证券研究报告 | 2024年09月18日 蓝思科技（300433.SZ） 优于大市 深化产业链垂直整合，AI 驱动手机、PC 市场增长 1H24 营收、归母净利润同比增长。公司发布 2024 年半年报，1H24 营收 288.67 亿元（YoY +43.07%)，归母净利润 8.61 亿元（YoY +55.38%），2Q24 营收 133.68 亿元（YoY +29.31%，QoQ -13.74%），归母净利润 5.52 亿元（YoY +12.72%，QoQ +78.54%）。分业务看 1H24 智能手机与电脑类营收 240.20 亿 元，占总营收的 83.21%；新能源汽车及智能座舱类营收 27.16 亿元，占总营 收的 9.41%；智能头显与智能穿戴类营收 14.35 亿元，占总营收的 4.97%。 1H24 智能手机与电脑业务营收同比增长 49%，AI 推动手机、PC 市场增长。 1H24 年公司智能手机与电脑业务营收 240.20 亿元（YoY +48.87%）。据 IDC 数据，1H24 全球智能手机出货量 5.75 亿部，同比增长超过 7%。随着 $$\mathsf { A I }$$ 大 模型在 ...

300433.SZ 买入 原评级：买入 市场价格:人民币 17.57 板块评级:强于大市 股价表现 (24%) (5%) 15% 34% 53% 72% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 蓝思科技 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 34.5 (0.1) 16.0 44.3 相对深圳成指 45.7 1.4 27.0 64.6 发行股数 (百万) 4,983.07 流通股 (百万) 4,960.89 总市值 (人民币 百万) 87,552.54 3 个月日均交易额 (人民币 百万) 872.16 主要股东 蓝思科技(香港)有限公司 56.28 资料来源：公司公告，Wind，中银证券 以 2024 年 8 月 30 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：消费电子 证券分析师：苏凌瑶 lingyao.su@bocichina.com 证券投资咨询业务证书编号：S1300522080003 联系人：周世辉 shihui.zhou@bocic ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report highlights that the consumer electronics industry is recovering, driven by AI, which is enhancing the company's performance growth [1]. - The company achieved a revenue of 28.867 billion yuan in the first half of 2024, representing a year-on-year increase of 43% [1]. - The net profit attributable to the parent company was 8.61 billion yuan, with a year-on-year growth of 29% [1]. - The report anticipates continued growth in revenue and net profit for the coming years, with projections of 68.895 billion yuan in revenue for 2024 and 97.079 billion yuan for 2025 [2]. Financial Summary - The company reported total revenue of 46.699 billion yuan in 2022, which is expected to grow to 54.491 billion yuan in 2023 and further to 68.895 billion yuan in 2024, reflecting a year-on-year growth rate of 16.7% in 2023 and 26.4% in 2024 [2]. - The net profit attributable to the parent company was 2.448 billion yuan in 2022, projected to increase to 3.021 billion yuan in 2023 and 3.930 billion yuan in 2024, with year-on-year growth rates of 23.4% and 30.1% respectively [2]. - The gross margin is expected to stabilize at around 19.2% in 2024 and 19.6% in 2025 [2]. - The report indicates a significant improvement in operational efficiency, with a notable reduction in expense ratios [1]. Industry Outlook - The consumer electronics sector is experiencing a rebound, supported by the demand for AI-enabled products and services [1]. - The company is positioned as a comprehensive manufacturing platform in the consumer electronics and smart automotive sectors, focusing on design, research and development, and production [1]. - The report emphasizes the company's commitment to innovation and vertical integration within the supply chain, which is expected to drive long-term growth [1].

