证券研究报告 | 公司点评 gszqdatemark 2025 12 11 年 月 日 蓝思科技（300433.SZ） 收购服务器业务公司，加码 AI 算力核心布局 筹划重要收购，完成 AI 硬件赛道全面布局。2025 年 12 月 10 日，公司 与吕松寿 LEU，SONG-SHOW 签订股权收购意向协议，拟以现金及其他合 法方式购买其拥有的 PMG International Co.,LTD.（裴美高国际有限公司） 100%股权，进而获得元拾科技 95.12%股权。通过此次收购，公司将快速 获得国内外特定客户服务器机柜业务（涵盖机架、滑轨、托盘、Busbar 等 组件）的成熟技术及客户认证，以及先进液冷散热系统集成能力。这将与 公司自身强大的精密结构件与"材料-模组-整机"垂直整合能力形成深度 互补协同，使得公司能够提供从核心部件到散热系统的更完整 AI 硬件解 决方案，大幅增强核心竞争力，为公司开拓 AI 算力基础设施新赛道、加 速向全球 AI 硬件创新平台转型注入强劲动能。 从核心部件到散热系统，在服务器份额有望快速提升。AI 的快速演进正驱 动全球计算需求呈爆发式增长，根据贝恩公司预测，截至 203 ...

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year growth in revenue and net profit, while also strategically positioning itself in high-growth sectors [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 53.663 billion yuan, a year-on-year increase of 16.08%, and a net profit attributable to shareholders of 2.843 billion yuan, up 19.91% [1] - In Q3 2025, the company recorded revenue of 20.702 billion yuan, representing a year-on-year growth of 19.25% and a quarter-on-quarter increase of 30.23% [1] - The net profit for Q3 2025 was 1.7 billion yuan, showing a year-on-year increase of 12.62% and a substantial quarter-on-quarter growth of 138.20% [1] - The gross margin was 19.09%, down 2.34 percentage points year-on-year but up 3.34 percentage points quarter-on-quarter [1] - The net profit margin was 7.72%, reflecting a quarter-on-quarter increase of 3.06 percentage points [1] Strategic Positioning - The company is a leading provider of precision manufacturing solutions across the entire smart terminal industry chain, with a focus on high-growth sectors [1] - In consumer electronics, the company has strengthened its market position in various materials and components, achieving rapid market share growth in high-end smartphone models [1] - In the smart automotive sector, the company is enhancing its product matrix and has achieved batch delivery of key products, with plans for significant production capacity in automotive glass [1] - The company has made breakthroughs in smart wearables, successfully delivering AI glasses and collaborating with leading global wearable companies [1] - In other smart terminal areas, the company has made substantial progress in partnerships and has seen significant revenue growth in smart retail products [1][2] Margin Outlook - The slight decline in gross margin is attributed to a strategic shift in business structure, with an increased focus on lower-margin assembly operations [2] - The company anticipates that as new products enter a cycle of innovation, the overall gross margin will improve due to the introduction of new materials and processes [2] Profit Forecast - The company is expected to achieve net profits of 4.818 billion yuan, 6.696 billion yuan, and 8.192 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 32.43, 23.33, and 19.07 [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong performance with a revenue of 32.96 billion yuan in the first half of 2025, representing a year-on-year increase of 14.18%. The net profit attributable to shareholders reached 1.14 billion yuan, up 32.68% year-on-year [2][3] - The company's vertical integration strategy has proven effective, particularly in the smartphone and computer segments, which generated revenue of 27.18 billion yuan, a 13.19% increase year-on-year [3] - The automotive business is accelerating, with revenue from smart automotive and cockpit products reaching 3.165 billion yuan, a 16.45% increase year-on-year [3] - Emerging fields such as AI-enabled products are expanding, with revenue from smart glasses and wearables at 1.647 billion yuan, up 14.74% year-on-year [3] - The company is expected to achieve net profits of 5.251 billion yuan, 6.919 billion yuan, and 8.026 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 30.39, 23.07, and 19.88 [3][4] Financial Summary - The total revenue for 2023 is projected at 54.491 billion yuan, with a year-on-year growth rate of 16.7%. By 2027, revenue is expected to reach 132.023 billion yuan, with a growth rate of 17.5% [4] - The net profit attributable to shareholders for 2023 is estimated at 3.021 billion yuan, with a year-on-year growth of 23.4%. This is projected to increase to 8.026 billion yuan by 2027, with a growth rate of 16.0% [4] - The gross margin is expected to stabilize around 15.9% from 2025 to 2026, with a slight increase to 16.3% by 2027 [4] - The return on equity (ROE) is projected to improve from 6.5% in 2023 to 12.4% in 2027 [4]

