Investment Rating - The investment rating for the company is "Buy" with a target price of 39 CNY per share, maintaining the rating [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]. - Zhiyuan Robotics is positioned as a leader in the industry with rapid production and innovation cycles, and Lens Technology is identified as a key ecological partner benefiting from this collaboration [3][4]. Financial Projections - Revenue projections for the company are as follows: 72.87 billion CNY in 2024, 91.77 billion CNY in 2025, and 112.94 billion CNY in 2026, with corresponding net profits of 3.56 billion CNY, 5.48 billion CNY, and 7.21 billion CNY respectively [4][5]. - The company is expected to achieve a revenue growth rate of 33.73% in 2024, 25.95% in 2025, and 23.06% in 2026 [5][12]. Key Financial Metrics - The company’s earnings per share (EPS) are projected to be 0.71 CNY in 2024, 1.10 CNY in 2025, and 1.45 CNY in 2026 [5][12]. - The price-to-earnings (P/E) ratio is expected to decrease from 40.59 in 2024 to 20.06 in 2026, indicating improving valuation [5][12]. Market Position - Lens Technology is noted for its comprehensive advantages in new material development, structural component manufacturing, and precision assembly, which are crucial for supporting the robotics industry [3][4]. - The company is involved in the production and assembly of key components for Zhiyuan Robotics, ensuring high-quality standards and large-scale production capabilities [3][4].

Group 1: Company Overview and Strategy - Blues Technology has been involved in the intelligent robotics field since 2016, developing various industrial robots including six-axis robots and visual inspection robots [1][2]. - The company has established a specialized team to tackle core components of humanoid robots, creating a one-stop solution from precision parts to complete assembly [2][3]. Group 2: Competitive Advantages - Blues Technology leverages its experience in consumer electronics to achieve high precision, efficiency, and cost control in humanoid robot production [2]. - The precision of core components in humanoid robots is required to reach micron-level accuracy, which Blues Technology meets through its advanced processing experience and high-precision equipment [2]. - The company has a high vertical integration level, optimizing production processes and maintaining excellent cost control, which helps reduce production costs for clients [2][3]. Group 3: Client Engagement and Partnerships - Blues Technology has established partnerships with leading humanoid robot companies, providing integrated services [2][3]. - On January 21, 2025, the company successfully delivered the Lingxi humanoid robot X1, demonstrating its capability in mass production and quality assurance [3]. Group 4: Future Goals and Applications - The company aims to expand humanoid robot applications from industrial settings to household services and healthcare, aspiring to become the largest vertically integrated core manufacturing platform for embodied intelligent hardware in China [3].

Group 1: Company Overview and Activities - Blue Silicon Technology has been involved in the humanoid robot sector since 2016, developing various industrial robots including six-axis robots and visual inspection robots [1][2]. - The company has established partnerships with leading humanoid robot firms, providing integrated services for core components [2]. Group 2: Product Development and Applications - The company successfully delivered the Lingxi X1 humanoid robot in January 2025, showcasing its capabilities in mass production and quality control [2]. - Applications of humanoid robots developed by the company include logistics sorting, interview robots, security inspection robots, and AOI detection robots, aimed at improving production efficiency and reducing labor costs [3]. Group 3: Competitive Advantages - Blue Silicon Technology leverages its experience in consumer electronics to achieve high precision, efficiency, and cost control in humanoid robot production [4][5]. - The company boasts the highest vertical integration in the industry, optimizing production processes and managing supply chains effectively to lower production costs for clients [5]. Group 4: Future Goals - The company aims to enhance its one-stop vertical integration services for robot clients, focusing on the development of various components and modules to increase the average selling price (ASP) of robots [5]. - Blue Silicon Technology plans to deepen collaborations with leading robot companies and expand the application of humanoid robots into home services and healthcare sectors, aspiring to become the largest core manufacturing platform for embodied intelligent hardware in China [5].

