2025 年 06 月 18 日 消费电子平台型公司，布局人形机器人赛道打造 第二增长曲线 买入(首次) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 联系人：何鹏程 S1050123080008 hepc@cfsc.com.cn | 基本数据 | 2 0 2 5 -0 6-1 8 | | --- | --- | | 当前股价（元） | 22.03 | | 总市值（亿元） | 1098 | | 总股本（百万股） | 4983 | | 流通股本（百万股） | 4966 | | 52 周价格范围（元） | 15-29.88 | | 日均成交额（百万元） | 1243.53 | —蓝思科技（300433.SZ）公司动态研究报告 ▌ 公司业绩双增，产业链垂直整合彰显优势 2024 年，公司实现总营业收入 698.97 亿元，同比增长 28.27%；实现归母净利润 36.24 亿元，同比增长 19.94%。公 司业绩提升主要原因系公司的产业链垂直整合战略开始发挥 成效，组装业务快速增长。 ▌ iphone 17 Air 极致轻薄 5.5mm，玻璃材料解决 方案供应商有望受益 ...

Core Viewpoint - The company is positioned as a one-stop precision manufacturing solution provider for smart terminals, focusing on vertical integration and horizontal expansion in the industry chain [1] Group 1: Business Development - The company has expanded its product lines by establishing subsidiaries for new materials such as ceramics and sapphire, and has entered the smartphone mid-frame processing business through acquisitions [2] - The company has initiated a smart terminal assembly project, achieving a full industry chain layout from raw material production to complete assembly, which supports revenue growth [2] Group 2: Automotive Electronics - Since 2015, the company has been deeply involved in the new energy vehicle market, establishing long-term partnerships with major manufacturers like Tesla, BMW, and BYD [3] - The company produces a variety of automotive electronic products, including vehicle-mounted glass and components, which are expected to become a significant growth driver [3] Group 3: Emerging Businesses - The company has developed core manufacturing processes for foldable screens and supplies key components to major clients [4] - A strategic partnership with Rokid for AI/XR glasses has been established, covering the entire production chain from design to assembly [4] - The company has launched smart retail terminals in collaboration with Alipay, showcasing its rapid production capabilities [4] - The company has been involved in the robotics sector since 2016, successfully delivering humanoid robots in partnership with Zhiyuan Robotics [4] Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 92.16 billion, 113.24 billion, and 132.63 billion yuan, with year-on-year growth rates of 31.85%, 22.88%, and 17.12% respectively [5] - Net profit forecasts for the same period are 5.03 billion, 6.40 billion, and 7.57 billion yuan, with growth rates of 38.91%, 27.05%, and 18.35% [5] - Earnings per share (EPS) are projected to be 1.01, 1.28, and 1.52 yuan for 2025, 2026, and 2027 respectively [5]

【WitsView整理】 近日，面板相关企业 沃格光电、 经纬辉开、亚世光电发布2024年业绩与2025 年一季度报告。 | | | 2024年业绩(人民币亿元) | | | | --- | --- | --- | --- | --- | | 公司名称 | 营收 | 同比增减 | 净利润 | 同比增减 | | 沃格光电 | 22. 20 | 22. 45% | -1. 22 | | | 经纬辉开 | 32. 61 | -5. 03% | 0. 21 | 扭亏为盈 | | 亚世光电 | 7.23 | 9.01% | 0. 17 | -27. 82% | 2024 年，沃格光电实现营业收入22.20亿元，同比增长22.45%；归属于上市公司股东的净利润 为-1.22亿元，同比持续亏损。 | 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | 2022年 | | | --- | --- | --- | --- | --- | --- | | | | | 減(%) | 调整后 | 调整前 | | 营业收入 | 2, 220, 832, 853. 73 | 1.813.614.887.75 | 2 ...

"玻璃女王"又酝酿 IPO 了。 3 月 12 日，蓝思科技发布公告称，拟发行境外上市外资股（ H 股）股票，并申请在香港联交所主板挂牌 上市。 据接近蓝思科技的人士透露："公司公告确认发行的 H 股股数为不超过发行后总股本的 7% ，这是考虑了 超募等情况，预计会按照 5% 左右比例发行。上市时间预计为今年 7 、 8 月份。" 站在其背后的操盘手，是湖南实业女老板周群飞，曾经的中国女首富，人称"玻璃女王"。 蓝思科技身上最惹人注目的标签，一直是苹果玻璃盖板供应商，作为果链龙头、"苹果概念股"，蓝思科 技在资本市场获得了足够的关注度和声量。 无奈在电子消费市场不景气的那几年，蓝思科技没了好光景。 其实，对于身处苹果供应商序列的果链企业而言， 靠苹果吃饭一直存在着两难 ：在智能手机的红利期， 依赖苹果一家企业就能挣得盆满钵满；但过度依赖又会受制于人，陷入增长的瓶颈。 以下文章来源于和讯商业 ，作者康嘉林 和讯商业 . 商业世界的故事、逻辑、认知。由"和讯商业"团队出品。 除了与苹果、华为、小米等手机厂商的合作，周群飞还将业务触手伸向新能源领域，特斯拉、宝马等部 分车型的汽车玻璃，也来自蓝思的答卷。 据胡润 2 ...