披露的回购价格上限，导致回购方案无法实施的风险；因回购股份所需资 金未能及时到位，导致回购方案无法按计划实施的风险；因员工持股计划方案或 股权激 ...

作 者丨倪雨晴 编 辑丨巫燕玲 图 源丨图虫 美国所谓"对等关税"出炉，国内制造业企业的应对策略是"主动破局"。 为应对关税波动带来的不确定性，越来越多企业通过前瞻性的战略布局、全球化拓展来减少关 税影响。 一方面，在电子产业链方面，果链龙头企业立讯精密、蓝思科技等接连发声，强调本 轮关税影响有限，并指出"进口方客户承担关税缴纳"。 这也意味着，终端厂商或承受更多压力，多家机构预计苹果要面临新增关税的成本问题，苹果 也可能在全球范围内提高产品价格。 对应的，国内的苹果产业链备受关注，目前立讯精密、蓝思科技等已经接连发声，都表示"对 等关税"的影响有限。 4月6日晚间，立讯精密在接受记者采访时表示，首先公司通过多元化客户结构、全球产能布 局和核心技术自主创新，降低单一市场波动和地缘不确定性的影响，"对等关税"对公司影响有 限。 其次，目前具体税率、关税豁免的申报和裁决等情况还不太明确，但可以确定的是，在电子制 造业供应链企业中，通常与客户商定采用FOB模式(Fr e e On Bo a r d，"离岸价" )，供应链企业 不需要承担关税，关税由进口商(客户)承担。 另一方面，果链龙头、道通科技、华勤技术等制造企 ...

4月7日，上证指数下跌7.34%，深证成指下跌9.66%，创业板指下跌12.5%。盘后龙虎榜数据显示，共有 60只个股因当日异动登上龙虎榜，资金净流入最多的是宏景科技（301396.SZ），达2.04亿元。 据21投资通智能监测，32只个股龙虎榜出现了机构的身影，北向资金参与龙虎榜中的个股共涉及18只。 2.04亿资金抢筹宏景科技，9.45亿资金出逃中际旭创 60只上榜的龙虎榜个股中，30只个股被净买入，30只个股被净卖出。其中，资金净买入最多的是宏景科 技，达2.04亿元，占总成交金额的14.04%。宏景科技当日收盘下跌13.42%，换手率为34.73%。 | 名称 | 涨跌幅 | 龙虎榜净买 | 净买额占 | 换丰浓 | | | --- | --- | --- | --- | --- | --- | | | | 额(万元 | 总成交比 | | | | 宏景科技 | -13.42% | 20444 | 14.04% | 34.73% | 2家机构卖出,成功 | | | | | | | 率36.92% | | 凯美特气 | 9.99% | 17123 | 7.3% | 32.28% | 普通席位买入,成功 | ...

Core Viewpoint - The recent announcement by the U.S. to impose "reciprocal tariffs" has led to a decline in Apple’s stock price and affected the A-share consumer electronics sector, with Apple being one of the most impacted importers due to its reliance on Chinese suppliers [1][5]. Group 1: Impact on Supply Chain Companies - Luxshare Precision (立讯精密) stated that it has limited exposure to the new tariffs due to its FOB pricing model, where the importer (customer) bears the tariff costs [1][3]. - Lens Technology (蓝思科技) reported that the tariff changes would have a minimal impact on its overall operations, as 58.63% of its revenue comes from overseas, with most exports routed through bonded zones to avoid tariff fluctuations [2][4]. - Lianyi Intelligent Manufacturing (领益智造) emphasized its global production layout to mitigate international trade uncertainties, stating that its products do not directly export from China to the U.S. [3][4]. - Zhuhai Coslight (珠海冠宇) indicated that its direct exports to the U.S. are minimal, and it is actively working on establishing overseas production bases to further reduce tariff impacts [4]. Group 2: Apple's Strategic Challenges - Apple faces a difficult decision regarding how to handle the increased costs from tariffs, whether to absorb them, pass them on to consumers, or distribute them across the supply chain [5][6]. - Morgan Stanley estimates that the tariffs could increase Apple's annual costs by approximately $8.5 billion, which may lead to price hikes for products like the iPhone [5][6]. - The reliance on Chinese and Indian assembly for iPhones means that Apple may struggle to significantly expand production in other regions in the short term, potentially leading to price increases for the iPhone 17 series [6].

