蓝思科技：深度报告：玻璃盖板龙头的新成长周期

Investment Rating - The report gives a "Recommend" rating for the company, with projected revenues of 660.39/775.62/917.74 billion yuan for 2024-2026, and net profits of 42.27/53.80/67.12 billion yuan, corresponding to P/E ratios of 18/14/11x [1][2] Core Views - The company is a leader in consumer electronics glass covers, with vertical integration and horizontal expansion into new energy fields [1] - The consumer electronics business is entering a new growth cycle, with glass cover technology and value increasing [1] - The new energy vehicle and smart cockpit business achieved revenue of 4.998 billion yuan in 2023, up 39.47% YoY, accounting for 9.17% of total revenue [1][20] Business Overview Consumer Electronics - The company has mastered core glass cover technologies and dominates the domestic market, collaborating deeply with brands like Apple, Samsung, and Xiaomi [1] - It has expanded into new materials like ceramics and sapphire, and downstream assembly business, with yields exceeding industry averages [1] - R&D investment reached 2.317 billion yuan in 2023, up 10.1% YoY, with 2,231 patents granted by 2023 [1][20] New Energy Vehicles - The company has expanded into automotive glass products and other vehicle components, with rapid growth in the automotive business [1] - It has established partnerships with over 30 domestic and international new energy and traditional luxury car brands [1] - The new energy vehicle and smart cockpit business achieved a gross margin of 15.47% in 2023 [20] Financial Performance - Revenue grew from 17.227 billion yuan in 2015 to 54.491 billion yuan in 2023, with a CAGR of 15.48% [17] - Net profit attributable to the parent company was 3.021 billion yuan in 2023, up 23.42% YoY [18] - Gross margin was 16.63% in 2023, with a net margin of 5.58% [22] Future Projections - Revenue is expected to grow to 66.039/77.562/91.774 billion yuan in 2024-2026, with net profits of 4.227/5.380/6.712 billion yuan [2] - The smartphone and computer business is expected to maintain 20%/15%/15% growth in 2024-2026, with gross margins of 17%/17.5%/18% [55] - The new energy vehicle and smart cockpit business is projected to grow 45% annually from 2024-2026, with gross margins of 16%/18%/18% [56]