汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740524070006 Email：baizz@zts.com.cn 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn | 总股本(百万股) | 652.13 | | --- | --- | | 流通股本(百万股) | 595.89 | | 市价(元) | 13.38 | | 市值(百万元) | 8,725.47 | | 流通市值(百万元) | 7,972.94 | 1、《上半年业绩表现亮眼，扩展机器 人业务成长空间打开》2025-10-24 蓝黛科技（002765.SZ） 证券研究报告/公司点评报告 2025 年 10 月 30 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][18]. Core Insights - The company achieved a revenue of 1.75 billion yuan in the first half of 2025, representing a year-on-year growth of 8.3%, with a net profit attributable to shareholders of 110 million yuan, up 61.6% year-on-year [6][7]. - The growth in profit is attributed to the expansion of the power transmission business and the recovery of the touch control industry, which improved gross margins [7]. - The company is actively exploring the robot joint actuator market, which is expected to be a new growth point, having made a breakthrough in early 2025 [7]. - Revenue forecasts for 2025-2027 are projected at 4.43 billion, 5.39 billion, and 6.69 billion yuan, respectively, with net profits expected to be 230 million, 340 million, and 520 million yuan [8][14]. Financial Performance - The company reported a significant increase in net profit in Q2 2025, with a year-on-year growth of 79.1% and a quarter-on-quarter growth of 9.4% [6][7]. - The earnings per share (EPS) are projected to increase from 0.19 yuan in 2024 to 0.79 yuan in 2027 [4][8]. - The company’s net asset return rate is expected to improve from 5% in 2024 to 16% in 2027 [4]. Market Position and Comparisons - The company’s projected P/E ratios for 2025-2027 are 37.0, 25.2, and 16.5, respectively, compared to the average P/E of comparable companies at 42.7, 35.0, and 28.9 [11][14]. - The report highlights the company's strategic focus on the rapidly growing new energy vehicle market and the recovery of the touch control sector as key drivers for future growth [7][14].

Core Viewpoint - The capital operations of Futec Technology, including a rapid fundraising plan and simultaneous shareholder sell-offs, have raised market concerns regarding the company's governance and investor trust [1][2]. Group 1: Fundraising and Financial Performance - Futec Technology announced a "lightning fundraising" plan on July 24, 2025, aiming to issue up to 46.6261 million shares to raise 528 million yuan for capacity expansion and R&D [1]. - The company had previously raised 389 million yuan during its IPO, but the actual investment in its core component manufacturing project was 5.9228 million yuan less than promised, indicating ongoing construction [1]. - In the first half of 2025, Futec Technology achieved revenue of 1.474 billion yuan, a year-on-year increase of 122.64%, while the net profit attributable to shareholders was only 66.9451 million yuan, with a growth rate of 15.15% [2]. Group 2: Shareholder Actions - Following the announcement of the fundraising plan, major shareholders, including Changjiang Weilai, announced plans to reduce their holdings, with Changjiang Weilai intending to sell up to 4.6626 million shares, representing 3% of the total share capital [1]. - Another shareholder, Changgao Electric New Energy, also approved a plan to reduce its holdings by 3.465 million shares, indicating a potential pressure on the company's stock price due to these simultaneous sell-offs [1].

Group 1 - The core point of the article highlights that Futec Technology has initiated a rapid capital increase plan of 528 million yuan just 10 months after its IPO, raising concerns in the market regarding its capital operations [1] - The company plans to issue up to 46.6261 million shares to specific investors to raise 528 million yuan for capacity expansion and R&D investment [1] - The previous IPO raised 389 million yuan, but the actual investment in the core component manufacturing project for new energy vehicles was 5.9228 million yuan less than promised, indicating ongoing construction [1] Group 2 - Following the announcement of the capital increase plan, major shareholders have announced plans to reduce their holdings, which raises questions about the company's stability [2] - Shareholder Changjiang Weilai plans to reduce up to 4.6626 million shares, accounting for 3% of total shares, with an expected cash-out of approximately 171 million yuan [2] - Another shareholder, Changgao Electric, plans to reduce 3.465 million shares, representing 2.23% of total shares, with an estimated value of about 132 million yuan, primarily to fund new product development [2] Group 3 - From a corporate governance perspective, the simultaneous reduction of holdings by shareholders alongside the capital increase may undermine investor trust, especially for a newly listed company [3] - In the first half of 2025, Futec Technology achieved revenue of 1.474 billion yuan, a year-on-year increase of 122.64%, but the net profit attributable to shareholders was only 66.9451 million yuan, with a much lower growth rate of 15.15% [3] - In 2024, the company reported revenue of 1.934 billion yuan, a year-on-year growth of 5.38%, but the net profit excluding non-recurring items saw a decline of 19.3% [3]

Group 1 - BYD's indirect subsidiary, Jinan BYD Automotive Co., Ltd., received principle approval for the environmental impact assessment of its core components project (Phase II), with a total investment of 2 billion yuan [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies, utilizing authoritative environmental regulatory data from 31 provinces and 337 cities [1] - The latest A-share Green Weekly Report indicated that six listed companies recently exposed environmental risks [1] Group 2 - BYD's main business segments include transportation equipment manufacturing (81.48% of revenue), daily electronic device manufacturing (18.52%), and others (0.01%) as per the 2025 semi-annual report [3] - In 2023, BYD's market capitalization was approximately 915.72 billion yuan, with operating revenue of 602.31 billion yuan and a net profit attributable to shareholders of 30.04 billion yuan [4] - The company's gross profit margin has shown a decline from 20.21% in 2023 to 18.01% in the first half of 2025 [4]