Core Viewpoint - The company reported significant revenue and profit growth in the first half of 2025, driven by advancements in various business segments and a strong market position in emerging technologies [1][2][3]. Financial Performance - In 1H25, the company achieved revenue of 32.96 billion yuan, representing a year-over-year increase of 14.18% - The net profit attributable to shareholders was 1.143 billion yuan, up 32.68% year-over-year - In Q2 2025, revenue reached 15.897 billion yuan, reflecting an 18.91% year-over-year growth but a 6.83% quarter-over-quarter decline - The net profit for Q2 2025 was 714 million yuan, showing a year-over-year increase of 29.30% and a quarter-over-quarter increase of 66.43% - The gross margin improved to 15.75% on a quarter-over-quarter basis [1]. Business Segments - In 1H25, revenue from various business segments was as follows: - Smartphones: 27.2 billion yuan (YoY +13%) - Computers: 3.2 billion yuan (YoY +16%) - Smart automotive and cockpit: 1.6 billion yuan (YoY +15%) - Other smart terminals: 360 million yuan (YoY +128%) [1]. Market Position and Product Development - The company is a leading global supplier of ultra-thin flexible glass, with successful product development and capacity planning for new high-end smartphone models - The personal computer business benefited from a market demand recovery, with simultaneous increases in production, sales, and profitability - The smart automotive and cockpit business expanded its product matrix, achieving breakthroughs in core product lines and entering mass production phases for new models [2]. Global Expansion and Capital Utilization - The company went public in Hong Kong in 2025, raising funds to enhance technology reserves and production capacity for smart terminal components, automotive structural parts, and robotics - 30% of the raised funds will be allocated to smart terminal folding screen components, 8% to automotive parts, 5% to robotics, and 28% to expanding overseas operations - The company has achieved vertical integration across the entire supply chain, positioning itself as a one-stop precision manufacturing solution provider for smart terminals [3]. Investment Outlook - The company is expected to benefit from its vertical integration and global expansion strategy, with projected net profits for 2025-2027 of 5.146 billion, 6.434 billion, and 7.346 billion yuan, reflecting year-over-year growth rates of 42.0%, 25.0%, and 14.2% respectively - Corresponding price-to-earnings ratios are projected to be 29.9, 23.9, and 20.9 times [3].

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].

