8月25日晚间，蓝思科技交出一份漂亮的成绩单。其2025年上半年财报显示，营业收入达到329.6亿元， 同比增长14.18%；净利润为11.94亿元，同比增长35.53%。在此亮眼业绩的基础上，蓝思科技宣布拟向 全体股东每10股派发现金红利1元（含税），预计派发总额达5.26亿元，积极回馈投资者。 这份财报充分彰显了蓝思科技在AI驱动的智能终端升级浪潮中的领先实力。该公司正全面加速向全球 AI硬件创新平台转型，不仅消费电子基本盘稳健增长，智能汽车与座舱、智能头显与穿戴设备等新兴 业务也表现亮眼，多元布局正持续释放强劲动能。 消费电子基本盘稳固 AI与折叠屏引领升级新浪潮 今年上半年，蓝思科技业绩全线报喜，尤其是作为收入核心的智能手机与电脑业务，实现营收271.85亿 元，同比增长13.19%，展现出强大的市场竞争力。 这一成绩的背后，一方面得益于AI技术普及和"以旧换新"政策的双重红利。报告期内，蓝思科技完成了 多款旗舰手机的研发与量产准备，助力头部客户推出众多高端机型，市场份额与盈利能力同步攀升。 另一方面，公司深厚的技术底蕴为业绩增长提供了坚实支撑。依托"结构件－功能模组－整机组装"一体 化产业链优势，蓝 ...

Core Viewpoint - Lens Technology (06613) has seen a significant stock price increase, reaching a new high since its listing, driven by its advantages in emerging fields such as foldable iPhones, automotive, smart glasses, and robotics [1] Group 1: Company Performance - The stock price of Lens Technology rose over 5%, peaking at 25 HKD, and currently trading at 24.72 HKD with a transaction volume of 286 million HKD [1] - Analysts from Bank of America expect the company to benefit from iPhone specification upgrades, with applications of anti-reflective coatings, 3D glass, and ultra-thin flexible glass (UTG) likely to enhance average selling prices [1] Group 2: Market Position and Growth Potential - Credit Suisse highlighted that Lens Technology is a major supplier of glass covers and metal casings for Apple, benefiting from increased average selling prices, market share expansion, and trends in foldable iPhones and 3D glass [1] - The company is also a key supplier for Tesla's smart cockpit and is expanding into Xiaomi's automotive window glass sector, while collaborating with industry leaders to venture into humanoid robots and AI-enhanced AR glasses [1] - The forecast for Lens Technology indicates a compound annual growth rate (CAGR) of 18% in revenue from 2024 to 2027, driven by increased market share in smartphones and computers, diversification in automotive products, and expansion into emerging fields [1]

消息面上，美银证券认为，公司在折叠屏iPhone、汽车、智能眼镜及机器人等新兴领域具有优势，预期 将受益于iPhone规格升级，而防反射镀膜、3D玻璃及超薄柔性玻璃(UTG)的应用也有望提升平均售价。 公司的结构件专业技术使其能深度参与客户新产品导入(NPI)流程，从而获取智能手机以外的组装项 目。 里昂近期指出，蓝思科技为苹果玻璃盖板及金属机壳的主要供应商，受惠于平均售价提升、市场份额扩 张、iPhone规格升级、折叠iPhone及3D玻璃趋势。同时，公司是Tesla智能座舱关键供应商，并拓展至小 米车用窗玻璃领域，另与行业龙头合作，布局人形机器人及AI增强现实(AR)眼镜等新兴业务。该行预 测蓝思科技2024至2027年收入年复合增长率达18%，驱动因素包括：智能手机与电脑市场份额提升、汽 车产品多元化及新兴领域扩张。 智通财经APP获悉，蓝思科技(06613)盘中涨超5%，高见25港元再创上市以来新高。截至发稿，涨 4.22%，报24.72港元，成交额2.86亿港元。 ...

智通财经APP获悉，美银证券发布研报称，首次覆盖蓝思科技(06613)，给予H股"买入"评级，目标价26 港元;A股(300433.SZ)目标价29元人民币。该行认为公司在折叠屏iPhone、汽车、智能眼镜及机器人等新 兴领域具有优势，预期将受益于iPhone规格升级，而防反射镀膜、3D玻璃及超薄柔性玻璃(UTG)的应用 也有望提升平均售价。公司的结构件专业技术使其能深度参与客户新产品导入(NPI)流程，从而获取智 能手机以外的组装项目。 ...

美银证券发布研报称，首次覆盖蓝思科技（300433）(06613)，给予H股"买入"评级，目标价26港元;A股 (300433.SZ)目标价29元人民币。该行认为公司在折叠屏iPhone、汽车、智能眼镜及机器人等新兴领域具 有优势，预期将受益于iPhone规格升级，而防反射镀膜、3D玻璃及超薄柔性玻璃(UTG)的应用也有望提 升平均售价。公司的结构件专业技术使其能深度参与客户新产品导入(NPI)流程，从而获取智能手机以 外的组装项目。 ...

美银证券首予蓝思科技"买入"评级，H股目标价26港元，A股目标价29元。该行认为公司在折叠 iPhone、汽车、智能眼镜及机器人等新兴领域有优势，预期公司将受惠于iPhone规格升级，而防反射镀 膜、3D玻璃及超薄柔性玻璃(UTG)的应用亦有望提升平均售价。公司的结构件专业技术更能深度参与客 户的新产品导入(NPI)流程，从而获取智能手机以外的组装项目。 ...

