格隆汇1月4日丨腾龙股份(603158.SH)公布，公司董事会同意全资子公司常州腾龙智控科技有限公司与 广东鼎泰电能科技有限公司共同设立合资公司深圳腾龙鼎泰科技有限公司（暂定名，以工商登记核准为 准，简称"腾龙鼎泰"），投资总金额为3000万元，腾龙智控占比70%，对应出资额为人民币2100万元。 腾龙鼎泰主要从事算力中心液冷管路，包括Manifold、CDU环管及金属波纹管、服务器机柜等液冷零部 件的研发、生产、销售及技术服务，注册地址为深圳市前海，定位为服务器液冷产品研发及市场开拓， 并将分步建设面向华南、华东、西北等地市场的生产基地，本议案同时授权公司董事长就合资公司在国 内设立生产基地等事项签署合资公司股东会决议，投资金额不超过3000万元。 ...

（原标题：腾龙股份(603158.SH)：子公司拟设立合资公司从事算力中心液冷管路） 格隆汇1月4日丨腾龙股份(603158.SH)公布，公司董事会同意全资子公司常州腾龙智控科技有限公司与 广东鼎泰电能科技有限公司共同设立合资公司深圳腾龙鼎泰科技有限公司（暂定名，以工商登记核准为 准，简称"腾龙鼎泰"），投资总金额为3000万元，腾龙智控占比70%，对应出资额为人民币2100万元。 腾龙鼎泰主要从事算力中心液冷管路，包括Manifold、CDU环管及金属波纹管、服务器机柜等液冷零部 件的研发、生产、销售及技术服务，注册地址为深圳市前海，定位为服务器液冷产品研发及市场开拓， 并将分步建设面向华南、华东、西北等地市场的生产基地，本议案同时授权公司董事长就合资公司在国 内设立生产基地等事项签署合资公司股东会决议，投资金额不超过3000万元。 ...

(本文来自第一财经) 腾龙股份公告，公司董事会同意全资子公司腾龙智控与广东鼎泰电能科技共同设立合资公司深圳腾龙鼎 泰科技有限公司，投资总金额为3000万元，腾龙智控占比70%。同时，同意腾龙智控与广东鼎泰电能科 技签署投资意向协议，拟通过增资及股份转让的形式投资其股份比例不超过15%。此次合作旨在发挥公 司在汽车热管理技术优势，实现快速迁移并适配于服务器场景，加速产品开发进程。腾龙鼎泰主要从事 算力中心液冷管路，包括Manifold、CDU环管及金属波纹管、服务器机柜等液冷零部件的研发、生产、 销售及技术服务。 ...

蓝思科技是智能终端全产业链一站式精密制造解决方案提供商，业务涵盖智能手机与电脑、智能汽车与 座舱、智能头显与智能穿戴、人形机器人等产品的结构件、功能模组、整机组装等。公司依托"结构件- 功能模组-整机组装"全链条垂直整合能力，全方位为AI（人工智能）应用终端赋能。 《每日经济新闻》记者注意到，作为业内领先的智能终端全产业链一站式精密制造解决方案提供商，蓝 思科技前瞻布局多个高景气赛道，多板块持续发力为总体业绩贡献增长。 具体来看，消费电子方面，蓝思科技持续巩固在玻璃、陶瓷、蓝宝石及金属等外观件、结构件与功能模 组市场领先地位，完成了多款年度旗舰手机的研发和量产准备，配合头部客户量产了多款新品高端机型 金属中框，市场份额较上年快速增长。 国盛证券分析指出，蓝思科技作为智能终端全产业链一站式精密制造解决方案提供商，一方面具备以结 构件及功能模组核心技术为支撑的产业化能力体系，另一方面具备全产业链垂直整合能力，未来将深度 受益AI技术发展，各条业务线预计全面增长。 另外，蓝思科技还依托精密制造开发能力，与国内外头部具身智能企业的合作都取得实质进展，实现关 节模组、灵巧手、外骨骼设备等核心部件及整机组装的批量交付，规 ...

Group 1 - The core viewpoint of the article highlights that Lens Technology is making comprehensive layouts in the AI cloud computing and AI edge computing sectors [1] - In the AI computing aspect, the company plans to acquire 100% equity of PMG to quickly obtain mature technology and customer certifications for specific server cabinet businesses, as well as advanced liquid cooling system integration capabilities [1] - In the AI edge computing aspect, the company has established vertical integration capabilities from components to assembly in areas such as smart glasses and embodied intelligence, collaborating deeply with major domestic and international clients [1] Group 2 - The company's consumer electronics main business is expected to benefit from the ramp-up of folding models from major clients and upgrades in appearance structural components [1] - The automotive glass business is progressing smoothly and is expected to bring significant business increments to the company [1] - The current market valuation corresponds to P/E ratios of 34, 24, and 19 times, with an initial coverage rating of "Buy" [1]

