Group 1 - The company, Lens Technology, submitted an application for the issuance of H-shares and listing on the Hong Kong Stock Exchange, with a maximum of 7% of the total share capital to be issued [2] - Lens Technology has established long-term strategic partnerships with numerous global clients in the consumer electronics and smart automotive sectors, including Apple, Samsung, Huawei, Xiaomi, and Tesla [2] - The company is expanding its customer base and product structure through strong technical reserves, manufacturing capabilities, and efficient production processes [2] Group 2 - In 2024, Lens Technology's vertical integration strategy began to yield results, with assembly business experiencing rapid growth and increased introduction of self-owned upstream components [3] - The company achieved a revenue of 69.897 billion yuan, a year-on-year increase of 28.27%, and a net profit attributable to shareholders of 3.624 billion yuan, up 19.94% [3] - Research and development expenditure reached a record 2.785 billion yuan, focusing on advanced technologies in various fields such as foldable smartphones and AI glasses [3]

Core Insights - The company, Lens Technology (蓝思科技), has submitted an application to the Hong Kong Stock Exchange for a mainboard listing, with CITIC Securities as the sole sponsor [1] - It is a leading provider of one-stop precision manufacturing solutions for the entire industry chain of smart terminal products, focusing on technological innovation and smart manufacturing [1] - The company ranks among the leaders in the global consumer electronics precision structural components and module solutions industry, as well as in the global smart automotive interactive systems solutions industry, based on projected revenues for 2024 [1] Business Model - The company employs a direct sales model without using distributors, with sales to its top five customers accounting for 83.3%, 83.1%, and 81.1% of total sales in 2022, 2023, and 2024 respectively [2] - The largest customer’s sales contribution has decreased from 71.0% in 2022 to 49.5% in 2024, indicating a diversification in customer base [2] Supplier Relationships - The company maintains stable and long-term relationships with key raw material and equipment suppliers, with purchases from the top five suppliers accounting for 23.7%, 37.4%, and 43.6% in 2022, 2023, and 2024 respectively [2] - The largest supplier's contribution to purchases has increased from 16.2% in 2022 to 24.1% in 2024 [2] Manufacturing Capabilities - The company operates nine industrial parks globally, located in China, Vietnam, and Mexico, and produces all products in-house [2] - It integrates smart manufacturing into all production stages and has adopted automation and industrial robots, significantly enhancing production efficiency, precision, and consistency [2] - The implementation of an intelligent warehousing system has improved warehousing, logistics, and inventory management capabilities [2] Product and Service Offering - The company covers the entire industry chain from raw materials and functional structural components production to functional module bonding and smart terminal assembly [3] - It possesses advanced processing capabilities for both glass and metal, making it one of the few solution providers in the global consumer electronics supply chain with full material coverage [3] - The company offers one-stop vertical integration services from design to mass production for its clients [3]

Core Viewpoint - Lens Technology Co., Ltd. has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Group 1: Company Overview - Lens Technology is a leading provider of one-stop precision manufacturing solutions for the entire industry chain of smart terminals [4] - The company ranks first in the global consumer electronics precision structural components and modules comprehensive solutions industry, as well as in the global smart automotive interactive systems comprehensive solutions industry [4] - Since the 2000s, Lens Technology has pioneered the introduction of new materials such as glass, sapphire, and ceramics into the consumer electronics field [4] Group 2: Business Strategy - The company has established long-term strategic partnerships with leading global consumer electronics and smart automotive brands, typically engaging in product development and production 2 to 3 years before product launch [5] - Lens Technology is expanding into diverse application areas, including smart retail terminals, industrial and humanoid robots, and AI glasses/XR headsets, creating a multi-faceted business layout [5] Group 3: Financial Performance - Revenue for Lens Technology is projected to be approximately 46.699 billion RMB, 54.491 billion RMB, and 69.897 billion RMB for the years 2022, 2023, and 2024, respectively [5] - The annual profit is expected to be around 2.520 billion RMB, 3.042 billion RMB, and 3.677 billion RMB for the same years [5] - The company has a gross profit margin of 18.3% in 2022, which is expected to decrease to 14.6% by 2024 [7]

证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-034 蓝思科技股份有限公司 关于向香港联交所递交境外上市外资股（H 股）发行与上市申请 并刊发申请资料的公告 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"）已于 2025 年 3 月 31 日向香港 联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外资股（H 股）股票并在香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于 同日在香港联交所网站刊登了本次发行的申请资料。该申请资料为公司按照香港 证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编 制和刊发，为草拟版本，其所载资料可能会适时作出更新和变动。 1 / 2 英文： https://www1.hkexnews.hk/app/sehk/2025/107249/documents/sehk25033102804.pdf 本公告仅为境内投资者及时了解本次发行的相关信息而作出。本公告以及刊 登于香港联交所网站的申请资料不构成也不得视作对任何个人或实体收购、购买 ...

