蓝思科技 20250826 摘要 蓝思科技上半年营收增长 41.85%，拟分红约 5.26 亿元，占净利润的 46.03%，显示出良好的盈利能力和股东回报。 公司在 AI 驱动的智能终端领域取得突破，特别是在折叠屏 3D 玻璃、多 功能汽车玻璃和智能 AI 眼镜等新业务上，增长潜力显著。 通过管理提质增效，长沙蓝思上半年减亏 4 亿元，集团期间费用率同比 下降 0.63 个百分点，研发投入同比增长 29%，为未来增长奠定基础。 港股上市加速了蓝思科技的全球化布局，优化了产品组合，并为应对地 缘风险和实现中长期战略发展提供了重要平台。 归母净利润增速超过收入增速，主要得益于成本费用控制和长沙公司降 本增效，但研发费用增加对短期利润产生一定影响。 组装业务快速成长，通过高度垂直整合提升毛利率，未来将重点放在 AI 服务器、AR 眼镜等高毛利硬件组装上，提升整体利润水平。 下半年，智能手机与电脑类业务受益于大客户新机改款，汽车玻璃业务 拓展无线充电模组等新品，智能头显与穿戴类业务在 AI 眼镜等领域实现 突破，其他智能终端业务在人形机器人等领域取得增长。 Q&A 蓝思科技 2025 年上半年业绩表现如何？ 2025 ...

武汉以科技创新为引领，正在加快构建体现武汉优势的现代化产业体系。光电子信息产业是武汉五大优势产业之首，产业规模已达 7566亿元，正向首个万亿级产业集群迈进，成为武汉能级跃升的"强引擎"。 武汉华星光电技术有限公司运行中的t3项目生产线。 今年上半年，武汉计算机、通信和其他电子设备制造业增长15.4％。 数字背后是"智"变。长江日报调研组（以下简称调研组）走访发现，当"光"遇上"智"，武汉光电子信息产业正获得突破性发展，从版 图上"独树一帜"迈向全球引领。 今年上半年，华工正源光模块产品实现海外业务同比增长128%。华工正源总经理胡长飞向调研组介绍，800G光模块商用后，将提速 与DeepSeek等AI产品的交互等待时间。 "老本行"里长出"新本事" 乘"智"而上，光纤由信息通道变神经中枢 1976年，武汉南望山脚的实验室拉出17米石英光纤，中国首根石英光纤诞生，由此开启我国光电子产业序幕，为武汉奠定产业先发基 础。 近半个世纪后，武汉已成全球最大光纤光缆生产基地，且向技术"第一"突破——未来光纤信号传输介质将由空气替代，这一颠覆式技 术源自武汉。 1988年创立的长飞光纤光缆股份有限公司（以下简称长飞公司） ...

Group 1 - The A-share market has been very active recently, particularly the computing power sector, which has shown strong performance since mid-August, with AI chips, AI servers, optical modules, and liquid cooling technology being standout hardware segments [1] - The strong performance of the computing power sector is driven by three main factors: first, the capital expenditure plans disclosed by major overseas cloud vendors exceeded expectations, maintaining high growth in global computing infrastructure investment; second, OpenAI's recent announcement of GPT-5 has attracted industry attention, with plans to double the scale of computing clusters in the next five months; third, feedback from the supply chain indicates robust demand for computing power, supported by new technological iterations that have spawned multiple high-growth sub-sectors [1] - Looking ahead, the demand for computing power is expected to grow exponentially due to breakthroughs in AI model performance, the evolution of multimodal technologies, and the rapid deployment of AI Agent applications, indicating a long-term high prosperity in the industry [1] Group 2 - Specific investment opportunities include GPU and ASIC chips, optical modules, optical chips, and fiber optic connectors, which are expected to continue benefiting from the growth in computing power [1] - Additionally, the rising demand for AI servers will lead to increased usage of PCBs, high-power power supply systems, and liquid cooling solutions, marking significant opportunities in these emerging fields [1]

2025 年 8 月 25 日 投资要点： 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 主要数据 2025 年 8 月 22 日 收盘价(元) 69.40 总股本(亿股) 4.25 流通股本(亿股) 1.50 ROE（TTM） 25.00% 12 月最高价(元) 72.99 报 告 资料来源：东莞证券研究所，Wind 买入（维持） 广合科技（001389）2025 半年报点评 公 司 点 上半年业绩快速增长，各工厂持续向好 SAC 执业证书编号： 事件：公司2025上半年营业收入为24.25亿元，同比增长42.17%；归母净利润、 扣非后归母净利润分别为4.92和4.78亿元，同比分别增长53.91%和47.78%， 处于业绩预告中枢区间，符合预期。 评 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声 ...

