Core Viewpoint - The recent exemption of certain electronic products from "reciprocal tariffs" by the U.S. government is expected to benefit the Apple supply chain and related companies in the A-share market, leading to a potential recovery in stock valuations [4][5]. Summary by Sections Market Performance - The A-share Apple supply chain index saw an increase of over 4% in early trading, later settling at a 1.61% gain [2]. - Individual stocks such as ChaoYang Technology surged by 9.99%, while major players like GoerTek, Luxshare Precision, and Lens Technology initially rose but later experienced pullbacks [3]. Tariff Exemption Impact - The U.S. government announced exemptions for smartphones, laptops, and chips from reciprocal tariffs, which includes brands like Apple and Samsung [4]. - Analysts believe that the previous significant declines in Apple supply chain stocks may present a recovery opportunity due to the tariff exemption [5]. Supply Chain Dynamics - Apple has been preparing inventory for the U.S. market since the Lunar New Year, resulting in over two months of stock, which may mitigate the impact of tariffs on sales in Q2 2025 [6]. - The transition period between old and new iPhone models may see a more pronounced decline in shipments due to preemptive stockpiling [6]. - Apple suppliers have indicated that they do not bear the cost of tariffs, and many have shifted production to Southeast Asia, establishing a robust supply chain to meet U.S. export demands [6]. Long-term Outlook - The overall supply chain structure for Apple in China is expected to remain unchanged in the short term, despite the recent tariff developments [7].

A股消费电子板块多数高开，朝阳科技涨停，歌尔股份涨超6%，立讯精密涨超5%，星星科技、蓝思科 技等跟涨。 ...

作者：周绘 出品：洞察IPO 上交所&深交所 新 股 上 市 3月31日-4月6日，上交所无公司上市，深交所创业板有1家公司上市。 | | 深交所 | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 公司名 | 代码 | 上市日期 | 登陆板块 | 易 | | 1~ | 首航新能 | 301658.SZ | 4月2日 | 深交所 创业板 | | 数据来源：公开信息；图表制作：洞察IPO 1. 首航新能：主要从事新能源电力设备的研发、生产、销售及服务。上市首日收涨244.49%，截至4月11日收盘报29.99元/股，较发行价11.80元/股涨 154.15%，市值约124亿元。 通过上市委员会审议会议 3月31日-4月6日，上交所主板有1家公司过会；深交所无公司过会。 | 数据来源：公开信息；图表制作：洞察IPO | | --- | 1. 技源集团：专业从事膳食营养补充产品研发创新及产业化的国际化企业集团。 递交上市申请 3月31日-4月6日，上交所、深交所均无公司递交上市申请。 终止上市审核 3月31日-4月6日，上交所主板有1家公司终止上市审核，深交 ...

Group 1 - The Tonghuashun Fruit Index concept rose by 4.97%, ranking third among concept sectors, with 20 stocks increasing in value, including Industrial Fulian, which hit the daily limit, and other notable gainers such as GoerTek and Lens Technology, which rose by 9.69%, 8.86%, and 7.50% respectively [1][2] - The main capital inflow into the Tonghuashun Fruit Index concept sector was 2.097 billion yuan, with 14 stocks receiving net inflows, and 7 stocks seeing inflows exceeding 50 million yuan. Industrial Fulian led with a net inflow of 843 million yuan, followed by GoerTek, Luxshare Precision, and Dongshan Precision with net inflows of 639 million yuan, 344 million yuan, and 144 million yuan respectively [2][3] - The net inflow ratios for Industrial Fulian, GoerTek, and Zhuhai Guanyu were the highest at 18.61%, 11.09%, and 10.39% respectively [3][4] Group 2 - The top-performing concept sectors today included Dairy with a rise of 6.28%, and Childcare Services with an increase of 5.22%, while the Tonghuashun Fruit Index was at 4.97% [2] - The trading volume and turnover rates for key stocks in the Tonghuashun Fruit Index were significant, with Industrial Fulian showing a turnover rate of 1.28% and GoerTek at 9.12% [3][4]