蓝思科技股份有限公司 投资者关系活动记录表 编号：2024-002 | --- | --- | --- | |--------------|------------------------------------|------------------------------------------------------------| | | ☑特定对象调研 | ☑分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活 | | | | 动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他： | | | 接待对象 | 共计 253 人次，具体名单见附件 | | | 时间 | 2024 年 8 月 26 日 | 15:00-16:00 | | 地点 | 电话会议 | | | 上市公司接待 | 副总经理兼董事会秘书：江南 | | | 人员姓名 | 副总经理兼财务总监：刘曙光 | | | | 一、上半年经营情况说明 | | | | 2024 | 年上半年，公司聚焦手机与 PC 两大核心赛道，依托在 | | | | 玻璃、金属、模组等关键领域的领先优势，加速产业链 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 18.6, indicating a potential upside of 9% from the current price of RMB 17.0 [2][4]. Core Insights - The company has shown stable growth in Q2, with revenue reaching RMB 1.34 billion, a year-on-year increase of 29%. The net profit for the same period was RMB 552 million, up 13% year-on-year [2][9]. - The growth drivers for the company include the momentum from Apple's iPhone, expansion in the assembly business for Android smartphones, new business increments from AI PCs, and automotive electronics [2][4]. - The company is expected to achieve a net profit growth of 28% in 2024 and 16% in 2025, supported by a relatively restrained capital expenditure [2][4]. Financial Performance Summary - Q2 2024 revenue: RMB 1.34 billion, up 29% YoY, down 14% QoQ [9]. - Q2 2024 gross margin: 16.4%, down 0.4 percentage points YoY, up 3.9 percentage points QoQ [9]. - Q2 2024 operating profit: RMB 696 million, up 59% YoY, up 29% QoQ [9]. - Q2 2024 net profit: RMB 552 million, up 13% YoY, up 79% QoQ [9]. - The company expects revenue growth rates of 3% in 2024, 17% in 2025, and 24% in 2026 [4][8]. Business Outlook - The company is focusing on the stable growth of metal glass structural components and aims to capture market opportunities with the launch of AI smartphones in the second half of the year [2][4]. - In the PC segment, the company plans to provide components and systems for AI PCs, while in the automotive sector, it aims to enhance collaboration with major clients to increase the value per vehicle for new products next year [2][4]. - Overall, the second half of the year is expected to be a peak season for the market, with multiple business lines contributing to operational and growth momentum [2][4].

1H24 归母净利高增，垂直整合+创新 升级成效显著 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 23.40 2024 年 8 月 27 日│中国内地 消费电子 1H24：加速垂直整合促进营收规模同增 43%，归母净利同增 55% 蓝思科技 1H24 实现营收 288.67 亿元（yoy+43.07%），归母净利 8.61 亿元 （yoy+55.38%）。Q2 实现营收 133.68 亿元（yoy+29.31%/ qoq-13.74%）， 归母净利 5.52 亿元（yoy+12.72%/ qoq+78.54%）。展望 2H24，随着大客 户新机出货，看好公司外观结构件业务迎来经营旺季，同时组装业务继续贡 献业绩增量，新能源汽车产品单车价值量逐步提升。考虑到 AI 手机/AI PC 升级有望给公司带来量价齐升，且良率、自动化率提升改善盈利，调整公司 2024-2026 年归母净利润预测为 38.7/52.1/61.5 亿元（前值：37.8/47.9/56.1 亿元）。参考 Wind 一致预期可比公司 24 年 PE 均值 22x，考虑公司组装业 务的营收增长空间广阔，且受益于 AI 终端时 ...

2024 年半年度募集资金存放与使用情况专项报告 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》和深圳证券交易所印发的《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》及相关格式指引的规定， 将本公司募集资金 2024 年半年度存放与使用情况专项说明如下。 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意蓝思科技股份有限公司向特定对象发 行股票注册的批复》（证监许可【2020】2413 号）同意，本公司采用向特定对象 发行股票的方式，向特定对象发行人民币普通股（A 股）股票 589,622,641 股，发 行价格为每股人民币 25.44 元，共计募集资金 14,999,999,987.04 元，坐扣主承销 和保荐费用(不含税)69,599,999.95 元后的募集资金为 14,930,399,987.09 元，已由 主承销商国信证券股份有限公司于 2020 年 12月 30 日汇入本公司募集资金监管账 户。另减除联合主承销商承销费(不含税)、律师费(不含税)、审计及验资费(不含 税)合 ...

证券代码：300433 证券简称：蓝思科技 公告编号：临 2024-031 蓝思科技股份有限公司 关于计提减值准备及核销资产的公告 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"）根据《企业会计准则》及《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等 相关规定，对公司及下属子公司各类资产进行了全面核查和减值测试，拟对截至 2024 年 6 月 30 日存在减值迹象的相关资产计提相应减值准备。现将本报告期（或 "本期"，指 2024 年上半年，下同）内计提资产减值准备的具体情况公告如下： 一、 本次计提及核销减值准备的情况 经过公司及下属子公司对截至 2024 年 6 月 30 日存在可能发生减值迹象的 资产进行全面清查和减值测试后，计提各项减值准备明细情况如下： 2. 账龄组合的账龄与预期信用损失率对照表 单位：万元 | 项目 | 期初余额 | 本期计提 | 外币报表折算差 | 本期转回或转销 | 期末余额 | | --- | --- | --- | --- | --- | --- | | ...