关于提前归还部分暂时补充流动资金的闲置募集资金的公告 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"）2025 年 1 月 13 日召开第四届 董事会第二十九次会议和第四届监事会第二十六次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过人民币 24 亿元的暂时闲置募集资金暂时补充流动资金，使用期限自本次董事会审议通过之 日起不超过 12 个月，即本次补充流动资金到期日为 2026 年 1 月 12 日。2025 年 2 月 12 日公司提前归还了 1 亿元暂时补充流动资金的募集资金至募集资金专项 账户。具体内容详见公司于 2025 年 1 月 14 日、2 月 14 日在巨潮资讯网 （http://www.cninfo.com.cn）等符合中国证监会规定条件的媒体上发布的《关于 使用部分闲置募集资金暂时补充流动资金的公告》《关于提前归还部分暂时补充 流动资金的闲置募集资金的公告》。 2025 年 2 月 26 日，公司提前归还了 1 亿元暂时补充流动资金的募集资金至 募集资金专项账 ...

2025 年 02 月 24 日 蓝思科技 (300433) 公 司 研 究 / 公 司 点 评 《蓝思科技（300433）深度：高订电子外 观，为苹果作嫁衣（AIPC 系列 8 暨苹果 AI 系列 6）》 2024/07/05 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 02 月 21 日 | | --- | --- | | 收盘价（元） | 28.96 | | 一年内最高/最低（元） | 29.68/11.65 | | 市净率 | 3.1 | | 息率（分红/股价） | 1.04 | | 流通 A 股市值（百万元） | 143,790 | | 上证指数/深证成指 | 3,379.11/10,991.37 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 9.49 | | 资产负债率% | 41.34 | | 总股本/流通 A 股（百万） | 4,983/ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39 CNY per share [2][3]. Core Insights - The strategic partnership with Rokid marks a significant advancement for the company as it transitions from a structural component manufacturer to an electronic system-level manufacturer, aiming to capture growth opportunities in various sectors including smartphones, AI PCs, new energy, humanoid robots, payment terminals, and smart home appliances [1]. - Revenue projections for the company are optimistic, with expected revenues of 729 billion CNY, 918 billion CNY, and 1,129 billion CNY for the years 2024, 2025, and 2026 respectively, alongside net profits of 36 billion CNY, 55 billion CNY, and 72 billion CNY for the same years [2]. Financial Data and Valuation - The company reported revenues of 46,698.55 million CNY in 2022, with a projected increase to 112,936.11 million CNY by 2026, reflecting a growth rate of 3.16% in 2022 and an anticipated 23.06% in 2026 [3]. - The EBITDA for 2022 was 10,513.95 million CNY, expected to rise to 14,481.45 million CNY by 2026 [3]. - The net profit attributable to the parent company was 2,448.08 million CNY in 2022, projected to reach 7,208.19 million CNY by 2026, with growth rates of 18.25% in 2022 and 31.65% in 2026 [3]. - The company’s earnings per share (EPS) is expected to grow from 0.49 CNY in 2022 to 1.45 CNY in 2026 [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 58.95 in 2022 to 20.02 in 2026, indicating an improving valuation over time [3]. Business Developments - The partnership with Rokid enables the company to cover the entire supply chain for AI glasses, enhancing its vertical integration capabilities and product performance [1]. - The company is also expanding into the humanoid robot sector, having successfully delivered components for the Lingxi X1 humanoid robot, showcasing its comprehensive service capabilities from design to mass production [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39 CNY per share [2][3]. Core Insights - The strategic partnership with Rokid marks a significant step for the company as it transitions from a structural component manufacturer to an electronic system-level manufacturer, aiming to capture growth opportunities in various sectors including smartphones, AI PCs, and humanoid robots [1]. - Revenue projections for the company are optimistic, with expected revenues of 729 billion CNY, 918 billion CNY, and 1,129 billion CNY for the years 2024, 2025, and 2026 respectively, alongside net profits of 36 billion CNY, 55 billion CNY, and 72 billion CNY for the same years [2][3]. Financial Data and Valuation - The company reported revenues of 46,698.55 million CNY in 2022, with a projected increase to 112,936.11 million CNY by 2026, reflecting a growth rate of 3.16% in 2022 and an expected 23.06% in 2026 [3][10]. - The EBITDA for 2022 was 10,513.95 million CNY, with projections of 14,481.45 million CNY by 2026 [3][10]. - The net profit attributable to the parent company was 2,448.08 million CNY in 2022, expected to rise to 7,208.19 million CNY by 2026, indicating a growth rate of 18.25% in 2022 and 31.65% in 2026 [3][10]. - The company’s earnings per share (EPS) are projected to increase from 0.49 CNY in 2022 to 1.45 CNY in 2026 [3][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 58.95 in 2022 to 20.02 in 2026, indicating improved valuation over time [3][10]. Business Developments - The partnership with Rokid enables the company to cover the entire supply chain for AI glasses, enhancing its vertical integration capabilities and product performance [1]. - The company is also expanding into the robotics sector, having successfully delivered components for humanoid robots, which positions it as a one-stop service provider in the robotics industry [1].

