机器人业务放量在即，零部件及整机卡位国内外头部客户。在具身智能领域，公司已进入北美及国内头 部机器人供应链，批量交付元灵犀机器人的同时，在零部件端，关节模组、灵巧手、结构件实现批量交 付。近日亦取得越疆机器人10000台四足机器狗整机组装订单，并成为其主要部件供应商，涵盖关节电 机、结构件及其他核心部件的开发、量产与供应，形成"研发-制造-供应"闭环。公司预计25年人形机器 人出货3000台、四足机器狗10000台以上，预计26年出货规模将进一步翻倍，成为全球最大的具身智能 硬件制造平台之一。 消费电子新品逻辑演绎，受益北美大客户量价齐升。此前部分投资者认为苹果AI进展缓慢进而引l发对 苹果销量担优，但iphone17系列市场需求强劲，苹果业绩会指引iphone营收有望在下季度（9-12月）实 现双位数增长，且中国市场将恢复增长，公司有望同步受益。硬件端后续耳机、手机、眼镜、智能家居 等多品类硬件创新周期开启，AI落地进程加速叠加硬件端多品类创新打造全场景生态，蓝思作为其外 观件核心供应商有望深度受益。尤其在折叠屏产品中，公司将成为大客户明年折叠机的三项关键产品供 应商，包括UTG（超薄柔性玻璃）盖板、PET ...

⚫ 我们预测公司 25-27 年归母净利润分别为 50/69/89 亿元（原 25-27 年归母净利润预 测分别为 53/70/89 亿元，小幅下调其他收益，上调资产减值等），根据可比公司 26 年 31 倍 PE，对应目标价为 40.61 元，维持买入评级。 风险提示 机器人业务放量在即，平台型龙头打开成 长天花板 核心观点 盈利预测与投资建议 ⚫ 大客户手机出货量不及预期、公司新产品良率爬坡不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 54,491 | 69,897 | 93,978 | 117,906 | 143,201 | | 同比增长 (%) | 16.7% | 28.3% | 34.5% | 25.5% | 21.5% | | 营业利润(百万元) | 3,277 | 3,871 | 5,389 | 7,522 | 9,704 | | 同比增长 (%) | 10.5% | 18.1% | 39.2% | 39.6% | 29. ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a revenue of 53.663 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 16.1%, and a net profit attributable to shareholders of 2.843 billion yuan, up 19.9% year-over-year [1] - In Q3 2025, the company achieved a revenue of 20.702 billion yuan, marking a year-over-year increase of 19.2% and a quarter-over-quarter increase of 30.2%, reaching the highest level for the same period in history [1] - The company is benefiting from new product launches and increased orders in the consumer electronics sector, particularly with foldable screens, which are expected to open up future growth opportunities [1][2] - The company is making steady progress in the smart automotive sector, with ultra-thin laminated glass expected to enter mass production soon, meeting the demand for hundreds of thousands of vehicles [2] - The company is diversifying its growth through emerging fields such as robotics, AR glasses, and AI servers, with significant advancements in each area [2] Summary by Sections Financial Performance - For Q3 2025, the gross profit margin was 19.1%, showing a year-over-year decline of 2.35 percentage points, primarily due to the increased proportion of lower-margin assembly business [1] - The company plans to maintain its profit forecast, expecting net profits of 5.16 billion, 6.99 billion, and 8.64 billion yuan for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 42.4%, 35.5%, and 23.6% [3][4] Business Segments - The consumer electronics business is seeing strong demand following new product releases from major North American clients, leading to an increase in production staff to nearly 170,000 [1] - The smart automotive business is set to contribute significantly to revenue, with the first production line for ultra-thin laminated glass expected to meet the needs of tens of thousands of vehicles [2] - The company has made significant strides in robotics, with plans to deliver 3,000 humanoid robots and over 10,000 quadruped robots in 2025 [2] Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 30.4, 22.5, and 18.2 respectively, indicating a favorable valuation outlook [3][4]

Group 1 - In the third quarter earnings season, nearly 448 A-share companies were investigated by institutions, with notable attention on their Q3 performance and future business outlooks [1] - Zhaoyi Innovation, a leading storage chip company, expects its niche DRAM business revenue to exceed the initial target of a 50% year-on-year growth by 2025, with significant growth in the second half of this year [1] - Zhaoyi Innovation's new DDR4 8Gb product has quickly gained market share, and the company plans to mass-produce its self-developed LPDDR4 series next year [1] Group 2 - Jinpan Technology has successfully developed a prototype of a solid-state transformer suitable for HVDC 800V power supply architecture, with plans for testing and certification [2] - The company reported a significant increase in sales revenue in the AIDC and IDC sectors, achieving 974 million yuan in the first nine months of 2025, a year-on-year growth of 337.47% [2] - Lansi Technology has successfully entered the North American and domestic top robot supply chains, with expected humanoid robot shipments in the thousands and quadruped robot shipments in the tens of thousands this year [2] Group 3 - Lansi Technology has completed the development of its foldable phone project and is set to supply key components for a major client's new foldable model next year [3] - The company anticipates strong demand for its products following the successful launch of a new model by a major client, leading to an optimistic outlook for Q4 performance [3]

Core Viewpoint - The company, Lens Technology, has announced significant progress in its foldable device project, which began development last year, and is set to supply key components for major clients' foldable devices in the coming year [1] Group 1: Project Development - The actual development work for the foldable device project started last year and has now completed product finalization and related equipment development [1] - The company is on track with its progress in the foldable device project [1] Group 2: Supply Chain and Components - Lens Technology has been confirmed as a key supplier for three critical components of a major client's foldable device, including UTG (Ultra-Thin Glass) cover, PET film, and glass support plate [1] - In the structural components sector, the company will serve as the core supplier for the liquid metal hinge spindle of the foldable device [1] - Besides screen-related components, the company will also provide glass front covers and 3D glass back covers, with the latter having significantly higher value compared to standard back covers [1] Group 3: Market Outlook and Performance - The overall unit value of the company's offerings in the foldable device market is expected to increase significantly [1] - The rapid growth in penetration rates of foldable devices among major clients, along with positive market expectations for foldable device sales next year, will provide greater performance elasticity for the company [1]