前言 财联社倾力打造王牌栏目《风口研报》，替您"八一八"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 AI服务器强劲需求拉动HBM指数级增长，到2030年全球HBM市场有望达980亿美元，24-30年复合增速 达33%，明年ASIC同比增50%成新需求增量，分析师看好提前布局产业链的公司。 ...

Core Viewpoint - The report from Caitong Securities highlights Lenovo Group's strong market position and growth potential driven by digital transformation and the acceleration of AI PC penetration, leading to an "overweight" rating for the company [1] Group 1: Lenovo Group's Market Position and Growth - Lenovo Group is the largest PC manufacturer globally and is leveraging digital transformation for long-term growth, with a projected global market share increase to 24.8% by Q2 2025 according to IDC data [1] - The AI PC market is expected to grow rapidly, with 2024 being considered the market's inaugural year, and shipments projected to reach a global penetration rate of 85% by 2027, with sales increasing from 14.1 billion yuan in 2023 to 131.2 billion yuan in 2027 [1] - The price of AI PCs is expected to remain stable or increase, enhancing performance and cost-effectiveness, which will further drive market penetration and upgrades [1] Group 2: SSG's Growth and Market Dynamics - SSG is benefiting from AI-enabled service solutions, with the overall IT service market in China projected to reach 377.9 billion yuan in 2024, growing by 3.8% year-on-year [2] - SSG has maintained the fastest revenue growth in the IT service market for eight consecutive years, driven by strategic initiatives and early AI adoption [2] - The integration of autonomous AI in enterprise software is expected to rise from less than 1% in 2024 to 33% by 2028, indicating a significant shift in decision-making processes [2] Group 3: ISG's Infrastructure Solutions and Revenue Growth - ISG has established comprehensive infrastructure solutions, with revenue from infrastructure solutions increasing by 36% year-on-year in Q1 FY25/26, driven by cloud investments and market expansion [3] - The AI server business has seen revenue growth of over 100% year-on-year, supported by strong product lines and advanced liquid cooling technology [3] - Revenue growth projections for ISG are 19.5%, 15%, and 15% for FY25/26 to FY27/28, with profitability expected to improve as the business scales [3] Group 4: Financial Projections and Profitability - SSG is expected to maintain double-digit revenue growth, with projections of 16.1%, 13.0%, and 12.0% for FY25/26 to FY27/28, and operating profit margins of 22.2%, 22.4%, and 22.6% [4] - The company plans to increase marketing expenditures for AI PC promotion while managing to reduce administrative costs through organizational adjustments [4] - Adjusted net profit growth is projected at 12.9%, 16.8%, and 16.0% for FY25/26 to FY27/28, benefiting from a lower effective tax rate due to a one-time tax credit [5]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 08 22 年 月 日 工业富联（601138.SH） 盈利预测与投资建议：公司为 AI 服务器、高速交换机、精密结构件领军企业，充 分受益于 AI 推动下云+端的高速发展。我们预计公司 2025/2026/2027 年分别实 现营业收入 9,718/16,537/22,059 亿元，同比增长 59.5%/70.2%/33.4%，实现归 母净利润 341/524/652 亿元，同比增长 47.1%/53.5%/24.3%，当前股价对应 2025/2026/2027 年 PE 分别为 26/17/14X。公司正处于高速发展阶段，良率、效 率持续提升，份额不断扩大，充分受益于 AI 浪潮，公司明后年估值相较于可比公 司有一定的估值优势，首次覆盖给予公司"买入"评级。 风险提示：成本管控风险、客户支出放缓风险、行业波动与技术迭代风险、数据相 关风险。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | ...