Core Viewpoint - BlueDai Technology expects significant growth in net profit for the first half of 2025, driven by increased production capacity and product quality in the new energy vehicle sector, as well as recovery in the touch display industry [1] Financial Performance - For the first half of 2025, BlueDai Technology anticipates a net profit of between 93 million to 115 million yuan, representing a year-on-year increase of 37.54% to 70.08% [1] - The company's non-recurring net profit is projected to be between 73 million to 95 million yuan, showing a substantial year-on-year growth of 93.39% to 151.67% [1] - In 2024, BlueDai Technology reported an operating revenue of 3.536 billion yuan, a year-on-year increase of 25.93%, and a net profit of 124 million yuan, reflecting a growth of 134.04% [3] Business Segments - In the power transmission segment, the company focuses on core components for new energy vehicles, enhancing production scale and product quality, which has led to significant revenue and profit growth [1] - In the touch display segment, the industry is experiencing a recovery, and the company is capitalizing on opportunities in cover glass and vehicle touch screens, leading to improved product gross margins and substantial net profit growth [1] Leadership - The chairman of BlueDai Technology, Zhu Junhan, is 36 years old and holds a bachelor's degree. He also serves as the chairman and general manager of several affiliated companies [4] - Zhu Junhan's compensation has increased from 656,700 yuan in 2020 to 1,310,000 yuan in 2024, indicating a positive trend in leadership remuneration [4]

Core Viewpoint - Fute Technology plans to issue A-shares to specific investors, aiming to raise up to 528.22 million RMB for various projects related to the electric vehicle industry and to supplement working capital [1][2]. Group 1: Stock Issuance Details - The stock issuance will target no more than 35 specific investors, including qualified institutional investors and individuals [1]. - The issuance price will not be lower than 80% of the average trading price over the 20 trading days prior to the pricing date [1]. - The total number of shares to be issued will not exceed 30% of the company's total share capital before the issuance, which is calculated to be a maximum of 46,626,119 shares based on the current total of 155,420,399 shares [2][4]. Group 2: Fund Allocation - The total amount to be raised is capped at 528.22 million RMB, which will be allocated to the following projects: - Intelligent manufacturing of core components for electric vehicles: 234.25 million RMB - Second base for electric vehicle onboard power supply production: 155.96 million RMB - R&D for next-generation onboard power supply products: 36.42 million RMB - Supplementing working capital: 102.55 million RMB [2][3]. Group 3: Company Control and Financial Performance - After the issuance, the total share capital will increase to 202,046,518 shares, with the actual controller, Li Ningchuan, maintaining a 19.60% stake, ensuring no change in control [4]. - For the first quarter of 2025, the company reported a revenue of 506.15 million RMB, a year-on-year increase of 94.79%, while net profit attributable to shareholders decreased by 1.56% to 19.67 million RMB [6][7].

Group 1 - The company plans to issue shares to specific investors, with a maximum of 46.6261 million shares to be issued [1] - The total amount of funds to be raised is not expected to exceed 528 million yuan, after deducting issuance costs [1] - The raised funds will be used for the intelligent production and manufacturing project of core components for new energy vehicles (Phase III), the second base acquisition project for on-board power supply production, the R&D project for the next generation of on-board power supply products, and to supplement working capital [1]

Group 1 - The Lixun Robot headquarters project has been signed to settle in Changshu Economic Development Zone, with an expected annual output value of 10 billion yuan upon reaching full production, aiding Changshu's transition from a "manufacturing city" to a "smart manufacturing city" [1] - The project covers an area of 66 acres with a total investment of 5 billion yuan, focusing on the research, manufacturing, and sales of industrial automation equipment and various robots, aiming to establish a comprehensive headquarters industrial base [3] - Lixun Precision Industry Co., Ltd. has seen a compound annual growth rate of 37% in its robotics business over the past three years, holding over 800 patents, and ranks 133rd in the 2024 Fortune China 500 list [3] Group 2 - Changshu Lixun, established in 2019, focuses on precision components for consumer electronics, core components for new energy vehicles, and smart mobile terminals, contributing significantly to Changshu's position in the Yangtze River Delta's smart manufacturing sector with an output value of 11.9 billion yuan in 2024 [4] - Changshu is actively developing new sectors and nurturing new dynamics, with Lixun's increased investment injecting strong momentum into the city's industrial transformation [4] - The city is creating innovation hubs such as the "Intelligent Computing Future City," which has attracted major projects from leading companies like Huawei and iFLYTEK, aiming to accelerate the integration of artificial intelligence across various industries [5] Group 3 - Changshu has a solid industrial foundation with over 14,000 industrial enterprises and a total industrial output value exceeding 490 billion yuan, with a projected GDP of 307.91 billion yuan in 2024 [5] - The city is focusing on three major innovation hubs to promote industrial transformation and upgrade, including the "中新昆承湖园区," "智算未来城," and "苏州.中国声谷" [5] - Changshu's government is committed to providing streamlined services for enterprise development and project construction, aiming for rapid project initiation and completion [4]