Summary of Key Points from the Conference Call of Lens Technology Company Overview - **Company**: Lens Technology - **Year**: 2024 - **Revenue**: 578 billion CNY, a year-on-year increase of 28.2% [2][3] - **Net Profit**: 36.24 billion CNY, a year-on-year increase of 19.94% [2][3] - **Non-recurring Net Profit**: 32.86 billion CNY, a significant increase of 46.31% [2][3] - **Operating Cash Flow**: 109 billion CNY, a year-on-year increase of 17.08% [2][3] - **Debt Ratio**: Maintained at a stable level of 39.7% [2][3] Core Business Segments 1. Smartphone and Computer Business - Contributed the majority of revenue, with a year-on-year growth of 28.63% [2][3] 2. Smart Automotive and Cockpit Business - Revenue reached 60 billion CNY, with a year-on-year growth of 18.7% [3] 3. New Smart Terminal Business - Revenue surged to 14.08 billion CNY, a remarkable growth of 754.23%, becoming a new growth driver [2][3][7] 4. Metal Business - Revenue from the Taizhou subsidiary's automotive parts business was approximately 102 billion CNY, while the Huanghua factory's non-A class metal business was around 30 billion CNY [9] Key Developments and Innovations - **Vertical Integration**: Significant achievements in vertical integration within the supply chain, enhancing operational efficiency [3] - **Automotive Glass**: Plans to relocate automotive glass production from Mexico to Vietnam and Thailand to improve profit margins [2][4] - **Foldable Screen Technology**: Leading technology in the foldable screen sector, with exclusive development of UTG glass and related protective films [5] - **AI Glasses and Humanoid Robots**: Continuous innovation in AI glasses and humanoid robots, with significant market potential [7][23] Financial Performance Insights - **Gross Margin Decline**: The decline in gross margin in Q4 2024 was attributed to changes in product structure and increased assembly business, which has lower margins [12] - **Asset Impairment**: Fixed asset impairment increased significantly due to efficiency declines and equipment aging [13][25] Future Outlook - **2025 Expectations**: Anticipated recovery in metal business growth and further expansion in new smart terminal sectors [9][18] - **Capital Expenditure**: Focused on R&D and production capacity for humanoid robots and other emerging technologies [17] - **Market Expansion**: Plans to deepen collaborations with major clients like Xiaomi and expand into new product categories [20][21] Additional Considerations - **3D Printing Applications**: Progress in 3D printing technology, with applications in watch frames and other products [22] - **Seasonal Performance**: Strong performance expected in Q1 2025, with significant growth anticipated in the second half of the year [24] This summary encapsulates the essential insights and developments from the conference call, highlighting Lens Technology's robust growth, strategic initiatives, and future prospects in various sectors.

长江商报消息 ●长江商报记者 汪静 值得关注的是，身处"果链"，在业绩总体增长的同时，本次年报中，蓝思科技对第一大客户，也就是苹 果的营收占比却在下降。2023年，苹果订单占公司总营收的比重高达57.83%，虽然苹果目前仍是蓝思 科技的最大客户，但2024年，蓝思科技来自苹果的营收为345.66亿元，占比降低至49.45%。 在此基础上，蓝思科技新业务营收飙升。2024年，蓝思科技其他智能终端收入14.08亿元，同比增长 754%。据了解，2024年，蓝思科技与支付宝合作联合开发制造"碰一下"智能支付终端产品，为这款收 款机提供玻璃盖板、整机组装等服务，目前已实现量产交付。 蓝思科技积极回馈投资者。公司披露的年度利润分配预案显示，其计划每10股拟派发现金红利4.00元 （含税），现金分红总额为19.84亿元，也就是说，其上市十年来累计分红将超94亿元。 持续拓展新客户 3月27日晚间，蓝思科技披露2024年年度报告。公告显示，蓝思科技2024年营收698.97亿元，同比增长 28.27%；净利润36.24亿元，同比增长19.94%；扣非净利润32.86亿元，同比增长46.31%。 历史数据显示，2015年—2 ...

