蓝思科技 20251211 摘要 蓝思科技收购原石科技，旨在快速获取英伟达服务器机柜业务，包括机 架、滑轨、托盘等组件技术及客户认证，并获得先进液冷散热系统集成 能力，从而进入英伟达核心供应链。 原石科技是英伟达 GB200、GB300 及 NVL72 等 AI 服务器的关键供应 商，提供金属结构件，并为品达科技代工液冷板等部件。整合后，蓝思 科技将显著提升其在英伟达供应链中的份额和价值。 蓝思科技整合原石科技后，将利用其金属制成能力，扩大产能并持续为 英伟达提供服务。原石科技的供应份额和价值在未来 LUBING 体系中预 计将显著提升。 尽管品达科技未被直接收购，但其通过原石科技进行关键部件代工，与 原石科技的合作关系对蓝思科技整合后的业务至关重要，浙江工厂将全 部用于为品达业务代工。 切入英伟达机柜供应链为果链企业带来新增长点，市场价值至少 5,000 亿元，上游模组和结构端市场接近千亿。蓝思科技有望提升估值，进入 具有弹性的赛道。 Q&A 蓝思科技收购 PMG 国际有限公司的背景和意义是什么？ 蓝思科技近日与 PMG 国际签订了一项收购协议，计划通过现金或其他方式购 买 PMG 国际有限公司 100%的 ...

截至12月11日，市场融资余额合计2.49万亿元，较前一交易日减少62.60亿元，其中，沪市融资余额 12570.23亿元，较前一交易日减少16.52亿元；深市融资余额12254.14亿元，较前一交易日减少47.42亿 元；北交所融资余额77.09亿元，较前一交易日增加1.35亿元。 证券时报·数据宝统计显示，具体到个股，12月11日共有1716只股获融资净买入，净买入金额在千万元 以上的有377只，其中14只融资净买入额超亿元。胜宏科技融资净买入额居首，当日净买入5.04亿元， 其次是天通股份、蓝思科技，融资净买入金额分别为2.75亿元、2.44亿元，融资净买入金额居前的还有 招商银行、澜起科技、香农芯创等。 分行业统计，获融资客净买入超亿元个股中，电子、农林牧渔等行业最为集中，分别有6只、2只个股上 榜。板块分布上，大手笔净买入个股中，主板有9只，创业板有4只，科创板有1只。 融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为4.80%，融资余额占比 最高的是天通股份，该股最新融资余额12.93亿元，占流通市值的比例为8.18%，融资余额占比较高的还 有香农芯创、中科曙光、胜宏科技，占 ...

Group 1: Commercial Aerospace - SpaceX plans to conduct an IPO in 2026, aiming to raise several billion dollars, marking a new phase of commercialization and capitalization in the commercial aerospace industry [3] - China's recent successful launch of multiple satellites demonstrates its growing capabilities in space exploration, with an increasing frequency of launches expected to drive exponential growth in orders for upstream suppliers [3][4] - Companies like Guanglian Aviation are positioned to benefit significantly from the anticipated increase in commercial rocket launches, with potential revenue growth reaching tens of billions [4] Group 2: AI and Server Technology - The demand for AI computing power is escalating, with power consumption for AI models increasing significantly, leading to a shift from traditional air cooling to liquid cooling solutions [6] - Companies with rare certification for liquid cooling solutions are expected to see a revaluation of their worth due to the high technical barriers and increased average selling prices [6] - The AI server supply chain is evolving, with investments shifting towards companies that possess high technical barriers and rare certifications, which will likely enjoy valuation premiums [6][9] Group 3: Humanoid Robots - Tesla's Optimus has initiated the supplier review process, indicating that humanoid robots are on the verge of mass production, with Chinese companies expected to surpass Tesla in production scale by 2026 [7] - Key components such as lightweight materials and advanced sensors are critical for the development of humanoid robots, with companies like Ningbo Huaxiang collaborating on innovative materials [8][10] - Investment strategies should prioritize core components over complete systems, focusing on companies with high technical barriers and established supply chains [11] Group 4: Semiconductor Industry - The demand for high-bandwidth memory (HBM) is surging due to AI chip requirements, prompting a rapid evolution in HBM technology and a focus on domestic production capabilities [12] - Companies like Huahai Chengke are positioned to capture significant market share in the HBM materials sector, with potential revenues reaching 3 billion yuan [14] - The semiconductor investment landscape is shifting towards companies that can achieve substantial breakthroughs and secure orders in high-demand areas like HBM and advanced packaging [12] Group 5: Energy Sector - The energy market is experiencing a transition, with gas turbines expected to maintain strong demand through 2035, benefiting companies like Yingliu [15] - Nuclear fusion technology is advancing, with Chinese teams making significant progress, positioning companies like China Uranium Industry as future leaders in energy solutions [16] - Investment strategies should focus on both immediate opportunities in gas turbines and long-term potential in nuclear fusion technologies [16] Group 6: Optical Communication - The optical communication sector is transitioning from 800G to 1.6T technology, significantly increasing the demand for core materials like indium phosphide [17] - Companies that have achieved breakthroughs in domestic production of critical components for optical modules are expected to benefit from industry growth and market share increases [17][21] - Investment in optical communication should align with the dual themes of speed upgrades and domestic substitution [17] Group 7: Macro Variables - The Federal Reserve's recent interest rate cut is expected to create a more favorable liquidity environment for growth-oriented technology stocks, particularly those sensitive to interest rates [18][22] - The anticipated improvement in financing conditions will support technology companies in sectors like commercial aerospace, AI, and robotics that require substantial R&D investments [22] - Investors should focus on identifying companies with real technological barriers and clear growth paths in the evolving landscape of hard technology [23]