美银证券首予蓝思科技"买入"评级，H股目标价26港元，A股目标价29元。该行认为公司在折叠 iPhone、汽车、智能眼镜及机器人等新兴领域有优势，预期公司将受惠于iPhone规格升级，而防反射镀 膜、3D玻璃及超薄柔性玻璃(UTG)的应用亦有望提升平均售价。公司的结构件专业技术更能深度参与客 户的新产品导入(NPI)流程，从而获取智能手机以外的组装项目。 ...

8月4日，蓝思科技披露最新调研纪要称，今年公司承接智元机器人全系列多款人形机器人业务，与智元 机器人合资成立湖南智启未来科技有限公司，聚焦消费电子与新能源领域的高端智能制造装备，提供自 动化整体解决方案；并完成对智元机器人旗下浙江智鼎机器人的战略投资，主营商用智能清洁机器人， 致力于AI+机器人的融合创新。 此外，公司作为北美大客户外观件和结构件的核心供应商，在产品开发过程中与客户通力合作，深入参 与产品的设计、研发、生产、迭代等全周期，提供量身定制的解决方案，折叠屏新品开发和验证均进展 顺利，已根据客户需求进行产能规划和投资建设，为折叠屏新机大规模量产做好准备。 此外，公司为国内外多家人形机器人公司提供头部模组、关节模组、灵巧手、躯干壳体等结构件及整机 组装服务；与北美机 器人头部客户已确定头部模组和结构件份额，灵巧手和结构件在送样过程中。随 着北美头部客户加快新型号定型节奏，后续进行大规模量产，公司相关模组和结构件有望实现大批量供 货。 另外，3D 玻璃技术让"超薄机身"与"强大影像"共存成为可能，未来将成为高端旗舰机型的主流方案。 今年开始3D玻璃需求快速放量，预计在未来数年需求保持高速增长。头部品牌带 ...

Group 1: Foldable Screen Technology - The global shipment of foldable screen smartphones is expected to grow rapidly from 23.8 million units in 2024, with a compound annual growth rate (CAGR) exceeding 24% [1][2] - The company is a leading global supplier of ultra-thin flexible glass (UTG), benefiting from strong technical accumulation and patent layout [2] - Approximately 30% of the funds raised in the Hong Kong IPO (or HKD 1.377 billion) will be allocated for the technology reserve and capacity building of next-generation foldable screen components [2] Group 2: Automotive Business - The company has established partnerships with over 30 leading domestic and international automotive enterprises, achieving a market share of 20.9% in the global smart automotive interaction system solutions industry [3] - The company is expanding its automotive business, achieving breakthroughs in wireless charging modules and domain controller modules [3] - The lightweight automotive laminated glass developed by the company has been successfully introduced to new models of leading electric vehicle brands [3] Group 3: Humanoid Robotics - The company established a smart robotics division in 2016 and is collaborating with leading humanoid robotics companies to mass-produce humanoid robots [4] - The company aims to create a vertically integrated platform for intelligent hardware manufacturing, focusing on reducing costs and enhancing supply chain efficiency [4] - Since 2024, the company has delivered hundreds of humanoid robots to partners and is showcasing various robotic products at industry events [4] Group 4: AI Glasses - The company has been a core supplier of structural components for the first-generation smart headsets and collaborates with several leading North American AI glasses clients [5] - The company is the assembly partner for Rokid's entire series of AI glasses, enhancing product performance through proprietary technologies [5] - Future production capacity for optical modules and waveguide lenses is expected to alleviate industry bottlenecks [5] Group 5: Global Operations and Tariff Impact - The company has established production bases in Vietnam, Thailand, and Mexico since 2017 to enhance global operational capabilities [5] - The company has developed a global layout to quickly respond to market changes and customer needs, mitigating the impact of tariff policies [5] - The company maintains a high market share in the smartphone glass sector, with expectations for significant growth in 3D glass demand in the coming years [5]

Market Performance - On July 3, 2025, the Shanghai Composite Index reached a new high for the year, with the ChiNext Index rising nearly 2%[2] - The Shanghai Composite Index increased by 0.18%, the Shenzhen Component Index rose by 1.17%, and the ChiNext Index climbed by 1.90%[2] - The total market turnover was 1,309.59 billion yuan, a decrease of 67.14 billion yuan from the previous trading day[2] Sector and Style Analysis - All 30 sectors in the CITIC first-level industry index generally rose, with electronics (1.56%), communications (1.36%), and pharmaceuticals (1.32%) leading the gains[19] - The coal sector saw a decline of 1.13%, followed by comprehensive finance (-1.01%) and the composite sector (-0.40%)[19] - Growth stocks outperformed value stocks across various market capitalizations, with large-cap growth leading the way[19] Capital Flow - On July 3, 2025, the net outflow of main funds was 9.05 billion yuan, with large orders seeing a net outflow of 10.00 billion yuan and small orders continuing to see a net inflow of 14.76 billion yuan[23] - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF experienced varying changes in turnover, with the former decreasing by 0.53 billion yuan[28] Global Market Trends - On July 3, 2025, major Asia-Pacific indices closed mixed, with the Hang Seng Index down 0.63% and the Nikkei 225 up 0.06%[32] - In the U.S. market, the Dow Jones Industrial Average fell by 0.02%, while the S&P 500 and Nasdaq Composite rose by 0.47% and 0.94%, respectively[32]