一位知情人士曾对记者透露，上述情况属实。"在折叠方式上，苹果更青睐横折（书本型折叠），这类 产品在商务人群中外出移动办公场景下的重要性不断提升。" 蓝思科技此前在互动易曾回复投资者称，公司已布局UTG（超薄柔性玻璃）和CPI（透明聚酰亚胺）等 折叠保护屏的制造工艺，深度配合各大品牌进行研发生产，具备快速量产折叠屏手机各种材质的柔性屏 和模组的能力。 近日，蓝思科技（SZ300433，股价25.61元，市值1276亿元）发布2024年度业绩，公司2024年实现营业 收入698.97亿元，同比增长28.27%；归属于上市公司股东的净利润36.24亿元，同比增长19.94%。 蓝思科技表示："公司在整机组装领域获得更多大客户的认可和信赖，导入了新品类和新项目，以组装 为主的湘潭蓝思营业收入同比增长97.42%。"作为知名的果链企业，近年来，蓝思科技从事的苹果业务 逐渐拓展，目前为苹果生产的产品包括iPhone、Apple Watch、Mac和Apple Vision Pro等。 值得注意的是，除智能手机业务之外，近年来蓝思科技也开始积极拓展人形机器人、AI（人工智能） 眼镜等新兴领域。目前，公司已与国内及北美头部人 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 蓝思科技(300433) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 相关研究 [Table_OtherReport] 业绩大幅增长，多元发展助力长期成长 AI 赋能消费电子高成长，多元发展趋 势良好 业绩大幅增长，多元布局潜力充足 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 蓝思科技年报点评：消费电子业务增长迅速， 人形机器人等新兴赛道布局完善 [Table_ReportDate] 2025 年 03 月 30 日 [Table_S 事件：3 月ummar 27 日，蓝思科技发布 y] 2024 年年度报告。公司实现营业收入 698.97 亿元，yoy+28.27%；归母净利润 36.24 亿元，yoy+19.94%。 点评 | [Table_Profit ] 重要财务指标 | 2023A | 2024A | 2025E | 2 ...

平台化布局助力成长，各业务板块齐向上 2024 年第四季度，公司实现营业收入236.69 亿元，同比增长14.44%，归母净利润12.53 亿元，同比下滑 8.67%，北美大客户新机的出货量略为逊色，不同程度影响了核心供应商的营收及利润表现，在已发布 2024 年年报或者业绩预告的果链核心标的中，蓝思的整体经营表现相对较佳，符合预期，尤其是扣非 归母净利润较为亮眼，2024Q4 同比增长46.96%。 投资要点 当下，以具身智能机器人、AI 眼镜、智慧零售和TGV 玻璃基板为代表的新兴智能终端市场正迎来一轮 产业化变革，尤其是具身智能机器人领域，产业化正不断加速，关节模组、灵巧手、躯干等核心载体， 其生产制备的技术壁垒高、工艺复杂度大，需专业供应商协助整机厂商进行生产，通过高精度结构件的 模块化生产，降低整机成本，提升供应链效率，推动行业向标准化、模块化演进，蓝思科技正与智元等 国内外具身智能机器人公司展开合作。优秀企业有望依托专业化生产经验与规模化制造能力，为客户提 供从零部件到整机的一站式解决方案，充分受益新兴终端市场的爆发 事件：2024 年，公司实现营业收入698.97 亿元，同比增长28.27%，归 ...

作者：七佰 近日，果链龙头蓝思科技发布公告称，拟发行境外上市外资股（H股）股票，并申请在香港联交所主板上市。 作为全球手机玻璃盖板的龙头企业，蓝思科技曾凭借苹果订单登顶全球消费电子巅峰，却也深陷"果链依赖"的致命诱惑。 本次IPO也被视为蓝思科技在"果链依赖"与自主突围的的博弈中踏出的关键一步。 当前，全球产业链风云突变，蓝思科技选择此时赴港IPO，既是以资本杠杆撬动战略腾挪的破局之棋，更是应对供应链重构风险的一个布局。 从打工妹到"果链一姐" 蓝思科技的成功，离不开其背后的传奇人物——周群飞。 来源：IPO参考 周群飞1970年出生于湖南湘乡一个贫困的山区家庭。5岁丧母，父亲因事故双目失明，生活的重担迫使她15岁辍学南下深圳打工。在流水线上，她 白天工作，夜晚自学技能，从会计到电脑操作，再到考取报关证，命运的齿轮悄然转动。 1993年，周群飞用积攒的2万元，与家人租下深圳宝安的一间农民房，创立了恒生玻璃表面加工厂（蓝思科技前身）。 彼时，诺基亚3210的"换壳风潮"席卷全球，周群飞在广交会上敏锐捕捉到移动通信设备的爆发趋势。她在展位角落支起简易试验台，当众演示玻 璃屏抗摔测试：将1.5米高度坠落的亚克力屏与 ...