Core Viewpoint - The acquisition of PMG International Co., LTD. and its subsidiary Yuan Shi Technology by Lens Technology marks a significant transition from a traditional consumer electronics manufacturer to an AI computing hardware innovation platform, enabling the company to quickly access mature technologies and customer certifications in server cabinets and liquid cooling components [2][14]. Group 1: Strategic Acquisition - Lens Technology signed a share acquisition intention agreement to purchase 100% equity of PMG International, which includes a 95.11645% stake in Yuan Shi Technology, enhancing its vertical integration capabilities in AI computing infrastructure [2][5]. - The acquisition allows Lens Technology to leverage existing capabilities in precision manufacturing and materials to expand into the AI computing hardware sector, particularly in server cabinets and liquid cooling systems [5][16]. Group 2: Technological and Market Advantages - Yuan Shi Technology holds the rare NVIDIA RVL certification, enabling it to supply critical components for top-tier AI server platforms, creating a significant market barrier [8][12]. - The company has developed advanced magnesium alloy technology for lightweight and high thermal conductivity applications, which enhances the performance of server cabinets and liquid cooling components [11][16]. Group 3: Integration and Growth Potential - The acquisition facilitates a rapid integration of Lens Technology's precision manufacturing expertise with Yuan Shi's liquid cooling and cabinet integration capabilities, allowing for scalable delivery in high-density AI server production [16][17]. - With the ongoing demand for AI computing power and liquid cooling solutions, this acquisition positions Lens Technology to capture new growth opportunities and enhance its market share in the AI hardware ecosystem [14][17].

除算力基础设施外，蓝思科技已构建起"端侧硬件+机器人+算力基础设施"的多元业务矩阵。在端侧硬 件领域，公司作为AI手机核心供应商，受益于超硬镀膜等技术带来的价值量提升；智能头显业务从核 心部件向整机组装拓展，新成立的蓝思光电深化光学产业链布局；智能汽车领域的中控模组、超薄夹胶 车窗玻璃等产品已批量交付。机器人业务表现更为突出，今年预计出货人形机器人3000台、四足机器狗 超1万台，整机组装规模位居行业前列，初步建成行业领先的具身智能硬件制造平台。 财务数据印证公司的多元化发展势头。蓝思科技第三季度报告显示，前三季度实现营业收入536.63亿 元，同比增长16.08%；归母净利润28.43亿元，同比增长19.91%；第三季度单季营收207.02亿元创历史 同期新高，同比增长19.25%，展现出AI技术驱动下的增长潜力。 国盛证券还指出，蓝思科技作为智能终端全产业链一站式精密制造解决方案提供商，一方面具备以结构 件及功能模组核心技术为支撑的产业化能力体系，另一方面具备全产业链垂直整合能力，未来将深度受 益AI技术发展，各条业务线预计全面增长。 12月11日，蓝思科技（300433.SZ）股价表现亮眼，盘中一度大涨 ...

Group 1: Acquisition and Strategic Expansion - The company plans to acquire 100% equity of PMG International Co., LTD to enhance its capabilities in AI hardware solutions, particularly in server cabinet business and advanced liquid cooling systems [1] - This acquisition will complement the company's existing strengths in precision components and vertical integration, enabling a more comprehensive AI hardware solution offering [1] Group 2: Market Growth and Product Development - The global demand for AI computing is expected to reach 200 GW by 2030, driving significant growth in the server market [2] - The company has already established a strong presence in the server sector, with mass shipments of chassis components and plans for large-scale production of SSD assembly [2] - Post-acquisition, the company aims to accelerate its market share in AI server cabinets and efficient liquid cooling systems [2] Group 3: Diversification into Emerging Technologies - The company is positioning itself as a core supplier in various cutting-edge fields, including AI smartphones, AI glasses, robotics, and smart vehicles [3] - In the smartphone sector, the company benefits from increased hardware value due to AI advancements and is a key supplier of structural components [3] - In robotics, the company has successfully entered major supply chains and anticipates significant production volumes for humanoid and quadruped robots [3] - The company is also exploring new technologies in foldable devices and has established capabilities for rapid production of foldable screen components [3] - In the smart vehicle sector, the company is expanding its product lines and has successfully integrated ultra-thin laminated glass into new vehicle production systems [3] Group 4: Financial Projections - The company is expected to achieve revenues of 92 billion, 116.4 billion, and 139.7 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32%, 27%, and 20% [4] - Projected net profits for the same years are 5.25 billion, 6.94 billion, and 8.52 billion yuan, with growth rates of 45%, 32%, and 23% [4] - The current stock price corresponds to PE ratios of 29, 22, and 18 for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating for the company [4]