Core Viewpoint - The company is comprehensively laying out its strategy in the AI cloud computing and AI edge computing sectors, planning to acquire 100% of PMG to quickly gain mature technology and customer certifications in server cabinet business, as well as advanced liquid cooling system integration capabilities [1][2] AI Cloud Computing - The company intends to acquire PMG International Co., LTD to enhance its AI cloud computing layout, as PMG holds a 95.1164% stake in Yuan Shi Technology, which provides server cabinet solutions and is one of the five suppliers certified by NVIDIA [2] - This acquisition will allow the company to quickly obtain mature technology and customer certifications in the server cabinet business, significantly enhancing its core competitiveness in AI computing hardware solutions [2] AI Edge Computing - The company has established a vertical integration capability in AI edge computing, providing core components for smart glasses and embodied intelligence, and has formed deep collaborations with major domestic and international clients [3][4] - The company has launched a new subsidiary, Lens Optoelectronics Technology, to strengthen its vertical integration capabilities in the optical industry [3] Robotics - The company has built a vertical integration platform for humanoid robots, covering core components to complete assembly, and has successfully entered the supply chain of leading North American and domestic robot manufacturers [4][5] - The company is expected to produce 3,000 humanoid robots and over 10,000 quadruped robots in 2025, positioning itself as one of the largest manufacturers in the embodied intelligence hardware sector [4] Consumer Electronics - The company's consumer electronics segment is expected to benefit from the release of foldable models and upgrades in structural components, with significant increases in unit value for foldable devices [6] - The company is a core supplier for key products in foldable devices, including UTG cover plates and glass support plates, which will enhance its revenue potential [6] Automotive Glass - The company's ultra-thin laminated automotive glass has received various certifications and is expected to achieve mass production by the end of 2025, with a production capacity that can meet the demand for over a million vehicles [7] - The automotive glass business is anticipated to become a significant growth driver for the company in the coming years [7] Financial Forecast - The company forecasts revenues of 91.01 billion, 114.98 billion, and 138.58 billion for 2025-2027, with year-on-year growth rates of 30.2%, 26.3%, and 20.5% respectively, and corresponding net profits of 4.74 billion, 6.67 billion, and 8.33 billion [8]

蓝思科技 20251211 摘要 蓝思科技收购原石科技，旨在快速获取英伟达服务器机柜业务，包括机 架、滑轨、托盘等组件技术及客户认证，并获得先进液冷散热系统集成 能力，从而进入英伟达核心供应链。 原石科技是英伟达 GB200、GB300 及 NVL72 等 AI 服务器的关键供应 商，提供金属结构件，并为品达科技代工液冷板等部件。整合后，蓝思 科技将显著提升其在英伟达供应链中的份额和价值。 蓝思科技整合原石科技后，将利用其金属制成能力，扩大产能并持续为 英伟达提供服务。原石科技的供应份额和价值在未来 LUBING 体系中预 计将显著提升。 尽管品达科技未被直接收购，但其通过原石科技进行关键部件代工，与 原石科技的合作关系对蓝思科技整合后的业务至关重要，浙江工厂将全 部用于为品达业务代工。 切入英伟达机柜供应链为果链企业带来新增长点，市场价值至少 5,000 亿元，上游模组和结构端市场接近千亿。蓝思科技有望提升估值，进入 具有弹性的赛道。 Q&A 蓝思科技收购 PMG 国际有限公司的背景和意义是什么？ 蓝思科技近日与 PMG 国际签订了一项收购协议，计划通过现金或其他方式购 买 PMG 国际有限公司 100%的 ...

Core Viewpoint - The acquisition of PMG International Co., LTD. and its subsidiary Yuan Shi Technology by Lens Technology marks a significant transition from a traditional consumer electronics manufacturer to an AI computing hardware innovation platform, enabling the company to quickly access mature technologies and customer certifications in server cabinets and liquid cooling components [2][14]. Group 1: Strategic Acquisition - Lens Technology signed a share acquisition intention agreement to purchase 100% equity of PMG International, which includes a 95.11645% stake in Yuan Shi Technology, enhancing its vertical integration capabilities in AI computing infrastructure [2][5]. - The acquisition allows Lens Technology to leverage existing capabilities in precision manufacturing and materials to expand into the AI computing hardware sector, particularly in server cabinets and liquid cooling systems [5][16]. Group 2: Technological and Market Advantages - Yuan Shi Technology holds the rare NVIDIA RVL certification, enabling it to supply critical components for top-tier AI server platforms, creating a significant market barrier [8][12]. - The company has developed advanced magnesium alloy technology for lightweight and high thermal conductivity applications, which enhances the performance of server cabinets and liquid cooling components [11][16]. Group 3: Integration and Growth Potential - The acquisition facilitates a rapid integration of Lens Technology's precision manufacturing expertise with Yuan Shi's liquid cooling and cabinet integration capabilities, allowing for scalable delivery in high-density AI server production [16][17]. - With the ongoing demand for AI computing power and liquid cooling solutions, this acquisition positions Lens Technology to capture new growth opportunities and enhance its market share in the AI hardware ecosystem [14][17].

除算力基础设施外，蓝思科技已构建起"端侧硬件+机器人+算力基础设施"的多元业务矩阵。在端侧硬 件领域，公司作为AI手机核心供应商，受益于超硬镀膜等技术带来的价值量提升；智能头显业务从核 心部件向整机组装拓展，新成立的蓝思光电深化光学产业链布局；智能汽车领域的中控模组、超薄夹胶 车窗玻璃等产品已批量交付。机器人业务表现更为突出，今年预计出货人形机器人3000台、四足机器狗 超1万台，整机组装规模位居行业前列，初步建成行业领先的具身智能硬件制造平台。 财务数据印证公司的多元化发展势头。蓝思科技第三季度报告显示，前三季度实现营业收入536.63亿 元，同比增长16.08%；归母净利润28.43亿元，同比增长19.91%；第三季度单季营收207.02亿元创历史 同期新高，同比增长19.25%，展现出AI技术驱动下的增长潜力。 国盛证券还指出，蓝思科技作为智能终端全产业链一站式精密制造解决方案提供商，一方面具备以结构 件及功能模组核心技术为支撑的产业化能力体系，另一方面具备全产业链垂直整合能力，未来将深度受 益AI技术发展，各条业务线预计全面增长。 12月11日，蓝思科技（300433.SZ）股价表现亮眼，盘中一度大涨 ...

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 ...