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].

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].