Group 1 - The Tonghuashun Fruit Index concept fell by 6.26%, ranking among the top declines in the concept sector, with stocks like Dongshan Precision, GoerTek, and Pengding Holdings hitting the daily limit down [1][2] - Major outflows of capital from the Tonghuashun Fruit Index concept amounted to 5.13 billion yuan, with 18 stocks experiencing net outflows, and 11 stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 1.11 billion yuan, followed by GoerTek, Changying Precision, and Dongshan Precision with net outflows of 1.05 billion yuan, 494 million yuan, and 460 million yuan respectively [2] Group 2 - The top gainers in the concept sector included the China-Korea Free Trade Zone, which rose by 5.66%, while the AI PC concept fell by 3.53% [2] - Among the stocks with significant capital inflows, Zhongshi Technology and Lante Optics saw net inflows of 51.18 million yuan and 22.30 million yuan respectively [2] - The performance of the A50 ETF, which tracks the MSCI China A50 Connect Index, showed a decline of 2.15% over the past five days, with a net outflow of 4.36 million yuan [4]

Core Viewpoint - The implementation of "reciprocal tariffs" by Trump has significantly impacted the U.S. technology sector, particularly affecting Apple and its supply chain companies, leading to substantial stock declines across the board [1][2]. Group 1: Stock Performance - U.S. tech stocks experienced a pre-market decline, with Apple falling over 6%, AMD over 5%, and other major companies like Amazon, Nvidia, and Tesla dropping more than 4% [1]. - In the Hong Kong market, Apple-related stocks such as GoerTek, East Japan Group, and AAC Technologies saw declines exceeding 10%, while BYD Electronics dropped over 8% [1]. - In the A-share market, Lixun Precision fell to its daily limit, with a market cap exceeding 250 billion yuan, and other Apple-related stocks like GoerTek and East Mountain Precision also hit their daily limits [1]. Group 2: Company-Specific Insights - Lixun Precision has been deeply integrated with Apple since 2011, with Apple accounting for over 75% of its revenue in 2023, amounting to approximately 174.5 billion yuan [3]. - GoerTek entered Apple's supply chain in 2010, providing audio products, and by 2019, it captured 30% of the AirPods manufacturing share. However, its revenue from Apple has also posed risks, with Apple contributing 42.49% to its total revenue in 2021 [4]. - Lens Technology became a core supplier for Apple's glass covers in 2006, with revenue growing from 6 billion yuan in 2011 to 69.8 billion yuan in 2024, indicating strong reliance on Apple [5]. - Lens Technology's financials show that from 2022 to 2024, sales to its largest customer (likely Apple) accounted for 71.0%, 57.8%, and 49.5% of total revenue, respectively, highlighting continued dependence on Apple [6].

| | 2022年 | | 2023年 | | 2024年 | | | --- | --- | --- | --- | --- | --- | --- | | | 人民幣元 | ﺑﮭﯽ | 人民幣元 | 8 | 人民幣元 | ﺑﮭ | | | | | (会額千元,除比例外) | | | | | 收入 | | | | | | | | 與客戶的合同 46,603,225 | | 99.8% | 54,346,061 | 99.8% | 69.756.758 | 99.8% | | 租賃 | 95,321 | 0.2% | 126,673 | 0.2% | 140.018 | 0.2% | | 總收入 . | 46.698.546 | 100.0% | 54,490,734 100.0 % | | 69.896.776 | 100.0 % | | 销售成本 (38.151.630) | | | (81.7%) (45.998,870) | | (84.4%) (59.713.283) (85.4%) | | | 毛利 | 8,546,916 | 18.3 % | 8,491,864 | 15.6% | 10,183 ...

来源|贝多财经 又一A股上市公司报考香港上市。 3月31日，蓝思科技股份有限公司（下称"蓝思科技"，SZ:300433）递交招股书，正式报考港交所主板上市。据贝多财经了解，蓝思科技于2015年3月18日在 深圳证券交易所上市，至今已有10年。 在A股上市首日，蓝思科技的开盘价为每股27.59元，较IPO发行价22.99元/股高出20.01%。最终，该公司的股价收于每股33.11元，涨幅为44.02%。按收盘价 计算，蓝思科技的市值约为223亿元。 | 年度／期間經調整利潤／(虧損) | | | | | --- | --- | --- | --- | | (非國際財務報告準則計量) | 2,519,821 | 3,096,087 | 3,838,230 | | 經 調 整 淨 利 率 ( 非 國 際 財 務 報 告 準 則 | | | | | 計量） .. | 5.4 % | 5.7 % | 5.5 % | 按非国际财务报告准则计量，蓝思科技2022年、2023年和2024年的经调整净利润分别为25.20亿元、30.96亿元和38.38亿元，经调整净利率分别为5.4%、5.7% 和5.5%，盈利能力稳健。 按业 ...

