证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-045 蓝思科技股份有限公司 回购股份报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 重要提示： 1、蓝思科技股份有限公司（以下简称"公司"）拟使用公司自有资金或自筹 资金，以集中竞价交易方式回购公司部分已发行的人民币普通股（A股）股份， 用于实施员工持股计划或股权激励计划。本次回购金额不低于人民币5亿元（含） 且不超过人民币10亿元（含），按回购资金总额上限人民币10亿元和回购股份价 格上限35元/股测算，预计回购股份数量约为28,571,429股，约占目前公司总股本 的0.57%；按回购总金额下限人民币5亿元和回购股份价格上限35元/股测算，预 计回购股份数量约为14,285,714股，约占目前公司总股本的0.29%。（具体回购 金额及回购数量以回购期满时实际使用的资金和回购的股份数量为准）。回购 股份期限为自公司董事会审议通过本次回购股份方案之日起12个月内。 2、本次回购股份相关事项已经公司2025年4月7日召开的第五届董事会第四 次会议审议通过。公司已在中国证券登记结算有限责 ...

统一社会信用代码：91430000796852865Y 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 蓝思科技股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召开 2025 年第二次临时股东大会，审议通过了《关于变更公司类型的议案》，同意公司根 据《中华人民共和国外商投资法》规定及《国家市场监管总局关于贯彻落实<外 商投资法>做好外商投资企业登记注册工作的通知》（国市监注[2019]247 号）要 求，将企业类型变更为"股份有限公司（港澳台投资、上市）"。 2025 年 5 月 20 日，公司完成相应工商变更登记备案，并取得了湖南省市场 监督管理局换发的营业执照，现将相关信息公告如下： 证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-044 蓝思科技股份有限公司 名称：蓝思科技股份有限公司 注册资本：498306.978100 万人民币 类型：股份有限公司（港澳台投资、上市） 成立日期：2006 年 12 月 21 日 准文件或许可证件为准）一般项目：光学玻璃制造；技术玻璃制品制造；特种陶 瓷 ...

双方合作不仅限于制造端，更通过股权投资、合作基金等资本协同模式，推动AI眼镜"硬件+内容+服 务"生态闭环成型，加速产业链本土化进程。 XR行业第三方研究机构Wellsenn XR统计数据显示，2024年全球AI眼镜销量达到234万台，预计2025年 全球AI眼镜销售有望达到550万台，同比增长135%。蓝思科技表示，凭借"垂直整合+材料创新"双引 擎，为Rokid等国内与北美高端AI眼镜量产提供技术支持，持续兑现业绩高增预期。AI眼镜叠加智能手 机、智能汽车、人形机器人、智慧零售等业务的协同发力，蓝思科技有望在AI终端浪潮中占据核心卡 位。 长沙晚报掌上长沙5月19日讯（全媒体记者 刘琼萍）由蓝思科技深度赋能的AI智能眼镜Rokid Glasses即 将实现集中交付。近日，记者获悉，杭州灵伴科技（Rokid）宣布其AI智能眼镜Rokid Glasses全球已交 定金订单超25万台，将于6月正式上市。作为灵伴科技的核心合作伙伴，蓝思科技凭借其在智能制造与 材料技术领域的领先优势，通过"智能制造+资本协同"深度赋能，为产品的规模化量产与性能突破提供 了坚实支撑。 回溯到今年2月，在浙江省杭州市余杭区举行的经济高 ...

