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 Insights - The article highlights the transformative impact of lightweight photovoltaic technology in the global energy transition, with GoodWe's innovative ultra-thin glass lightweight module technology setting a new benchmark in the industry [1][4]. Group 1: Technology Advancement - GoodWe pioneered the concept of "lightweight modules" three years ago, replacing the vague definition of "flexible modules," and its 1.6mm glass technology has gained industry-wide recognition [4]. - The new Galaxy series maintains the lightweight technology lineage, achieving a balance between strength and weight with 1.1mm glass [7]. Group 2: Market Potential - According to the "China Distributed Photovoltaic White Paper," there are 5.8 billion square meters of existing factory rooftops in China, with a potential installation space of 174GW if a 30% penetration rate is achieved [6][10]. - The Galaxy series is positioned to unlock this market potential by addressing the weight limitations of traditional modules, which have left many rooftops unused [6]. Group 3: Product Highlights - The lightweight component's weight has been reduced to 4.4kg/m², a 21% decrease, making it suitable for low-load rooftops [8]. - The product can withstand impacts from 35mm hail and 15-level typhoons (177 km/h wind speed) [8]. - Structural innovations allow for a reduction of 55.7 tons in roof load for a 10,000 square meter rooftop, enabling nearly 2 billion square meters of factory rooftops to meet installation conditions [8]. Group 4: Solutions Offered - The Galaxy series is tailored for commercial rooftops, addressing safety and energy efficiency through lightweight design, zero-damage installation, extreme weather resistance, and efficient heat dissipation [9][15]. - The company offers specialized solutions for low-load rooftops, curved roofs, and coal shed scenarios, ensuring compatibility with various structural challenges [18][22][24]. Group 5: Future Outlook - The photovoltaic industry is experiencing unprecedented growth driven by technological innovation and strong policy support, creating a promising future for the Galaxy series [9]. - GoodWe aims to continue enhancing technology iterations and scene applications to meet the diverse and complex energy demands of the future [24].

证券研究报告 亚玛顿 (002623 CH) 布局海外产能，关注钙钛矿/超薄玻璃 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 玻璃 | 公司公布 24 年及 25Q1 业绩：24 年收入/归母净利 28.9/-1.3 亿元，同比 -20.3%/-2.1 亿元，24 年业绩符合业绩预告中值（-1.35 亿元）。25Q1 公司 收入/归母净利 5.6/0.05 亿元，同比-36.8%/-58.3%，收入及盈利下滑但毛利 率同环比改善，公司在超薄玻璃等产品上具备差异化优势，维持"增持"。 电子玻璃销量收入及毛利率明显提升，25Q1 毛利率同环比改善 24 年公司太阳能玻璃/太阳能组件/电力销售/电子玻璃及其他玻璃产品实现 收入 26.2/0.4/0.5/1.6 亿元，同比-20.2%/-76.8%/-6.1%/+68.7%，毛利率分 别为 2.8%/-2.0%/28.7%/11.7%，同比-4.2/-5.7/-1.7/+11.4pct，光伏玻璃量 增价减毛利率下滑，特斯拉储能门玻璃产品订单增长带动电子玻璃销量及毛 利率明显提升。2 ...

亚玛顿 (002623 CH) 证券研究报告 布局海外产能，关注钙钛矿/超薄玻璃 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 玻璃 | 公司公布 24 年及 25Q1 业绩：24 年收入/归母净利 28.9/-1.3 亿元，同比 -20.3%/-2.1 亿元，24 年业绩符合业绩预告中值（-1.35 亿元）。25Q1 公司 收入/归母净利 5.6/0.05 亿元，同比-36.8%/-58.3%，收入及盈利下滑但毛利 率同环比改善，公司在超薄玻璃等产品上具备差异化优势，维持"增持"。 电子玻璃销量收入及毛利率明显提升，25Q1 毛利率同环比改善 24 年公司太阳能玻璃/太阳能组件/电力销售/电子玻璃及其他玻璃产品实现 收入 26.2/0.4/0.5/1.6 亿元，同比-20.2%/-76.8%/-6.1%/+68.7%，毛利率分 别为 2.8%/-2.0%/28.7%/11.7%，同比-4.2/-5.7/-1.7/+11.4pct，光伏玻璃量 增价减毛利率下滑，特斯拉储能门玻璃产品订单增长带动电子玻璃销量及毛 利率明显提升。2 ...