Group 1 - The consumer electronics sector is experiencing a significant rise, with companies such as Luxshare Precision (002475), Chaoyang Technology (002981), Longyang Electronics (301389), and Huaqin Technology (603296) hitting the daily limit up [1] - Other companies like Lens Technology (300433), Anker Innovation (300866), and Fuliwang have seen their stock prices increase by over 10% [1] - There is a notable influx of dark pool capital into these stocks, indicating strong investor interest [1]

A股苹果概念股走强，蓝思科技涨13%，立讯精密涨停，歌尔股份、鹏鼎控股、东山精密、工业富联等 多股涨超9%。 ...

Core Viewpoint - The company, Lens Technology, is pursuing a secondary listing amid escalating trade tensions, particularly with the U.S., which has raised concerns about supply chain costs and the overall outlook for the consumer electronics industry [1][9]. Group 1: Company Overview - Lens Technology, established in 1993 and listed on the Shenzhen Stock Exchange in 2015, is a leader in the global consumer electronics precision structural components and modules industry, as well as in the smart automotive interaction systems sector [1][2]. - The company has achieved vertical integration across the entire supply chain, from raw materials to assembly, and has established long-term strategic partnerships with leading global brands [2][3]. Group 2: Financial Performance - Revenue projections for Lens Technology from 2022 to 2024 are approximately 466.99 billion, 544.91 billion, and 698.97 billion yuan, with year-on-year growth rates of 16.7% and 28.3% for the latter two years [3]. - Net profit is expected to grow from 25.20 billion yuan in 2022 to 36.77 billion yuan in 2024, with growth rates of 20.7% and 20.9% [3]. - Despite revenue growth, the company's gross profit margin is declining, with gross profits of 85.47 billion, 84.92 billion, and 101.83 billion yuan from 2022 to 2024, while gross margins decrease from 18.3% to 14.6% [3][4]. Group 3: Business Segments - The primary business segment, smartphones and computers, is projected to generate 577.54 billion yuan in revenue in 2024, but with a slight decline in gross margin to 13.8% [4][5]. - The smart automotive segment is expected to see revenue growth of 18.73% to 59.35 billion yuan in 2024, but its gross margin is projected to drop to 8.7% [5]. - The smart wearables segment, while showing a gross margin increase to 18.2%, contributes less significantly to overall performance due to its smaller revenue share [5]. Group 4: Challenges and Risks - The company faces a significant dependency on major clients, particularly Apple, which accounted for 71.0%, 57.8%, and 49.5% of total revenue from 2022 to 2024 [7]. - High debt levels are a concern, with total liabilities reaching 321.70 billion yuan against total assets of 810.10 billion yuan, indicating potential liquidity risks [8]. - The company plans to raise 10-15 billion USD through its IPO, but there are concerns regarding the efficiency of previous fundraising efforts and the impact on future financial stability [8][9].

受全球贸易冲突升级影响，A股市场发生调整。官方发出积极信号，4月7日至8日，"国家队"相继出 手，中央汇金、中国诚通、中国国新、中国电科等宣布增持A股，坚决维护资本市场平稳运行。 上市公司也在行动。仅仅2日，沪深两市密集发布回购增持计划，公司数量达140家，新增回购增持金额 下限为279.69亿元，上限达到502.8亿元。 其中，不乏龙头公司，京东方A、宁德时代（300750）、蓝思科技（300433）、美的集团（000333）、 立讯精密（002475）等纷纷拿出真金白银稳定投资者信心。 具体来看，4月7日晚间到4月8日晚间，沪市累计披露新增回购计划32家，涉及金额51.85亿元~97.70亿 元；发布增持计划的公司33家，涉及金额116.14亿元~216.50亿元。 深市方面，4月7日晚间，有24家公司发布回购增持公告，拟回购金额40.65至81.10亿元；拟增持金额 0.60至1.20亿元。4月8日，51家公司接力发布回购增持计划，拟回购金额59.45亿元~84.3亿元，拟增持 金额11亿元~22亿元。 面板龙头京东方A（000725.SZ）8日发布公告，基于对公司价值的高度认可，为维护广大投资者利益， ...