投资建议：鉴于龙头地位稳固，AIPC、AI 服务器加速渗透，我们预计公司2025-2027 年实现营业收入 773.81/836.82/912.25 亿美元，经调整归母净利润16.28/19.02/22.06 亿美元。对应PE 分别为10.7/9.2/7.9 倍，首次覆盖，给予"增持"评级。 全球最大PC 厂商，根植于中国的真正全球化企业。据IDC 数据，2025年第二季度，公司是全球最大的 PC 厂商，全球市占率扩大至24.8%。公司当前在180 个国家和地区开展业务，全球约有80000 名员工， 18 个全球研发基地，30 多个生产制造基地，是一家真正全球化的公司，需要用全球化的视角去研究。 收入&经调整归母净利润均超彭博预期：2Q25 公司收入同比增长21.9%为188.3 亿美元（高于彭博预期 175.6 亿美元），三大业务集团收入均超彭博预期，其中ISG收入较彭博预期超出10%。公司归母净利润 同比增长108%至5.05 亿美元，与认股权证相关的衍生金融负债公允值收益为1.5 亿美元，经调整归母净 利润剔除了这部分的影响，同比增长22%至3.9 亿美元（高于彭博预期3.5 亿美元）。 风险提示：美国 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the industry [1] Core Insights - Demand for AI hardware remains strong, while consumer electronics are experiencing a cooling trend [1][5] - The semiconductor sector is seeing cautious ordering behavior from customers in consumer products [15][20] - The PCB manufacturing sector is benefiting from increased demand for ASIC AI servers [22][24] - Optical components are experiencing a boost due to new iPhone launches [25] - The storage sector may face structural shortages in DDR4 and LPDDR4 in the second half of 2025, leading to rising contract prices [26][27] Summary by Sections Semiconductor - IC design companies in Taiwan are showing signs of revenue fatigue, with MediaTek's July revenue at 432 billion NTD, down 23.4% month-over-month and 5.2% year-over-year [15][16] - TSMC's July revenue reached 3,232 billion NTD, up 22.5% month-over-month and 25.8% year-over-year, with a 37.6% increase in cumulative revenue for the first seven months [16][17] PC/Server - July revenues for PC manufacturers declined after a peak in Q2, with Hon Hai's revenue at 6,139 billion NTD, up 13.6% year-over-year [20][21] - AI server demand is expected to grow significantly, with Hon Hai projecting a 170% year-over-year increase in related revenue [21] PCB - Overall revenue for PCB manufacturers in Taiwan increased by 6.6% month-over-month and 9.3% year-over-year in July [22] - Companies like Zhen Ding are seeing a significant portion of their revenue coming from AI applications, with expectations to exceed 70% in 2025 [24] Optical Components - Largan Precision's July revenue was 54 billion NTD, up 30.6% month-over-month, driven by new product launches [25] Storage - Most storage supply chain companies in Taiwan reported varying degrees of year-over-year revenue growth in July, with a potential structural shortage in DDR4 expected in the second half of 2025 [26][27]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.00 RMB [6][5]. Core Insights - The report highlights the significant growth potential of the company in the AI industry, particularly in the context of cloud service providers (CSPs) and sovereign AI projects [1][3]. - It estimates that in an optimistic scenario, the demand for NV cabinets from CSPs could reach approximately 129,000 units by 2026 [2]. - The report suggests that sovereign AI projects in the Middle East and Europe could contribute an additional 15% to the global computing power market [3]. - The company's profitability forecasts are anchored to the performance of its parent company, Hon Hai, with expected net profits of 54.4 billion RMB by 2026 [4]. Summary by Sections Investment Rating - The target price is set at 63.00 RMB, reflecting an increase from the previous valuation of 35.6 RMB [6][5]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 31.4 billion RMB, 48 billion RMB, and 54.4 billion RMB respectively, with corresponding EPS of 1.58 RMB, 2.42 RMB, and 2.74 RMB [10][5]. - Revenue is expected to grow significantly, with estimates of 890 billion RMB in 2025 and 1.42 trillion RMB in 2026, representing year-on-year growth rates of 46.16% and 59.54% respectively [10][5]. Market Opportunities - The report identifies CSPs' capital expenditures as a key driver for growth, with a projected capital expenditure of 362.5 billion USD in 2025 [12]. - The sovereign AI projects, such as the Stargate project in the US and various initiatives in the Middle East, are expected to create new market opportunities for the company [3][13]. Performance Metrics - The company’s return on equity (ROE) is projected to increase to 23.19% by 2026, indicating improved profitability [10]. - The report notes that the company’s net profit margin is expected to stabilize around 3.53% to 3.38% over the next few years [10].