Investment Rating - Maintain recommendation for the semiconductor and semiconductor production equipment industry [6] Core Insights - The semiconductor sector is under pressure due to the U.S. imposing additional tariffs, particularly affecting the AI chip market, with a total tariff rate of 54% on imports from China [2][11] - The semiconductor market is projected to see a significant revenue increase of approximately 25% in 2024, reaching $683 billion, driven by strong demand for AI-related chips [3][33] - The performance of various semiconductor indices has been declining, with notable drops in AI chip indices and related companies [2][11] Market Indices Summary - The overseas AI chip index fell by 13.6% this week, while the domestic AI chip index decreased by 1.6%, with major companies like SMIC and Changdian Technology seeing declines over 4% [2][11] - The NVIDIA mapping index dropped by 5.0%, influenced by NVIDIA's stock decline, affecting the entire supply chain [2][14] - The server ODM index decreased by 3.0%, with Supermicro experiencing a nearly 13% drop, while Quanta saw a rise of nearly 22% [2][14] - The storage chip index fell by 2.6%, with companies like Shannon Microelectronics and Dongxin Technology dropping over 6% [2][14] - The power semiconductor index saw a minor decline of 0.5%, with the domestic fruit chain index down by 8.6% and the Hong Kong fruit chain index down by 9.6% [2][22] Industry Data Summary - NVIDIA is set to launch several new data center products, with the GB200 NVL72 cabinet already in production and future models planned for 2026 and 2027 [3][27] - The monthly shipment of laptops in February 2025 saw only a 7% increase month-on-month, reflecting a year-on-year decline compared to February 2024 [3][30] - The semiconductor market is expected to achieve record revenues in 2024, largely due to the demand for high-bandwidth memory (HBM) used in AI GPUs, which is projected to grow at a rate of 74% [3][33] Major Events Summary - Lens Technology submitted an application for issuing H shares, not exceeding 7% of the total share capital post-issue [4][38] - Huawei reported a revenue of 862.1 billion yuan for 2024, a year-on-year increase of 22.42%, while net profit decreased by 28.05% [4][40] - AAC Technologies achieved a revenue of 27.33 billion yuan in 2024, a 33.8% increase year-on-year, with a gross margin improvement [4][41] - OFILM reported a revenue of 20.437 billion yuan for 2024, up 21.19% year-on-year, but net profit decreased by 24.09% [4][42] - Meta is set to launch a new smart glasses product priced over $1,000, expected to debut by the end of the year [4][42]

(2 觀电器库 AI眼镜产业中国行 首站: 亿境虚拟 ⊙ 2025年4月18日 ○ 亿境虚拟 走访企业计划表 佳禾 天键 优创亿 智能 电声 雷马 影目 创新 科技 走访咨询 186 8147 7905 孙先生 (同微信 ) 138 2317 8614 梁先生(同微信) 参加宛目 AI眼镜行业上下游产业链 往期走访 企业简介 ) 深圳市亿境虚拟现实技术有限公司(简称"亿境虚拟") 成立于2015年,是亿道集团旗下深圳主板上市公司 -- 亿道 信息(001314.SZ)下属子公司。公司具备人工智能(AI)穿戴 设备、虚拟现实(VR)和增强现实(AR)业务能力,在全球拥 有丰富的客户与渠道资源。 亿境虚拟专注于提供XR/AI穿戴产品的研发与量产服务, 包括AI轻便眼镜、近眼显示及三维空间显示与计算解决方 案。公司凭借在XR/AI穿戴领域的深厚积累,持续配合、支 持国内外XR/AI穿戴领域优秀品牌公司与场景内容公司,共 同开发创新且量产的XR/AI穿戴产品,形成以XR/AI穿戴产 品设计及供应链与生产服务的核心竞争力。同时亿境虚拟 积极参与XR/AI穿戴产品行业相关标准的制定,参编了多项 团体标准。 | | 走访流 ...

