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调研速递|蓝思科技接受投资者调研,聚焦回购、毛利率及新业务布局等要点
Xin Lang Cai Jing· 2025-09-19 13:28
近日,蓝思科技举行业绩说明会,通过全景网"投资者关系互动平台"(https://ir.p5w.net)以网络远程的 方式,与投资者进行线上交流。副总经理、中国区总裁、董事会秘书及联席公司秘书江南,证券事务代 表周天舒出席会议,就投资者关心的公司回购进展、毛利率变化、新业务发展等问题进行了详细解答。 投资者关系活动关键信息活动类别:业绩说明会时间:2025年9月19日14:30 - 17:00地点:通过全景 网"投资者关系互动平台"网络远程召开参与单位名称:投资者网上提问上市公司接待人员姓名:副总经 理、中国区总裁、董事会秘书及联席公司秘书江南;证券事务代表周天舒 回购进展:持续推进,传递信心 自2025年7月9日首次回购以来,蓝思科技已多次实施回购,累计回购股份148.7万股。公司表示将在董 事会批准的额度内持续回购,旨在长期做好股权激励计划或员工持股计划,传递公司业绩增长和发展信 心,维护股价稳定增长,保护中小投资者利益。 蓝思科技具备多方面核心竞争力,包括科技创新与智能智造、优质客户资源、全产业链垂直整合、智能 制造与工业互联网以及核心团队与精益管理。 在AI眼镜业务方面,除与rokid深度合作外,公司作 ...
蓝思科技(300433) - 2025年9月19日投资者关系活动记录表
2025-09-19 12:46
投资者关系活动记录表 证券代码:300433 证券简称:蓝思科技 编号:2025-010 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他: 接待对象 投资者网上提问 时间 2025 年 9 月 19 日 14:30-17:00 地点 公司通过全景网"投资者关系互动平台"(https://ir.p5w.net)采用网 络远程的方式召开业绩说明会 上市公司接待 人员姓名 副总经理、中国区总裁、董事会秘书及联席公司秘书:江南 证券事务代表:周天舒 投资者关系活 动主要内容介 绍 问:蓝思什么时候完成回购 答:投资者您好!公司自 2025 年 7 月 9 日首次回购以来,已 多次实施回购,累计回购股份 148.7 万股。公司将在董事会批准的 额度内持续回购,长期做好股权激励计划/员工持股计划,传递公 司业绩增长和发展信心,维护股价稳定增长,保护好中小投资者 利益。感谢您的提问! 问:请问董秘,蓝思科技的回购为何进展如此缓慢,预计何 时完成回购,是因为预计股价还会大跌所以迟迟没有回购吗 答:投资者您好!公司自 2025 年 7 月 9 日首次回 ...
【转|太平洋电子-折叠手机深度】折叠屏催化不断,产业链增量未来可期
远峰电子· 2025-09-07 12:20
Investment Highlights - The global smartphone market is expected to grow by 7% in 2024, reaching 1.22 billion units, with a shift in focus towards hardware innovations like foldable screens [3] - The high-end smartphone market continues to expand, with a 6% increase in sales despite an overall decline in smartphone sales in 2023 [8] - China is projected to maintain a dominant position in the foldable smartphone market, accounting for approximately 40% of global market share [11] - Huawei has surpassed Samsung to become the global leader in foldable smartphone shipments as of Q1 2024 [13] - The average price of foldable smartphones is significantly higher than traditional flagship models, with Huawei's average price reaching 12,999 yuan [15] Industry Trends - The bill of materials (BOM) for foldable smartphones has increased significantly, with costs rising nearly 70% compared to non-foldable models [20] - Key components such as display modules, mechanical structures, and batteries have seen BOM value increases of over 50% [20][21] - The flexible OLED market is crucial for foldable smartphones, with a shift from traditional OLED to flexible solutions due to their superior properties [22][24] - The UTG (Ultra Thin Glass) market is expanding rapidly, with a projected CAGR of 50.9% from 2024 to 2030 [28] - The hinge market for foldable smartphones is expected to exceed 7.8 billion yuan by 2024, with a CAGR of 24.71% from 2023 to 2028 [36] Key Companies - Pengding Holdings is positioned to benefit from the PCB industry upgrade, offering a diverse range of PCB products [44] - Luxshare Precision has established deep ties with major clients in consumer electronics, enhancing its market position [46] - Changying Precision is a leading manufacturer of precision components, expected to accelerate the adoption of hinges in foldable devices [48]
凯盛科技(600552):显示材料快速增长
Changjiang Securities· 2025-09-04 09:14
Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.765 billion in the first half of 2025, representing a year-on-year increase of 24.7%. The net profit attributable to shareholders was 52 million, up 23.7% year-on-year, while the net profit after deducting non-recurring items was 29 million, compared to a loss of 3 million in the same period last year [3][4]. - In Q2 alone, the company achieved a revenue of 1.5 billion, marking a significant year-on-year growth of 57.2%. The net profit attributable to shareholders for Q2 was 28 million, a slight decrease of 0.7% year-on-year, while the net profit after deducting non-recurring items was 17 million, showing a small profit compared to the previous year's loss [3][4]. - The display materials segment showed rapid growth, with a 43.8% increase in revenue, while the application materials segment saw a decline of 19.39%. The growth in display materials is attributed to the acceleration of orders from Shenzhen Guoxian for automotive displays and 3A cover plates [8]. - The gross profit margin for the period was 16.4%, an increase of 0.6 percentage points year-on-year. The gross profit margin for application materials decreased by 4.05 percentage points to 14.79%, while the new display segment saw an increase of 2.29 percentage points to 16.74% [8]. - The company is expected to expand its new materials business and increase production of UTG cover plates, with projected net profits of 160 million and 230 million for 2025 and 2026, respectively, corresponding to PE ratios of 77 and 54 [8].
