每个重大项目落地，都在拉长产业链条、锻造核心竞争力、补齐关键环节短板。 日前，省发改委公布2025年省重点建设项目，位于浏阳经开区的7个项目入选。走进这些项目工地，满 目皆是火热奋斗之景。 蓝思智能装备研发、生产基地项目总占地面积近400亩，目前主体已全部封顶，室内外装修已完成 90%，设备安装完成25%，仓库、宿舍及部分车间已竣工投入使用。 长沙晚报全媒体记者 张洋子 春和景明，万物勃发，四月的长沙，处处涌动着项目建设的澎湃动能。 新标杆项目林立。湖南近日发布的2025年"数字新基建"标志性项目，长沙42个项目入选，为加快培育和 发展新质生产力强基赋能。 重大项目加速跑。以浏阳经开区为例，一季度新开工9个项目、竣工18个项目，写下春日奋进的生动答 卷。 工地塔吊林立，厂房机器轰鸣，园区车辆穿梭……星城大地上，项目建设者在春光里全速奔跑。将项目 现场当作比拼赛场，长沙正以干劲"满格"状态，在春天里描绘高质量发展的新图景。 春潮激荡：重大项目"领跑"产业升级 惠科Mini-LED背光/直显模组及整机项目则已完成土地平整、摘牌及地勘等工作，进入全面建设阶段。 该项目占地约109亩，从签约到启动建设用了不到一个月， ...

Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Morgan Stanley fund manager Lei Zhiyong, focusing on the digital economy sector, particularly in intelligent computing infrastructure and AI applications [2][10]. Group 1: Fund Performance and Management - Lei Zhiyong's managed fund size increased by over 50% in Q1 2025, reaching a total management scale of 55.31 billion yuan, up from 36.09 billion yuan in the previous quarter [5]. - The fund "Damo Digital Economy Mixed" saw a net subscription of 763 million units during Q1, bringing its latest scale to 52.33 billion yuan, a nearly 55% increase from the end of last year [5]. - The fund maintained a high stock position, with stock holdings exceeding 90%, and made slight increases compared to the previous quarter [6]. Group 2: Investment Focus and Adjustments - The top ten holdings of the Damo Digital Economy Mixed fund remained stable, with structural adjustments made in individual stocks. New additions included KOTAI Power, Lens Technology, and Shenghong Technology, while stocks like Zhongji Xuchuang and Huadian were removed [7]. - The fund continues to focus on the digital economy sector, with a positive outlook on intelligent computing infrastructure and AI applications for future investment opportunities [9][10]. Group 3: Market Environment and Challenges - The market environment in 2025 has not been favorable for Lei Zhiyong, with only one of the three managed funds, Damo Wan Zhong Innovation, showing a profit, while the others reported negative returns [10]. - The strategy of focusing on the technology sector reflects Lei Zhiyong's long-term belief in AI, but the current market performance indicates that this approach may not yield leading returns compared to diversified investments [10].

Core Viewpoint - Lens Technology is facing scrutiny regarding the necessity of its fundraising efforts as it delays its private placement fundraising projects while simultaneously pursuing additional fundraising in Hong Kong. The company's heavy reliance on a single client, Apple, raises concerns about its financial stability and potential risks associated with high capital expenditures, high interest-bearing debt, and low profit margins [1][5][13]. Group 1: Fundraising and Financial Performance - Lens Technology plans to raise between $1 billion to $1.5 billion through its Hong Kong IPO, with the application submitted on March 31, 2025 [5][10]. - The company reported a revenue of 17.063 billion yuan in Q1 2025, a year-on-year increase of 10.10%, and a net profit of 429 million yuan, up 38.71% [5][6]. - The company's cash flow from operations reached 2.630 billion yuan, reflecting a growth of 29.59% [5]. Group 2: Financial Structure and Debt - The company's asset-liability ratio has decreased to 37.69%, down from a peak of 60% [6]. - As of Q1 2025, Lens Technology's interest-bearing debt exceeded 13.7 billion yuan, with financial expenses amounting to 384 million yuan, representing over 10% of net profit [21]. Group 3: Client Dependency and Profitability - Lens Technology's revenue from its top five clients accounted for 81.1% of total revenue in 2024, with Apple being the largest client, contributing approximately 49.5% of total revenue [13][14]. - The company's gross profit margin has declined from 29.44% in 2020 to 15.89% in 2024, further dropping to 12.8% in Q1 2025 [15][19]. - High capital expenditures have been a consistent trend, with annual spending remaining around 5 to 6 billion yuan [19]. Group 4: Regulatory Environment and Market Trends - The Chinese government has introduced policies to support companies seeking secondary listings in Hong Kong, which has contributed to the recent surge in A-share companies pursuing such listings [3][4]. - Regulatory guidelines stipulate that the proportion of fundraising used for liquidity and debt repayment should generally not exceed 30% of the total raised funds, raising questions about Lens Technology's fundraising strategy [11][12].