2025年4月3日凌晨，美国公布所谓"对等关税"政策，引发全球市场关注。 截至4月7日中午，A股已有30余家上市公司公开回应美国关税政策调整对公司的影响。 4月7日，蓝思科技（300433）（300433.SZ）对21世纪经济报道记者表示，得益于前瞻性的全球化布局 和持续深入的多元化发展战略，公司已构筑起稳健的全球供应链体系，经全面评估，预计关税政策变化 对整体经营影响非常有限。 据悉，截至目前，蓝思科技在全球拥有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 及多个国际办公驻点。 公司方面表示，通过从战略上拓宽全球业务版图，使自身的制造能力与全球市场动态相契合，满足国际 客户在全球范围内的供应链需求，可以有效抵御地缘风险。 "关税不是海外布局的唯一考量，这种贴近市场、分散风险的布局逻辑，不仅降低物流与人力成本，更 使公司深度嵌入客户的全球供应链体系。"公司相关人士表示。 公司介绍，这种责任分界清晰的方案，已在支持印度、越南等地整机量产中验证实效。例如越南基地经 过8年发展，已建成覆盖海外客户的研发-生产-交付闭环体系；墨西哥基地则就近服务北美客户，规模 和效益逐步显现。 在关键原材料进口端，公司的 ...

作者：周源/华尔街见闻 美国总统特朗普于4月2日宣布即将推出"对等关税"，此事重创A股"果链"：截至4月3日收盘，立讯精密、歌尔股份、蓝思科技跌停，博众精工下跌8.96%， 铂力特下挫4.94%。 4月3日，蓝思科技仍在强调其为苹果公司供应折叠机屏幕材料（外观件和结构件）已有技术和产品准备："目前正积极配合客户进行折叠屏验证，整体进度 顺利，已为新机型量产做好准备"。 如果苹果公司没能取得在特朗普第一次任职美国总统期间的关税豁免，那么A股"果链"公司的估值预期很可能发生改变。 蓝思科技在3月28日发布的2024年报显示，这家公司在2024年，有近一半的营收得自苹果公司。 3月28日，蓝思科技发布的2024年年报显示，来自苹果公司的销售额占整体营收的比例高达49.45%。 虽然这一比例已同比大幅下降8.38个百分点，但仍远超其第二和第三大客户的营收占比总和26.51%（23.36%+3.15%），并高于2016-2019年的历年占比。 蓝思科技从2015年上市，至2020年当年，苹果对蓝思科技的营收贡献度超过50%。自2021年开始，苹果公司的贡献销售额持续超过300亿元。2022年，苹果 销售额达到前所未有的 ...