凯盛科技(600552)中报点评:显示业务延续增长 关注新产业进展
Xin Lang Cai Jing· 2025-09-04 06:47
Core Viewpoint - The company reported strong revenue growth in the first half of 2025, with a focus on the growth potential of its UTG and high-purity quartz sand products, while maintaining a "buy" rating despite lower-than-expected Q2 net profit [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 2.76 billion yuan and net profit attributable to shareholders of 50 million yuan, representing year-on-year increases of 24.7% and 23.7% respectively [1]. - Q2 2025 revenue and net profit were 1.50 billion yuan and 30 million yuan, showing year-on-year growth of 57.2% and a slight decline of 0.7% in net profit [1]. - The overall gross margin for H1 2025 was 16.4%, an increase of 0.6 percentage points year-on-year [1]. Segment Performance - Revenue from display materials continued to grow rapidly, with H1 2025 revenue of 2.20 billion yuan, up 43.8% year-on-year, while application materials revenue decreased by 23.8% to 490 million yuan due to falling prices [1]. - Major subsidiaries reported varying net profits, with net profits of 30 million yuan, 20 million yuan, and 80 million yuan for subsidiaries Bengbu Zhongheng, Kaisheng Materials, and Guoxian Technology, respectively [1]. International Expansion - The company's international revenue grew by 38.1% year-on-year, with Guoxian Technology establishing an international business department to explore overseas markets [1]. Cost Management - The company reduced its expense ratio by 1.4 percentage points to 13.8% in H1 2025, with improvements in sales, management, and R&D expense ratios [2]. - Operating cash flow improved significantly, reaching 260 million yuan, a year-on-year increase of 802.6% due to better management of accounts receivable and inventory turnover [2]. Product Development - The company has launched a new production line for high-purity quartz sand, with expectations for accelerated application of new products in emerging industries [2]. - The UTG product line is strengthening partnerships with leading domestic end customers, leading to multiple large project orders and key technological breakthroughs [2]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 270 million yuan, 330 million yuan, and 380 million yuan for 2025-2027, with a CAGR of 40.3% [3]. - The target price is set at 16.94 yuan, based on a PEG ratio of 1.5x for 2025, reflecting a downward adjustment in valuation premium due to short-term revenue pressures in application materials [3].
凯盛科技(600552):显示材料修复,应用材料下滑
EBSCN· 2025-09-02 04:04
Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 2.76 billion CNY and a net profit attributable to shareholders of 50 million CNY for the first half of 2025, showing a year-on-year increase of 24.7% and 23.7% respectively, with a turnaround in net profit [1] - The display materials segment saw significant growth, while the application materials segment continued to decline [2] - The company is focusing on two main segments, enhancing market potential through deep cooperation with leading customers and technological innovations [4] - The profit forecast for 2025-2027 has been revised downwards due to pressure on application materials business and the delay in the second phase of the UTG project [4] Revenue and Profitability - In H1 2025, the display materials revenue was 2.20 billion CNY, up 42.0% year-on-year, while application materials revenue was 490 million CNY, down 26.4% [2] - The overall gross margin for H1 2025 was 16.4%, an increase of 0.6 percentage points year-on-year, while the net profit margin was 2.6%, a decrease of 0.4 percentage points [3] - The company achieved a significant increase in operating cash flow, reaching 260 million CNY in H1 2025, up 230 million CNY year-on-year [1] Segment Performance - The display materials segment, particularly through Shenzhen Guoxian, contributed significantly to revenue growth, achieving 1.89 billion CNY in revenue, up 45.2% year-on-year [2] - The application materials segment faced challenges, with subsidiaries reporting declines in both revenue and net profit [2] Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 to 162 million CNY, 208 million CNY, and 251 million CNY respectively, reflecting a decrease of 38%, 35%, and 31% from previous estimates [4] - The report highlights ongoing efforts in technological advancements and market expansion, particularly in the display materials sector [4]
凯盛科技:公司生产的0.1mm--0.3mm氧化锆研磨球可以用于锂电池、固态电池及MLCC等细分领域
Mei Ri Jing Ji Xin Wen· 2025-08-14 09:48
(文章来源:每日经济新闻) 凯盛科技(600552.SH)8月14日在投资者互动平台表示,公司生产的0.1mm--0.3mm氧化锆研磨球可以 用于锂电池、固态电池及MLCC等细分领域。 每经AI快讯,有投资者在投资者互动平台提问:请问公司在固态锂电池领域是否有对应的配套产品? 另公司的UTG是否产能利用率是多少? ...