Core Viewpoint - The company, Lens Technology, has achieved steady growth in its performance in the first half of the year, driven by its multi-business layout and strategic focus on AI-driven hardware innovation [1] Financial Performance - The company reported a revenue of 32.96 billion yuan, representing a year-on-year increase of 14.18% - Net profit reached 1.194 billion yuan, up 35.53% year-on-year - Basic earnings per share were 0.23 yuan, reflecting a growth of 35.29% year-on-year - A cash dividend of 1 yuan per 10 shares is proposed, totaling approximately 526 million yuan [1] Business Segments Consumer Electronics - The consumer electronics segment, particularly smartphones and computers, generated revenue of 27.185 billion yuan, a year-on-year increase of 13.19% - The company has maintained its leading position in the market for glass, ceramics, sapphire, and metal components, successfully preparing for the production of several flagship smartphones [2] Automotive Business - The automotive segment achieved revenue of 3.165 billion yuan, growing by 16.45% year-on-year - Key products such as central control modules and smart charging piles have seen significant volume growth, with plans for capacity expansion based on customer demand [4] New Smart Devices - The company is actively expanding into new smart device sectors, including AR glasses and smartwatches, with revenue of 1.647 billion yuan, up 14.74% year-on-year - The company has made breakthroughs in core processes such as optical waveguide lens yield optimization and high-precision automated assembly [5][6] Emerging Intelligent Devices - Revenue from emerging intelligent devices reached 364 million yuan, a remarkable increase of 128.20% year-on-year - The company has made substantial progress in partnerships with leading companies in the field of embodied intelligence, focusing on high-end smart manufacturing solutions [7] Future Outlook - The company plans to deepen its vertical integration capabilities across materials, modules, and complete machines, aiming to capture opportunities in the AI-driven smart terminal industry upgrade [8]

Core Insights - The company reported a revenue of 32.96 billion yuan for the first half of 2025, representing a year-on-year growth of 14.18% [1] - Net profit reached 1.194 billion yuan, with a year-on-year increase of 35.53% [1] - Basic earnings per share were 0.23 yuan, up by 35.29% year-on-year [1] Group 1: Business Performance - The smartphone and computer segments generated a revenue of 27.185 billion yuan, growing by 13.19% year-on-year [1] - The company is a global core supplier of ultra-thin flexible glass and has innovatively launched a multi-layer structure design for foldable screens, preparing for mass production [1] - The demand for new 3D glass is rapidly increasing, benefiting the company due to its high processing complexity and significant single-piece value [1] Group 2: Automotive Sector - Revenue from the smart automotive sector was 3.165 billion yuan, reflecting a year-on-year growth of 16.45% [1] - Key products such as central control modules, smart B/C pillars, and charging piles are seeing increased production, with breakthroughs in communication modules and domain controllers entering mass delivery [1][2] - The ultra-thin laminated car window glass developed by the company has been successfully integrated into the production systems of leading domestic car manufacturers [2] Group 3: New Technology Developments - In the smart wearable sector, the company achieved a revenue of 1.647 billion yuan, with a year-on-year increase of 14.74% [3] - The company made breakthroughs in optimizing the yield of waveguide lenses and high-precision automated assembly processes, enabling large-scale delivery of AR glasses to major domestic clients [3] - The company is actively building a humanoid robot industry chain and aims to create the largest and most vertically integrated hardware manufacturing platform in China [3]

Core Viewpoint - In the first half of 2025, the company reported significant growth in revenue and net profit, indicating strong performance across various business segments [2][3]. Financial Performance - The company achieved operating revenue of 32.96 billion yuan, a year-on-year increase of 14.18% [3]. - Net profit attributable to shareholders was 1.14 billion yuan, up 32.68% compared to the same period last year [3]. - The net profit excluding non-recurring gains and losses reached 940 million yuan, reflecting a growth of 41.85% [3]. - Basic earnings per share were 0.23 yuan, an increase of 35.29% year-on-year [3]. - Net cash flow from operating activities was 4.33 billion yuan, up 28.43% [3]. - Total assets at the end of the reporting period were 77.25 billion yuan, a decrease of 4.64% from the end of the previous year [3]. Business Segments - Revenue from smartphone and computer-related businesses was 27.19 billion yuan, growing by 13.19% [2]. - The company maintained its leading position in the market for glass, ceramics, sapphire, and metal components, successfully preparing for the mass production of several flagship smartphones [2]. - Revenue from the smart automotive and cockpit segment reached 3.17 billion yuan, increasing by 16.45% [4]. - The company leveraged its vertical integration and global capacity layout to enhance its smart cockpit product matrix [4]. - Revenue from smart wearables and headsets was 1.65 billion yuan, reflecting a growth of 14.74% [5]. - The company achieved breakthroughs in core processes for optical lenses and assembly for smart wearables, leading to large-scale deliveries [5]. - Other smart terminal businesses generated revenue of 364 million yuan, a significant increase of 128.2% [5].