Investment Rating - The report maintains a "Buy" rating for the company [5][4] Core Views - The company's share buyback plan, amounting to 500-1,000 million RMB, reflects confidence in its business resilience amid tariff impacts [2][1] - The company is strategically positioned in high-growth sectors such as AI glasses, robotics, and foldable screens, indicating substantial long-term growth potential [3][4] Financial Data and Projections - Revenue projections for the company are as follows: - 2023: 54,490.73 million RMB - 2024: 69,896.78 million RMB (growth rate: 16.69%) - 2025E: 91,808.76 million RMB (growth rate: 28.27%) - 2026E: 112,855.95 million RMB (growth rate: 31.35%) - 2027E: 135,427.14 million RMB (growth rate: 22.93%) [4][10] - Net profit attributable to the parent company is projected as: - 2023: 3,021.34 million RMB - 2024: 3,623.90 million RMB (growth rate: 23.42%) - 2025E: 5,528.44 million RMB (growth rate: 52.55%) - 2026E: 7,172.13 million RMB (growth rate: 29.73%) - 2027E: 8,998.30 million RMB (growth rate: 25.46%) [4][10] - Earnings per share (EPS) forecast: - 2023: 0.61 RMB - 2024: 0.73 RMB - 2025E: 1.11 RMB - 2026E: 1.44 RMB - 2027E: 1.81 RMB [4][10] Business Strategy and Market Position - The company has diversified its revenue sources, with domestic sales reaching 28.9 billion RMB in 2024, a 64% increase year-on-year, and domestic revenue now accounting for 42% of total revenue [9] - The company is enhancing its capabilities in assembly and has positioned itself as a comprehensive service provider in the robotics sector, leveraging its strengths in materials research and precision assembly [9] - The company is actively involved in the development of AI glasses, robotics, and foldable screen technologies, indicating a robust pipeline of innovative products [9]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [5][16]. Core Views - The company's share buyback plan, amounting to 500 million to 1 billion RMB, reflects confidence in its business resilience amid tariff impacts [1][2]. - The company is strategically positioned in high-growth sectors such as AI glasses, robotics, and foldable screens, indicating substantial long-term growth potential [3][4]. Financial Data and Projections - Revenue projections for the company are as follows: - 2023: 54.49 billion RMB - 2024: 69.90 billion RMB (growth rate of 16.69%) - 2025: 91.81 billion RMB (growth rate of 28.27%) - 2026: 112.86 billion RMB (growth rate of 31.35%) - 2027: 135.43 billion RMB (growth rate of 22.93%) [4][10]. - The projected net profit attributable to the parent company is: - 2023: 3.02 billion RMB - 2024: 3.62 billion RMB (growth rate of 23.42%) - 2025: 5.53 billion RMB (growth rate of 52.55%) - 2026: 7.17 billion RMB (growth rate of 29.73%) - 2027: 8.99 billion RMB (growth rate of 25.46%) [4][10]. - The company’s earnings per share (EPS) are projected to increase from 0.61 RMB in 2023 to 1.81 RMB in 2027 [4][10]. Business Strategy and Market Position - The company has diversified its revenue streams, with domestic sales expected to reach 28.9 billion RMB in 2024, a 64% year-on-year increase, indicating a more balanced customer structure [9]. - The company is enhancing its capabilities in assembly and electronic systems, positioning itself as a one-stop service provider in the robotics sector [9]. - The company is actively involved in the development of AI glasses, robotics, and foldable screen technologies, which are expected to drive future growth [9].