Group 1: Baili Tianheng - In 2024, Baili Tianheng achieved operating revenue of 582.27 million yuan, a year-on-year increase of 936.31%, and net profit of 370.75 million yuan, turning a profit [1] - The company received an $800 million upfront payment from BMS as part of its innovative oncology drug combination [1] - Multiple clinical trials for BL-B01D1 are ongoing in China and the U.S., including several Phase III trials [1] - The company plans to increase R&D investment to 1.443 billion yuan in 2024 and continue to expand in 2025 [1] Group 2: Teabo Bio - Teabo Bio's application for the marketing authorization of Pegbivac is currently under technical review after being accepted in March 2024 [2] - The company is also advancing the registration of long-acting growth hormone and SKG0201, with applications accepted in January 2024 [2] - Teabo Bio emphasizes the strategic significance of acquiring Jiutian Bio and plans to increase R&D investment focusing on breakthrough technology platforms [2] Group 3: Hongyuan Electronics - In 2024, Hongyuan Electronics experienced an 8.57 percentage point decline in gross margin due to falling prices of high-reliability ceramic capacitors and an increase in low-margin product sales [3] - The company reported a 56.11% revenue growth in microcontrollers and integrated circuit products [3] - Major clients account for 71.09% of sales revenue, primarily from China Electronics Technology Group [3] Group 4: Lens Technology - Lens Technology is rapidly developing in automotive, smart terminal, and humanoid robot sectors, collaborating with over 30 smart car brands [4] - The company expects significant growth in its smart retail terminal business and aims to become a core manufacturing platform for embodied intelligent hardware [4] - Lens Technology has made progress in developing ultra-thin laminated glass for automotive applications, with expectations to introduce it to leading domestic new energy vehicle brands this year [4]

根据市场公开信息及4月1日披露的机构调研信息，知名私募汐泰投资近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 上海汐泰投资管理有限公司（汐泰投资）是一家中国市场上新兴的私募基金管理人，成立于2014年7月9 日，注册资金为人民币1000万元。专注于2015年3月登记备案成为私募基金管理人：P1009607；2017年 10月成为中国证券投资基金业协会观察会员。汐泰投资专注于股票二级市场投资管理，为不同风险偏好 的投资者提供定制化的产品服务，通过将风险收益比维持在较高的水平，以期为客户带来可观的回报。 汐泰研究团队由一批高素质的员工组成，均毕业于国内外名校，80%研究生学历。核心投资人员来自公 募基金背景，具有长时间的组合投资管理经验，面对各种环境的市场，具备灵活应对的能力和经验。实 践证明，这种能力和经验是经得起穿越牛熊市的考验。同时，团队具有管理大规模资产的历史和能力。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 1）蓝思科技 （上海汐泰投资管理有限公司参与公司电话会议&分析师会议） 调研纪要：蓝思科技在车载业务、智 ...

证券代码：300433 证券简称：蓝思科技 投资者关系活动记录表 编号：2025-004 投资者关系活 动类别 □特定对象调研 ☑分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他：电话会议 接待对象 共计 240 人次，具体名单见附件 时间 2025 年 3 月 30 日 20:00-21:00 地点 电话会议 上市公司接待 人员姓名 副总经理兼董事会秘书：江南 副总经理兼财务总监：刘曙光 投资者关系活 动主要内容介 绍 一、2024 年经营情况说明 2024 年，公司的产业链垂直整合战略开始发挥成效，组装业 务实现同比快速增长，导入了更多自有上游外观件、结构件及功能 模组，各条业务线全面增长。全年实现营业收入 698.97 亿元，同 比增长 28.27%；归母净利润 36.24 亿元，同比增长 19.94%；扣非 归母净利润为 32.86 亿元，同比大幅增长 46.31%，内生增长动能 强劲。经营性现金流净额达 108.89 亿元，同比增长 17.08%；负债 率 39.71%，继续保持稳健。 分板块看，智能手机与电脑类业务贡献收入 577.54 亿元，同 比增长 28.6 ...