Group 1: Apple Suppliers Performance - Lens Technology (蓝思科技) reported a revenue of 17.063 billion yuan in Q1 2025, a year-on-year increase of 10.10%, and a net profit of 429 million yuan, up 38.71% [1] - Crystal Optoelectronics (水晶光电) achieved a revenue of 1.482 billion yuan in Q1 2025, with a net profit of 220.9 million yuan, reflecting a year-on-year growth of 10.2% and 23.67% respectively [2] - Industrial Fulian (工业富联) expects to achieve a revenue between 159 billion to 161 billion yuan in Q1 2025, representing a year-on-year growth of 34.0% to 35.6% [2] Group 2: Market Trends and Dynamics - Apple's global smartphone shipments increased by 10% in Q1 2025, reaching 57.9 million units, marking a historical high with a global market share of 19% [2] - The increase in shipments is attributed to preemptive stockpiling to avoid tariffs and concerns over supply chain disruptions [3] - The global PC shipments grew by 6.7% in Q1 2025, with Apple's shipments increasing by 17%, driven by accelerated deliveries before potential tariffs and the end of Windows 10 support [3]

一个千亿级硬件市场浮出水面! "美好新出行""自助补给站""大悦城会员中心""超惊喜驿站"……在杭州，"碰一下"奇妙小镇正打开人们对于各类场景的支付互动想象。 4月24日最新数据显示，"碰一下"服务已覆盖全国超400个城市，千万级商家已全面接入该服务体系，累计支付用户规模突破亿级大关。 蚂蚁集团首席执行官韩歆毅当日正式宣布，支付宝将持续投入高达百亿规模的资金与资源，支持有关生态体系的发展。据市场分析预估，在未来三年间，支 付宝对相关设备的年累计需求量将持续保持在亿级水平。 国产化千亿级生态诞生 走在奇妙小镇的空间里，可以感受到由"碰一下"带来的奇思妙想正落地生花。 321天内覆盖全国400多个城市、触达亿级用户，在"碰一下"现象级普及的背后，一条名为"碰链"的完整产业生态链正浮出水面，一端连接中国制造的强大实 力，另一端关联中国庞大的消费及支付市场。 深入剖析这条产业链，其涵盖了从终端制造、芯片研发、光学零部件生产、产品组装，到商家收银、数字营销以及消费体验的全流程，汇聚了众多机具供应 商，更构建起庞大的商家合作网络，并广泛应用了先进的软硬件技术，形成了制造、支付、消费三位一体的丰富生态。 从实践来看，"碰链 ...