2025 年 2 月 12 日，公司提前归还了 1 亿元暂时补充流动资金的募集资金至 募集资金专项账户，并就上述归还事项通知了公司保荐机构和保荐代表人。剩余 23 亿元暂时补充流动资金的闲置募集资金将在到期前足额归还，届时公司将及 时履行信息披露义务。 证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-014 蓝思科技股份有限公司 关于提前归还部分暂时补充流动资金的闲置募集资金的公告 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"）2025 年 1 月 13 日召开第四届 董事会第二十九次会议和第四届监事会第二十六次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过人民币 24 亿元的暂时闲置募集资金暂时补充流动资金，使用期限自本次董事会审议通过之 日起不超过 12 个月，即本次补充流动资金到期日为 2026 年 1 月 12 日。具体内 容详见公司于 2025 年 1 月 14 日在巨潮资讯网（http://www.cninfo.com.cn）等符 合中国证监会规 ...

关于高级管理人员换届暨部分高管离任的公告 证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-011 蓝思科技股份有限公司 电子邮箱：lsgf@hnlens.com 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。 一、聘任高级管理人员情况 蓝思科技股份有限公司（以下简称"公司"）于 2025 年 1 月 24 日召开第五 届董事会第一次会议，审议通过了《关于聘任公司总经理、董事会秘书的议案》 《关于聘任公司副总经理、财务总监的议案》及《关于聘任证券事务代表的议案》， 聘任周群飞女士为公司总经理，聘任江南先生为公司副总经理兼董事会秘书，聘 任刘曙光先生为公司副总经理兼财务总监，聘任饶桥兵先生、蔡新锋先生及陈运 华先生为公司副总经理，聘任周天舒先生为公司证券事务代表。前述人员任期均 为三年，自本次董事会会议审议通过之日起至公司第五届董事会届满之日止。 本次受聘的高级管理人员、董事会秘书、证券事务代表，均具备与其行使职 权相适应的任职条件，不存在《公司法》《深圳证券交易所创业板股票上市规则》 及《公司章程》等规定的不得担任公司高级管理人员、董事会秘书 ...

证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-012 蓝思科技股份有限公司 关于"质量回报双提升"行动方案的公告 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"或"蓝思科技"）为切实落实以 投资者为本的发展理念，维护全体股东特别是中小股东的利益，增强投资者信心， 促进公司健康可持续发展，结合自身发展战略、经营情况及财务状况，制定了《"质 量回报双提升"行动方案》，具体如下： 一、聚焦主业高质量发展，深化产业链整合 蓝思科技以科技创新为核心、以先进制造为基础，凭借强大的研发能力和深 厚的技术沉淀，成为全球多个知名消费电子及智能汽车品牌的重要合作伙伴，产 品领域涉及中高端智能手机、平板电脑、笔记本电脑、一体式电脑、智能穿戴、 智能汽车、智能家电、新零售终端、医疗器械、太阳能光伏、人形机器人等。 公司以"四新"（新材料、新技术、新装备、新领域）为牵引，在已有工装 夹具、治具、模具、刀具、生产设备、检测设备、自动化、物联网、ODM 和 FATP 等方面的研发生产能力，以及玻璃、蓝宝石、陶瓷、碳纤维、玻璃纤维 ...