XLU Vs. UTF: We Prefer A Leveraged Utility Play Amid 'Build, Baby, Build'
Seeking Alpha· 2025-07-22 18:43
Group 1 - The last analysis on the Cohen & Steers Infrastructure Fund (UTF) was published on April 2, comparing it with peer UTG and suggesting UTF as a defensive play due to an inverted yield curve [1] - The core investment style of the company focuses on providing actionable and clear ideas derived from independent research [1] - The company offers a service called Envision Early Retirement, which provides at least one in-depth article per week on investment ideas [1] Group 2 - The company claims to have helped its members outperform the S&P 500 while avoiding significant drawdowns amid extreme volatility in both equity and bond markets [2] - A trial membership is available to assess the effectiveness of the company's proven investment methods [2]
长信科技2024年度网上业绩说明会问答实录
Quan Jing Wang· 2025-05-20 01:27
Core Viewpoint - Longxin Technology held its 2024 annual online performance briefing, showcasing strong investor engagement with an 88.89% response rate to questions [1] Group 1: Company Performance - Longxin Technology reported revenue and net profit growth compared to the previous year, as detailed in the 2024 annual report [2] - The company acknowledged a decline in sales profit margins over the past two years and is implementing measures such as cost optimization, supply chain integration, and product structure upgrades to improve profitability and market share [3] Group 2: Product and Market Development - Longxin Technology has established a robust supply chain relationship with major automotive manufacturers, including Tesla and various global Tier 1 suppliers, enhancing its position in the automotive display market [2] - The company is focusing on high-value projects, particularly in the foldable screen segment for clients like Apple and Huawei, leveraging its competitive advantages in UTG and UFG products [3] Group 3: Strategic Initiatives - Longxin Technology is actively pursuing opportunities in the computing power sector, aligning with the exponential growth in global demand for computing power [3] - The company is committed to enhancing its presence in the new energy sector, particularly through its investment in Bick Power, which has shown promising revenue and profit performance [5] Group 4: Industry Outlook - The global economy is experiencing moderate growth amidst complex challenges, with technological innovation and supply chain restructuring being key growth drivers [7] - The industry faces significant challenges, including rising protectionism and intense competition, particularly in the automotive supply chain [7]
凯盛科技(600552):经营改善,期待新业务放量
Changjiang Securities· 2025-05-06 09:17
Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 1.265 billion, a slight increase of 0.1% year-on-year, and a net profit attributable to shareholders of 24 million, which represents a significant growth of 73.0% year-on-year [2][4]. - The company is expected to see improvements in its new materials business and the ramp-up of its UTG cover glass production, with projected net profits of 190 million and 260 million for 2025 and 2026, respectively, corresponding to PE ratios of 53 and 39 [10]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.265 billion, with a year-on-year growth of 0.1%. The net profit attributable to shareholders was 24 million, marking a 73.0% increase year-on-year. The non-recurring net profit was 12 million, recovering from a loss of 31 million in the same period last year [2][4][10]. - The gross margin for the period was 17.7%, an increase of 3.4 percentage points year-on-year, indicating a notable improvement in profitability [10]. Business Developments - The company is focusing on innovation and R&D, supported by national-level innovation platforms. It has made significant advancements in various new technologies, including UTG iteration technology and high-purity synthetic silica [10]. - The zirconium products continue to play a crucial role, with a 24.4% increase in sales volume year-on-year. The introduction of nano-zirconia into the mainstream customer base for new energy cathode materials saw a remarkable growth of 232.89% in sales volume [10]. Market Outlook - The company anticipates a gradual increase in its new materials product categories, despite ongoing pressure in consumer electronics demand. The traditional display materials business is expected to improve, contributing positively to profits [10]. - The company has established itself as a core supplier for major clients in the flexible display market, particularly with its UTG technology, which is being utilized in high-end automotive applications [10].