Core Viewpoint - Lens Technology (06613.HK) has signed a Letter of Intent for Equity Acquisition with Mr. Leu Song-Show to purchase 100% equity of PMG International Co., Ltd. for cash and other legal means, indicating a strategic move to expand its business operations in the server cabinet sector [2][3]. Group 1: Acquisition Details - The acquisition involves PMG International, which holds a 95.1164% stake in Yuan Shi Technology (Zhejiang) Co., Ltd., a company engaged in the production and sales of server cabinets and related components [3][4]. - The total investment in PMG International is approximately USD 2,150 million, with PMG International contributing USD 2,045 million, representing a 95.11645% ownership [4]. - The parties will conduct due diligence covering legal, financial, tax, technical, and business aspects before finalizing the acquisition agreement [5]. Group 2: Business Operations - PMG International and Yuan Shi Technology possess the necessary supplier qualifications, technology, intellectual property, R&D and business teams, production capacity, and facilities required for their server cabinet business, ensuring operational continuity for at least three years post-acquisition [5]. - An exclusivity negotiation period has been established from the signing of the Letter of Intent until June 30, 2026, to facilitate the acquisition process [5].

证券研究报告 | 公司点评 gszqdatemark 2025 12 11 年 月 日 蓝思科技（300433.SZ） 收购服务器业务公司，加码 AI 算力核心布局 筹划重要收购，完成 AI 硬件赛道全面布局。2025 年 12 月 10 日，公司 与吕松寿 LEU，SONG-SHOW 签订股权收购意向协议，拟以现金及其他合 法方式购买其拥有的 PMG International Co.,LTD.（裴美高国际有限公司） 100%股权，进而获得元拾科技 95.12%股权。通过此次收购，公司将快速 获得国内外特定客户服务器机柜业务（涵盖机架、滑轨、托盘、Busbar 等 组件）的成熟技术及客户认证，以及先进液冷散热系统集成能力。这将与 公司自身强大的精密结构件与"材料-模组-整机"垂直整合能力形成深度 互补协同，使得公司能够提供从核心部件到散热系统的更完整 AI 硬件解 决方案，大幅增强核心竞争力，为公司开拓 AI 算力基础设施新赛道、加 速向全球 AI 硬件创新平台转型注入强劲动能。 从核心部件到散热系统，在服务器份额有望快速提升。AI 的快速演进正驱 动全球计算需求呈爆发式增长，根据贝恩公司预测，截至 203 ...

【蓝思科技收购PMG 或切入英伟达供应链】通过收购，消费电子龙头蓝思科技（300433.SZ）有机会快 速切入服务器机柜与液冷赛道，获取AI算力赛道"入场券"。 12月10日晚，蓝思科技公告，拟战略收购PMG International Co.,LTD.（裴美高国际有限公司）100%股 权，进而获得元拾科技（浙江）有限公司（以下简称"元拾科技"）95.11645%股权。 公告显示，标的公司PMG国际为萨摩亚注册的有限责任公司，法定代表人为吕松寿，其与蓝思科技控 股股东、实控人及董监高无关联关系。元拾科技成立于2003年8月，注册资本2150万美元，注册地位于 浙江嘉兴，经营范围涵盖技术服务、金属制品制造销售、有色金属合金制造、模具制造等，另一股东为 品达科技股份有限公司（以下简称"品达科技"），持股比例4.88355%。 蓝思科技表示，通过本次收购，公司将快速获得国内外特定客户服务器机柜业务（包括但不限于机架、 滑轨、托盘、Busbar、其他组件）的成熟技术与客户认证，以及先进液冷散热系统集成能力，此举标志 着蓝思科技在AI算力硬件赛道的布局上迈出了决定性的一步。 蓝思科技还表示，此次收购是公司拥抱AI时代的 ...

Group 1 - The core point of the article is that Yuan Shi Technology has been certified by NVIDIA's Reference Vendor List (RVL), which evaluates the reliability, craftsmanship, and system integration capabilities of key component suppliers for server cabinets and liquid cooling systems [1] - Lens Technology announced a strategic acquisition of 100% equity in Peimei Gao International Limited, which will lead to Lens Technology obtaining a 95.11645% stake in Yuan Shi Technology [1] - This acquisition will enable Lens Technology to quickly gain access to mature technologies and customer certifications for specific server cabinet businesses, including racks, slides, trays, Busbars, and other components, as well as advanced liquid cooling system integration capabilities [1]