Core Insights - The company has achieved significant revenue growth and profit increase in 2024, with total revenue reaching 69.897 billion and net profit of 3.624 billion, marking year-on-year increases of 28.27% and 19.94% respectively [1] - The company's vertical integration strategy is showing results, particularly in the assembly business, which has seen rapid growth due to the introduction of more proprietary upstream components [1] - The company is focusing on cost reduction and efficiency improvement, with a notable increase in R&D investment aimed at advanced technology fields [1] Financial Performance - In Q1 2025, the company reported total revenue of 17.063 billion, a year-on-year increase of 10.1%, and a net profit of 0.429 billion, reflecting a significant growth of 38.71% [1] - R&D investment reached 2.785 billion in 2024, up 20.2%, focusing on cutting-edge technologies such as foldable screens and AI [1] Strategic Developments - The company has established a strong position in the UTG and CPI manufacturing processes for foldable screens, becoming a core supplier for major clients in North America [2] - The company has been actively developing its robotics capabilities since 2016, with a focus on humanoid robots and related components [2] - A partnership with Zhiyuan Robotics led to the delivery of the world's first fully open-source robot, Lingxi X1, in January 2025 [2] Market Outlook - The company is expected to benefit from a recovery in the consumer electronics industry, with an upward revision of net profit forecasts for 2025-2027 [3] - The projected net profits for 2025 and 2026 are 5.062 billion and 6.863 billion respectively, with a new forecast for 2027 at 8.179 billion [3] - The current market valuation corresponds to a PE ratio of 19/14/12X for 2025-2027, maintaining a "buy" rating [3]

证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-043 蓝思科技股份有限公司 关于完成工商变更登记的公告 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。 类型：股份有限公司（台港澳与境内合资、上市） 成立日期：2006 年 12 月 21 日 法定代表人：周群飞 住所：湖南浏阳生物医药园 经营范围：许可项目：医护人员防护用品生产（Ⅱ类医疗器械）（依法须经 批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批 准文件或许可证件为准）一般项目：光学玻璃制造；技术玻璃制品制造；特种陶 瓷制品制造；金属结构制造；电子元器件制造；移动终端设备制造；可穿戴智能 1/2 蓝思科技股份有限公司（以下简称"公司"）2023 年度股东大会审议通过了 《关于修订<公司章程>部分条款的议案》，同意公司根据股权激励变动产生的股 份变化，对公司注册资本/股份总数进行相应修订。 近日，公司完成相应工商变更登记备案，并取得了湖南省市场监督管理局换 发的营业执照，现将相关信息公告如下： 统一社会信用代码：91430000796852865Y 名称：蓝思科技 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.40 RMB [7][4]. Core Views - The company achieved a revenue of 69.897 billion RMB in 2024, representing a year-on-year increase of 28.27%, and a net profit of 3.624 billion RMB, up 19.94% year-on-year. The revenue exceeded previous expectations, while net profit was slightly below expectations due to increased asset impairment provisions [1][2]. - The company is expected to benefit from strong growth in consumer electronics driven by new product launches from major clients in North America, increased market share in Android products, and expansion into new terminals such as PC/AI glasses and smart retail [1][3]. - The automotive segment is anticipated to see an increase in unit value, and the humanoid robot business is expected to contribute to long-term performance growth [1][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 17.063 billion RMB, a year-on-year increase of 10.10%, and a net profit of 4.29 billion RMB, up 38.71% year-on-year. The non-recurring net profit was 3.78 billion RMB, reflecting a 60.99% increase year-on-year [1][2]. - The company’s revenue from smartphones, computers, smart cars, and other intelligent terminals in 2024 was 577.5 billion RMB, 59.3 billion RMB, 34.9 billion RMB, and 14.1 billion RMB respectively, with significant growth in assembly business [2]. Business Segments - The company is focusing on multiple new fields, including: 1. **Smartphones**: Anticipated growth from new model upgrades in H2 2025 and advancements in foldable screen technology [3]. 2. **AI Glasses**: Collaborations with clients like Rokid for high-end AI glasses and headsets [3]. 3. **Automotive**: New model launches expected in H2 2025, with increased unit value from ultra-thin laminated glass [3]. 4. **Robotics**: Established partnerships with leading clients for the development of structural components for humanoid robots [3]. Valuation and Forecast - The forecasted net profits for 2025, 2026, and 2027 are 5.308 billion RMB, 6.433 billion RMB, and 7.767 billion RMB respectively, with a projected PE ratio of 27.5x for 2025 [4][6]. - The company’s comprehensive gross margin for 2024 is expected to be 15.89%, slightly down from the previous year, attributed to the increased revenue share from assembly business [2]. Market Position - The company is positioned as a leader in the consumer electronics sector, with a strong foothold in AI applications and new technology developments, which are expected to drive future growth [4][6].