Quantitative Models and Construction Methods Model 1: Volume Timing Signal - **Model Name**: Volume Timing Signal - **Model Construction Idea**: The model uses volume data to generate timing signals for broad-based indices. - **Model Construction Process**: The model evaluates the volume timing signals for various broad-based indices and assigns a cautious view if the signals indicate a potential downturn. - **Model Evaluation**: The model provides a cautious outlook for all major broad-based indices as of April 3, 2025[23][24]. Model 2: Momentum Sentiment Indicator - **Model Name**: Momentum Sentiment Indicator - **Model Construction Idea**: The model uses the proportion of stocks with positive returns within an index to gauge market sentiment. - **Model Construction Process**: - Calculate the proportion of stocks in the CSI 300 index with positive returns over a specified period. - Apply smoothing with two different window periods to capture the trend. - Generate signals based on the relationship between the short-term and long-term smoothed lines. - Formula: $$ \text{Proportion of Rising Stocks in CSI 300} = \frac{\text{Number of Stocks with Positive Returns in N Days}}{\text{Total Number of Stocks in CSI 300}} $$ - When the short-term smoothed line is above the long-term smoothed line, it indicates a bullish market sentiment[24][25][27]. - **Model Evaluation**: The model can quickly capture upward opportunities but may miss out on gains during prolonged market exuberance. It also has limitations in predicting downturns[25]. Model 3: Moving Average Sentiment Indicator - **Model Name**: Moving Average Sentiment Indicator - **Model Construction Idea**: The model uses the eight moving average system to determine the trend state of the CSI 300 index. - **Model Construction Process**: - Calculate the eight moving averages for the CSI 300 index with parameters 8, 13, 21, 34, 55, 89, 144, and 233. - Assign values based on the number of moving averages the current price exceeds. - Generate signals based on the number of moving averages the current price exceeds. - Formula: $$ \text{Number of Moving Averages Exceeded} = \sum_{i=1}^{8} \mathbb{1}(\text{Price} > \text{MA}_i) $$ - If the number exceeds 5, it indicates a bullish sentiment[32][33]. - **Model Evaluation**: The model indicates that the CSI 300 index is currently in a non-optimistic sentiment zone[35]. Model Backtesting Results 1. **Volume Timing Signal**: All broad-based indices have a cautious view as of April 3, 2025[24]. 2. **Momentum Sentiment Indicator**: The proportion of rising stocks in the CSI 300 index is around 61%[25]. 3. **Moving Average Sentiment Indicator**: The CSI 300 index is in a non-optimistic sentiment zone[35]. Quantitative Factors and Construction Methods Factor 1: Cross-sectional Volatility - **Factor Name**: Cross-sectional Volatility - **Factor Construction Idea**: The factor measures the dispersion of returns among index constituents to gauge the alpha environment. - **Factor Construction Process**: - Calculate the cross-sectional volatility of the constituents of the CSI 300, CSI 500, and CSI 1000 indices. - Compare the recent values with historical averages to determine the alpha environment. - Formula: $$ \text{Cross-sectional Volatility} = \sqrt{\frac{1}{N-1} \sum_{i=1}^{N} (R_i - \bar{R})^2} $$ - Where \( R_i \) is the return of stock \( i \) and \( \bar{R} \) is the average return[41]. - **Factor Evaluation**: The recent cross-sectional volatility indicates a better short-term alpha environment for the CSI 300 and CSI 500 indices, while the CSI 1000 index shows a deteriorating alpha environment[40]. Factor 2: Time-series Volatility - **Factor Name**: Time-series Volatility - **Factor Construction Idea**: The factor measures the volatility of index constituents over time to gauge the alpha environment. - **Factor Construction Process**: - Calculate the time-series volatility of the constituents of the CSI 300, CSI 500, and CSI 1000 indices. - Compare the recent values with historical averages to determine the alpha environment. - Formula: $$ \text{Time-series Volatility} = \sqrt{\frac{1}{T-1} \sum_{t=1}^{T} (R_t - \bar{R})^2} $$ - Where \( R_t \) is the return at time \( t \) and \( \bar{R} \) is the average return[43]. - **Factor Evaluation**: The recent time-series volatility indicates a better short-term alpha environment for the CSI 300 index, while the CSI 500 and CSI 1000 indices show a mixed alpha environment[42]. Factor Backtesting Results 1. **Cross-sectional Volatility**: - CSI 300: Recent quarterly average 1.83%, 51.24% of the two-year range[41]. - CSI 500: Recent quarterly average 2.10%, 47.62% of the two-year range[41]. - CSI 1000: Recent quarterly average 2.48%, 51.79% of the two-year range[41]. 2. **Time-series Volatility**: - CSI 300: Recent quarterly average 0.57%, 49.38% of the two-year range[43]. - CSI 500: Recent quarterly average 0.43%, 40.48% of the two-year range[43]. - CSI 1000: Recent quarterly average 0.26%, 50.20% of the two-year range[43].

证券研究报告 电子｜ 消费电子 产业链垂直整合初见成效，业绩稳健增长 2024 年年报点评 公司点评 蓝思科技(300433.SZ) | 预测指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入(亿元) | 544.91 | 698.97 | 901.29 | 1,105.66 | 1,276.66 | | 归母净利润(亿元) | 30.21 | 36.24 | 50.69 | 64.51 | 73.71 | | 每股收益（元） | 0.61 | 0.73 | 1.02 | 1.29 | 1.48 | | 每股净资产（元） | 9.30 | 9.76 | 10.48 | 11.41 | 12.49 | | P/E | 41.69 | 34.76 | 24.85 | 19.53 | 17.09 | | P/B | 2.72 | 2.59 | 2.41 | 2.22 | 2.02 | 资料来源： iFinD ，财信证券 投资要点： | | | | 2025 年 04 月 02 日 | | ...