长江证券研报指出，蓝思科技2025Q1~3归母净利润28.43亿元，同比增长19.91%；Q3单季度实现归母净 利润17.00亿元，同比增长12.62%。iPhone17销量大幅提升加码，公司中框业务贡献核心增量。智能汽 车业务方面，智能座舱产品矩阵日益丰富，超薄夹胶车窗玻璃导入国内头部车企。当前毛利率仍受墨西 哥工厂影响，但公司已逐步推进墨西哥工厂的搬迁，未来有望迎来营收与毛利率双增长的成长通道。未 来涌现的新型智能终端产品，公司均有望凭借平台化全链条整合能力以及外观件多年技术积累，获得较 多头部客户订单，深度拥抱AI 端侧浪潮。预计公司2025~2027年可实现归母净利润50.70/69.56/81.82亿 元，维持"买入"评级。 ...

长江证券研报指出，蓝思科技2025Q1~3归母净利润28.43亿元，同比增长19.91%；Q3单季度实现归母净 利润17.00亿元，同比增长12.62%。iPhone17销量大幅提升加码，公司中框业务贡献核心增量。智能汽 车业务方面，智能座舱产品矩阵日益丰富，超薄夹胶车窗玻璃导入国内头部车企。当前毛利率仍受墨西 哥工厂影响，但公司已逐步推进墨西哥工厂的搬迁，未来有望迎来营收与毛利率双增长的成长通道。未 来涌现的新型智能终端产品，公司均有望凭借平台化全链条整合能力以及外观件多年技术积累，获得较 多头部客户订单，深度拥抱AI 端侧浪潮。预计公司2025~2027年可实现归母净利润50.70/69.56/81.82亿 元，维持"买入"评级。 ...

蓝思科技（300433）(06613)发布公告，于2025年11月17日斥资1912.2万元回购70.8万股A股。 ...

智通财经APP讯，蓝思科技(06613)发布公告，于2025年11月17日斥资1912.2万元回购70.8万股A股。 ...

Group 1 - The Ministry of Culture and Tourism of China advises tourists to avoid traveling to Japan due to rising safety concerns and criminal cases targeting Chinese citizens [2][3] - The Ministry of Education issues a warning for students studying in Japan, highlighting the deteriorating security situation and urging them to enhance their safety awareness [2][3] Group 2 - A new AI-based scam is emerging in the e-commerce sector, where consumers use AI tools to create fake defect images to claim refunds for low-cost items [2][3] - Reports indicate that this scam has developed into a more systematic gray industry, with individuals offering training on how to execute these refund tricks for a fee [7][8] Group 3 - Tim Cook may step down as CEO of Apple as early as next year, with John Ternus being the likely successor [3] - Apple plans to change its iPhone release strategy starting in 2026, moving to a spring and fall release schedule instead of the traditional fall-only launch [9] Group 4 - Samsung announces a significant investment of 450 trillion KRW in South Korea over the next five years, focusing on semiconductor expansion and job creation [9] - Multiple airlines, including Air China and China Southern Airlines, have announced free cancellation and modification policies for tickets related to Japan due to safety concerns [11] Group 5 - Xiaomi's CEO Lei Jun defends the company's design philosophy for its vehicles, emphasizing that aesthetics and safety are not mutually exclusive [8] - Several smartphone manufacturers, including Xiaomi and OPPO, are delaying storage chip purchases due to soaring prices, with some facing inventory shortages [12] Group 6 - Berkshire Hathaway's latest 13F report reveals that Warren Buffett has significantly reduced his stake in Apple, while increasing his investment in Alphabet [16] - The establishment of the first financial asset investment company by a joint-stock bank in China aims to support the optimization of capital structures for tech and private enterprises [11]

November 14, 2025 05:45 PM GMT Investor Presentation | Asia Pacific Greater China Technology Hardware: AI Tech Hardware in High Gear M Foundation Morgan Stanley Taiwan Limited+ Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com +886 2 2730-2865 Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.Meng@morganstanley.com +852 2239-7689 Morgan Stanley Taiwan Limited+ Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com +886 2 2730-2862 Howard Kao Equity Analyst Howard.Kao@morganstanley.c ...