蓝思科技宣布赴港IPO的消息引发资本市场强烈震动，公告次日A股股价暴跌8.16%。市场质疑的核心直 指其融资动机：2021年150亿元定增资金尚未完全投入使用，近40亿元仍躺在账上，却急于港股再融资 补血。 A股定增"烂尾"与H股上市疑云 蓝思科技港股募资必要性引发市场关注。 2021年定增原计划投向智能穿戴、车载玻璃等项目，但截至2024年9月，募投项目多次延期，部分承诺 投资额被调低，23亿元用于补充流动资金，超过监管要求的30%红线。 财报显示，公司账上货币资金95.12亿元，但短期借款与长期借款合计157.66亿元，呈现"大存大贷"矛 盾。与此同时，上市以来累计现金分红74.81亿元，实控人周群飞家族分走近47亿元。 蓝思科技宣称港股上市旨在"推进全球化战略"，但苹果要求2025年前供应商25%产能转移至中国以外地 区，其越南工厂良率较国内低5-8个百分点，海外扩张能力尚未验证。 投资者担忧H股发行将摊薄A股估值（当前A股动态市盈率24倍，港股可比公司仅18-20倍），且港股科 技股流动性仅为A股1/3，可能引发定价权旁落。 业务隐忧：苹果依赖症与新兴业务的增收不增利困局 一方面，公司苹果订单依赖症未 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve revenue of 69.897 billion yuan in 2024, representing a year-on-year growth of 28.27%, and a net profit of 3.624 billion yuan, with a year-on-year increase of 19.94% [1] - The company is increasing its R&D investment, with a focus on advanced technologies in areas such as foldable smartphones, humanoid robots, AI glasses, smart cars, and smart retail [1][3] - The assembly business is rapidly growing, with smartphone and computer revenue increasing by 28.6% year-on-year, and the assembly-focused Xiangtan Lansi's revenue soaring by 97.4% year-on-year [2] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 23.669 billion yuan, a year-on-year increase of 14.44% and a quarter-on-quarter increase of 36.33%, with a net profit of 1.253 billion yuan, down 8.67% year-on-year and 17.01% quarter-on-quarter [1] - The company’s R&D expenses for 2024 are projected to be 2.785 billion yuan, a 20.21% increase year-on-year [1] Business Segments - The smart automotive and cockpit business is expected to grow by 19% year-on-year, with revenue reaching 5.935 billion yuan [2] - The company has over 30 smart automotive clients and maintains a vertically integrated supply chain, with products like central control modules and wireless charging modules experiencing rapid growth [2] Emerging Fields - The company is accelerating its industrialization in emerging fields such as humanoid robots and AI glasses, having already delivered humanoid robot products in bulk and established a strategic partnership for AI glasses assembly [3] - The company aims to provide a one-stop vertical integration service for the robotics industry, leveraging its strengths in new materials and precision assembly [3] Profit Forecast - The projected net profits for 2025-2027 are 5.146 billion yuan, 6.433 billion yuan, and 7.343 billion yuan, with year-on-year growth rates of 42.0%, 25.0%, and 14.1% respectively [3][4]

上证报中国证券网讯 3月31日晚间，蓝思科技向港交所递交招股书，独家保荐人为中信证券。此前，蓝 思科技曾在深交所公告，为进一步推进全球化战略布局，提升国际品牌形象，增强综合竞争力，拟发行 境外上市外资股（H股）股票。蓝思科技此次若顺利赴港上市，"A+H"公司将又添一员。 招股书显示，蓝思科技是业内领先的智能终端全产业链一站式精密制造解决方案提供商。得益于在消费 电子和智能汽车领域积累的技术和能力，蓝思科技拓展了新的业务领域，成为行业内首批承接人形机器 人及AI眼镜、XR头显关键核心部件量产及整机组装的公司之一。 蓝思科技的收入主要来自提供各类智能终端精密制造解决方案，客户主要是消费电子和智能汽车行业的 全球品牌公司。2022年至2024年，蓝思科技分别实现收入466.99亿元、544.91亿元、698.97亿元；分别 实现年度利润25.2亿元、30.42亿元、36.77亿元。 | | 2022年 | | 2023年 | | 2024年 | | | --- | --- | --- | --- | --- | --- | --- | | | 人民幣元 | శ్రీ | 人民幣元 | % | 人民幣元 | % | ...