Workflow
蓝思科技(300433):公司点评:业绩稳健增长,AI驱动引领成长

Investment Rating - The report maintains a "Buy" rating for the company, with a projected price-to-earnings (PE) ratio of 31/25/20x for the years 2025-2027 [4]. Core Insights - The company achieved a revenue of 32.96 billion yuan in the first half of 2025, representing a year-on-year growth of 14.2%, and a net profit attributable to shareholders of 1.14 billion yuan, up 32.7% year-on-year [2]. - The consumer electronics segment generated revenue of 27.185 billion yuan in the first half of 2025, with a gross margin of 13.2%, slightly down by 0.56 percentage points year-on-year [3]. - The smart automotive and cockpit segment reported revenue of 3.165 billion yuan, a year-on-year increase of 16.45%, with a gross margin of 9.84% [3]. - The smart headsets and wearables segment achieved revenue of 1.647 billion yuan, growing 14.74% year-on-year, with a gross margin of 23.3%, an increase of 9.7 percentage points [4]. Summary by Relevant Sections Performance Review - In Q2 2025, the company recorded revenue of 15.9 billion yuan, a year-on-year increase of 18.9%, but a quarter-on-quarter decrease of 6.8%. The net profit for Q2 was 710 million yuan, up 29.3% year-on-year and 66.4% quarter-on-quarter [2]. Business Analysis - The consumer electronics business continues to solidify its market position, with significant growth in high-end mobile phone components and a recovery in personal computer sales [3]. - The smart automotive sector is expanding with successful product launches and collaborations with leading automotive brands, indicating a strong growth trajectory [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 5.175 billion yuan for 2025, with expected growth rates of 42.81% in 2025, 24.17% in 2026, and 25.35% in 2027 [4][8].