12 Nov 2025 18:03:17 ET │ 12 pages Flash | Lens Technology (300433.SZ) What's New from Citi 2025 China Conference: 2026 growth drivers intact CITI'S TAKE Lens Tech attended our China Conference on 12 Nov. We captured key 2026 growth drivers: (1) 2H26 key foldable phone driving ASP increase; (2) Automotive laminated glass for NEV; (3) AI Glass ramp with existing customers and new content with the US XR customer; (4) Increasing robot shipment; and (5) SSD module assembly is faster than expected. The company d ...

Core Insights - The company achieved a revenue of 53.663 billion yuan in Q1-Q3 2025, representing a year-on-year growth of 16.08%, with a net profit attributable to shareholders of 2.843 billion yuan, up 19.91% [1] - The smartphone and computer business saw significant growth driven by the iPhone 17, with the company benefiting from its core glass cover and metal frame contributions [2] - The smart automotive sector is expanding with new product offerings, including ultra-thin laminated glass, and the company is enhancing its production capabilities [3] - The company is positioned as a leading platform in the smart terminal industry, integrating various components and embracing AI trends [4] - Profit forecasts indicate a net profit of 5.070 billion yuan in 2025, increasing to 8.182 billion yuan by 2027 [5] Smartphone and Computer Business - The iPhone 17 has seen a substantial increase in sales compared to the iPhone 16, solidifying the company's position in the supply chain [2] - The company’s metal frame business is benefiting from innovations in the iPhone 17 Pro series [2] - Future opportunities include the anticipated launch of the first foldable iPhone in 2026, where the company holds numerous patents in relevant technologies [2] Smart Automotive Business - The company has successfully expanded its product matrix in the smart automotive sector, introducing wireless charging modules and vehicle communication modules [3] - The introduction of ultra-thin laminated glass into domestic leading automotive manufacturers' production systems marks a significant achievement [3] - The company is relocating its Mexican factory to improve revenue and profit margins in the future [3] Other Innovative Businesses - The company is leveraging its full-chain integration capabilities in the emerging smart terminal market, covering various segments including AI glasses and intelligent retail [4] - Collaboration with Rokid for AI glasses has led to rapid sales growth and successful mass production [4] - The company is making substantial progress in the embodied intelligence sector, with core components being delivered in bulk [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - The company achieved revenue of 53.663 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 16.08%. The net profit attributable to shareholders was 2.843 billion yuan, up 19.91% year-on-year, while the net profit excluding non-recurring items reached 2.703 billion yuan, growing by 28.72% year-on-year. In Q3 2025, the company reported a single-quarter revenue of 20.702 billion yuan, a year-on-year increase of 19.25%, and a net profit of 1.700 billion yuan, up 12.62% year-on-year. The gross margin for Q3 was 19.09%, down 2.34 percentage points year-on-year, and the net profit margin was 8.21%, down 0.49 percentage points year-on-year [2][7]. Summary by Relevant Sections Business Performance - The company has shown strong performance in the smartphone and computer sectors, benefiting from the significant sales increase of the iPhone 17, which has contributed to core revenue growth. The company is positioned as a leading player in the glass cover and metal frame segments, with expectations for continued growth as new products are launched [14]. Automotive Sector - The company is expanding into the smart automotive sector, introducing a range of products including wireless charging modules and vehicle communication modules. The integration of consumer electronics-grade glass processing technology into automotive applications is expected to enhance revenue and margins as production capabilities are developed [14]. Innovation and AI Integration - The company is leveraging its vertical integration capabilities across the smart terminal market, including AI glasses and smart retail solutions. Collaborations with leading companies in the field are yielding positive results, with expectations for increased orders as new smart terminal products emerge [14]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 5.070 billion yuan, 6.956 billion yuan, and 8.182 billion yuan for the years 2025, 2026, and 2027, respectively, maintaining a "Buy" rating [14].

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