Financial Performance - The company reported total revenue of approximately RMB 32.96 billion for the first half of 2025, representing a year-on-year increase of about 14.18% [1] - Gross profit was approximately RMB 4.305 billion, up by about 17.82% year-on-year [1] - Net profit attributable to shareholders was approximately RMB 1.143 billion, reflecting a year-on-year increase of about 32.68% [1] - Earnings per share were RMB 0.23, with a cash dividend of RMB 1.00 per 10 shares (including tax) [1] Business Segments - Revenue from the smartphone and computer segment reached RMB 27.185 billion, growing by 13.19% year-on-year [1] - The company maintained its leading position in the market for glass, ceramics, sapphire, and metal components, successfully preparing for the mass production of several flagship smartphones [1] - The personal computer business benefited from a market demand recovery, with both production and sales increasing in the first half of the year [1] Automotive and Smart Devices - Revenue from the smart automotive and cockpit segment was RMB 3.165 billion, marking a year-on-year increase of 16.45% [2] - The company leveraged its vertical integration capabilities and global production layout to deepen its technology and market penetration in smart cockpit products [2] - Key product lines such as central control modules, intelligent B/C pillars, and wireless charging modules achieved significant volume growth, with mass deliveries already realized [2] - The ultra-thin laminated car window glass is positioned as a strategic innovation, successfully integrated into the mass production systems of leading domestic car manufacturers [2] - Revenue from smart headsets and wearable devices was approximately RMB 1.6466 billion, up by 14.74% year-on-year [2] - The company has full-stack solution capabilities for optical lenses, structural components, and assembly of smart wearable devices, achieving breakthroughs in core processes [2]

Core Insights - The company reported a total revenue of approximately RMB 32.96 billion for the first half of 2025, representing a year-on-year increase of about 14.18% [1] - Gross profit reached approximately RMB 4.305 billion, up by about 17.82% year-on-year [1] - Net profit attributable to shareholders was approximately RMB 1.143 billion, marking a year-on-year increase of about 32.68% [1] - Earnings per share stood at RMB 0.23, with a cash dividend of RMB 1.00 per 10 shares (tax included) [1] Smartphone and PC Business - Revenue from smartphone and computer-related businesses was RMB 27.185 billion, reflecting a year-on-year growth of 13.19% [1] - The company maintained its leading position in the market for glass, ceramics, sapphire, and metal components, successfully preparing for the R&D and mass production of several flagship smartphones [1] - The personal computer business benefited from a market demand recovery, with both production and sales increasing during the first half of the year [1] Smart Automotive and Cabin Business - Revenue from smart automotive and cabin-related businesses reached RMB 3.165 billion, a year-on-year increase of 16.45% [2] - The company leveraged its vertical integration capabilities and global production layout to deepen its technology and market penetration in smart cockpit products [2] - Key product lines such as central control modules, intelligent B/C pillars, charging piles, and cabin decorative parts saw collaborative growth, with mass deliveries achieved for communication modules and domain controllers [2] - The ultra-thin laminated car window glass is positioned as a strategic innovation, successfully integrated into the mass production systems of leading domestic car manufacturers [2] Smart Wearables and Headsets Business - Revenue from smart headsets and wearable devices was approximately RMB 1.6466 billion, showing a year-on-year growth of 14.74% [2] - The company possesses full-stack solution capabilities for optical lenses, structural components, functional modules, and complete assembly for smart headsets, AI glasses, and smartwatches [2] - Breakthroughs were achieved in core processes such as waveguide lens yield optimization and high-precision automated assembly, leading to large-scale delivery of AI glasses to major domestic clients [2] - Future collaborations with more global wearable leaders are anticipated, benefiting from the rapid development of the industry [2]