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 17.063 billion, a year-on-year increase of 10.10% compared to Q1 2024 [1] - The net profit attributable to shareholders reached CNY 429 million, reflecting a significant year-on-year growth of 38.71% [1] - The net operating cash flow amounted to CNY 2.630 billion, up 29.59% year-on-year, indicating improved cash flow management [1] Group 2: Operational Highlights - The gross profit margin for Q1 2025 was 12.80%, an increase of 0.28 percentage points from Q1 2024, driven by high-margin assembly operations [2] - The company successfully reduced the ratio of sales, management, and financial expenses by 1.27 percentage points, showcasing effective cost control [2] - R&D expenses increased by 37.73% year-on-year to CNY 791 million, primarily due to numerous new product developments [9] Group 3: Strategic Initiatives - The company has diversified its customer base, reducing revenue from its largest customer from 71% to 49.5% over three years, while increasing the proportion of domestic brand customers from 18% to 41% [5] - The vertical integration of the supply chain has been strengthened, allowing the company to provide comprehensive manufacturing services from design to mass production [5] - The company is focusing on emerging fields such as AI terminals, new energy vehicles, and humanoid robots, leveraging material innovation and smart manufacturing advantages [2] Group 4: Market Position and Risk Management - The company has established a robust global supply chain, with 58% of its overseas business in 2024, primarily in components and functional modules, mitigating tariff risks [3] - The company’s overseas production capacity includes nine major R&D and production bases, enhancing its ability to respond quickly to customer needs [11] - The anticipated impact of foreign tariff policy changes on overall operations is expected to be minimal, with strategies in place to adapt to external environmental changes [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant growth in Q1 2025, with revenue reaching 17.063 billion yuan, a year-on-year increase of 10.10%. The net profit attributable to shareholders was 429 million yuan, up 38.71%, and the net profit excluding non-recurring items was 378 million yuan, reflecting a 60.99% increase [2][6]. - The gross margin for Q1 2025 was 12.8%, an increase of 0.28 percentage points year-on-year, while the net profit margin was 2.51%, up 0.51 percentage points year-on-year [2][6]. - The demand for consumer electronics is recovering, with the company benefiting from its position as a core supplier for Apple, which saw its market share increase from 17.5% in Q1 2024 to 19.0% in Q1 2025, with a 10% year-on-year sales growth [11]. - The company has submitted an application for listing on the Hong Kong Stock Exchange to enhance its global delivery capabilities and address uncertainties in foreign trade due to geopolitical factors [11]. - The company is actively expanding into emerging businesses, leveraging its precision processing capabilities accumulated from the smartphone sector, focusing on areas such as foldable screens, humanoid robots, AI glasses, and smart vehicles [11]. - The projected net profit attributable to shareholders for 2025 to 2027 is estimated at 5.421 billion yuan, 7.249 billion yuan, and 8.256 billion yuan, respectively, indicating strong growth potential [11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 17.063 billion yuan, a 10.10% increase year-on-year. The net profit attributable to shareholders was 429 million yuan, up 38.71%, and the net profit excluding non-recurring items was 378 million yuan, reflecting a 60.99% increase. The gross margin was 12.8%, and the net profit margin was 2.51% [2][6]. Business Expansion - The company is applying for a listing on the Hong Kong Stock Exchange to enhance its global business layout and improve delivery capabilities in regions like Vietnam, Thailand, and Mexico [11]. - The company is diversifying into new business areas, including foldable screens, humanoid robots, AI glasses, and smart vehicles, which are expected to contribute to long-term revenue growth [11]. Market Position - The company is a key supplier for Apple, benefiting from the recovery in consumer electronics demand, with Apple’s market share increasing significantly in Q1 2025 [11].