非经营性资金占用及其他关联资金往来情况汇总表 | | | 往来方与 上市公司 | 上市公 | | 本期往来 | 本期往 | | | | 往来性质（经 营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 司核算 | 期初往 | 累计发生 | 来资金 | 本期偿还 | 期末往 | | | | 其它关联资金往来 | 资金往来方名称 | 的关联关 | 的会计 | 来资金余 | 金额 | 的利息 | 累计发生 | 来资金余 | 往来形成原因 | 来、 非经营性 | | | | | | 额 | （不含利 | （如 | 金额 | 额 | | | | | | 系 | 科目 | | 息） | 有） | | | | 往来 ） | | 控股股东、实际控 | | 实际控制 | 其他应 | | | | | | | | | | 周群飞 | | | 16.31 | 0.12 | 0.00 | 0.00 | 16.43 | 租赁押金 | 经营性往来 | | 制人及其附属企业 | | 人 | 收款 | | | | | | | | | ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥28.87 billion, representing a 43.07% increase compared to ¥20.18 billion in the same period last year[20]. - Net profit attributable to shareholders was ¥861.26 million, up 55.38% from ¥554.29 million in the previous year[20]. - The net profit after deducting non-recurring gains and losses was ¥662.75 million, an increase of 46.21% from ¥453.29 million year-on-year[20]. - Basic and diluted earnings per share increased to ¥0.17, reflecting a growth of 54.55% compared to ¥0.11 in the same period last year[20]. - The company's revenue for the reporting period reached ¥28.87 billion, a 43.07% increase compared to ¥20.18 billion in the same period last year, primarily driven by growth in consumer electronics and automotive business[42]. - Operating costs increased by 46.62% to ¥24.73 billion from ¥16.87 billion, reflecting the rise in revenue[42]. - The company reported a significant reduction in income tax expenses, with a decrease of 288.83% to -¥93.56 million, due to a lower tax rate following high-tech enterprise certification[42]. - The company reported a net profit margin of 6.67% for the first half of 2024, reflecting improved operational efficiency[136]. Assets and Liabilities - The company's total assets decreased by 4.59% to ¥73.91 billion from ¥77.47 billion at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 1.27% to ¥45.75 billion from ¥46.34 billion at the end of the previous year[20]. - The company's total liabilities included long-term payables of ¥0.00, a decrease of 1.37% from ¥1,065,145,833.00[50]. - The company's total current assets decreased from CNY 28,080,678,412.57 at the beginning of the period to CNY 24,337,358,789.69 at the end of the period, representing a decline of approximately 13.1%[169]. - Total liabilities decreased from CNY 30,948,112,466.42 to CNY 28,003,171,597.95, a decrease of approximately 9.5%[171]. Cash Flow - The net cash flow from operating activities was ¥3.37 billion, down 22.80% from ¥4.36 billion in the same period last year[20]. - Cash and cash equivalents decreased by 11.17% to -¥2.51 billion, reflecting no significant changes in cash management[42]. - The company's cash flow from financing activities included CNY 2,900,000,000.00 in cash inflows, down from CNY 4,745,000,000.00 in the first half of 2023[189]. - The company experienced a net cash outflow of CNY 2,513,974,032.51 in the first half of 2024, compared to -CNY 2,830,153,260.35 in the previous year[189]. Research and Development - The company’s R&D efforts led to the development of innovative technologies, including 3D non-spherical free-form glass molding technology and AI dynamic control systems[36]. - Research and development expenses rose by 11.32% to ¥1.27 billion, indicating continued investment in innovation[42]. - The company is focused on continuous R&D and innovation in various fields, including glass, metal, and smart manufacturing equipment, to maintain its competitive edge[79]. - Investment in R&D for new technologies increased by 19.6%, focusing on enhancing product capabilities[194]. Market Expansion and Strategy - The management highlighted ongoing investments in new product development and market expansion strategies[27]. - The company is actively pursuing automation and intelligent manufacturing to improve efficiency and reduce energy consumption[37]. - The company plans to focus on enhancing its gross profit margin, which has seen a rapid decline in the first quarter[81]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share within the next two years[135]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[137]. Environmental Compliance - The company is committed to adhering to environmental regulations and standards, including ISO14001 management system compliance[91]. - The company has implemented strict pollution control measures for wastewater and air emissions, complying with various national standards[92][93]. - The company has maintained compliance with environmental standards across all monitored pollutants, with no exceedances reported[97]. - The company has invested significantly in upgrading air pollution control facilities, implementing high-efficiency processes such as UV + activated carbon and RCO since 2021[101]. Shareholder Information - The company has not distributed cash dividends or bonus shares for the half-year period[87]. - The company has completed the repurchase and cancellation of 158,200 restricted stocks at a price of 6.34 CNY per share[88]. - The company has a 69.16% investor participation rate in the annual shareholders' meeting held on May 31, 2024[85]. - The total number of common shareholders at the end of the reporting period is 134,386[154]. Risk Management - The company emphasized the importance of risk awareness regarding future plans and operational forecasts[3]. - The company has implemented measures to mitigate risks associated with exchange rate fluctuations, including locking in exchange rates and adjusting foreign exchange exposure[79]. - The company has a high customer concentration, primarily serving well-known brands in the consumer electronics and smart automotive sectors, which poses a risk to its operating performance[79].