Group 1 - The index of Tonghuashun (300033) has increased by 4% [1] - Lens Technology (300433) has risen over 9% [1] - Luxshare Precision (002475) has increased by more than 7% [1] - GoerTek (002241) has seen a rise of over 6% [1] - Leading Technology (002600) and Crystal Optoelectronics (002273) are among the top gainers [1] Group 2 - There is a significant influx of dark pool funds into these stocks [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for three companies, including Lens Technology, regarding their overseas listing applications [1] - Lens Technology, listed on the Shenzhen Stock Exchange since March 18, 2015, has a current stock price of 21.15 yuan per share, with a market capitalization of approximately 105.4 billion yuan as of May 7, 2025 [3] - The company submitted its prospectus for a Hong Kong Stock Exchange listing on March 31, 2025, aiming to raise funds to expand its product and service offerings, particularly in the smart automotive sector [3][7] Group 2 - Lens Technology was founded in December 2006 and is headquartered in Changsha, Hunan Province, with a registered capital of approximately 500 million yuan [3] - The company has established itself as a leading provider of precision manufacturing solutions across the entire smart terminal industry chain, focusing on consumer electronics and smart automotive applications [5][7] - In 2022, 2023, and 2024, Lens Technology reported revenues of approximately 466.99 billion yuan, 544.91 billion yuan, and 698.97 billion yuan, respectively, with net profits of about 25.20 billion yuan, 30.42 billion yuan, and 36.77 billion yuan [7] Group 3 - The company has a high customer concentration, with its top five customers accounting for approximately 83.3%, 83.1%, and 81.1% of total revenue in the respective years [7] - Lens Technology is often referred to as a "leading player in the Apple supply chain," indicating its significant reliance on major clients like Apple Inc. [8] - The company has highlighted risks associated with its dependence on key customers, noting that any changes in purchasing behavior or product specifications could adversely affect its business and financial performance [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the market [3]. Core Insights - The company has shown strong performance in Q1 2025, with total revenue reaching 17.063 billion yuan, a year-on-year increase of 10.10%. The net profit attributable to shareholders was 429 million yuan, up 38.71% year-on-year, and the net profit excluding non-recurring items was 378 million yuan, reflecting a 60.99% increase year-on-year [1][3]. - The company is benefiting from a favorable environment in the consumer electronics sector, particularly with key clients like Apple and Xiaomi experiencing growth. The diversification into various business segments such as smartphones, computers, wearables, automotive, and robotics is contributing to its robust performance [3]. - The capital structure has improved, with a debt-to-asset ratio of 37.69%, the lowest in recent years. R&D expenses increased by 37.6% year-on-year, indicating a commitment to innovation [3]. Financial Performance Summary - For 2025E, the company is projected to achieve total revenue of 92.179 billion yuan, with a year-on-year growth rate of 31.9%. The net profit attributable to shareholders is expected to be 5.251 billion yuan, reflecting a 44.9% increase year-on-year [2][3]. - The gross margin is forecasted to remain stable at around 15.9% for 2025E, with a return on equity (ROE) projected to reach 9.9% [2][3]. - The earnings per share (EPS) is expected to be 1.05 yuan for 2025E, with a price-to-earnings (P/E) ratio of 19.81 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance in the AI sector [3]. Core Insights - The company achieved a revenue of 17.063 billion yuan in Q1 2025, representing a year-over-year growth of 10.10%. The net profit attributable to shareholders reached 429 million yuan, with a year-over-year increase of 38.71% [1]. - The diversified business model is showing strong growth momentum, with significant contributions from various sectors including smartphones, computers, wearables, automotive, and robotics. The company is well-positioned to benefit from ongoing consumer stimulus policies in China and the anticipated growth in AI-driven technologies [3]. - The capital structure has improved, with a debt-to-asset ratio of 37.69%, the lowest in recent years. R&D expenses increased by 37.6% year-over-year, reaching 791 million yuan, indicating a commitment to innovation [3]. Financial Summary - The company is projected to achieve total revenues of 92.179 billion yuan in 2025, with a year-over-year growth rate of 31.9%. Net profit attributable to shareholders is expected to be 5.251 billion yuan, reflecting a year-over-year increase of 44.9% [2][3]. - Key financial metrics for the upcoming years include: - Revenue: 69.897 billion yuan in 2024, 112.313 billion yuan in 2026, and 132.023 billion yuan in 2027 [2]. - Net profit: 3.624 billion yuan in 2024, 6.913 billion yuan in 2026, and 8.651 billion yuan in 2027 [2]. - EPS (diluted): Expected to rise from 0.73 yuan in 2024 to 1.74 yuan in 2027 [2].

Core Viewpoint - Lens Technology is facing scrutiny regarding the necessity of its fundraising efforts as it delays its private placement fundraising projects while simultaneously pursuing additional fundraising in Hong Kong. The company's heavy reliance on a single client, Apple, raises concerns about its financial stability and potential risks associated with high capital expenditures, high interest-bearing debt, and low profit margins [1][5][13]. Group 1: Fundraising and Financial Performance - Lens Technology plans to raise between $1 billion to $1.5 billion through its Hong Kong IPO, with the application submitted on March 31, 2025 [5][10]. - The company reported a revenue of 17.063 billion yuan in Q1 2025, a year-on-year increase of 10.10%, and a net profit of 429 million yuan, up 38.71% [5][6]. - The company's cash flow from operations reached 2.630 billion yuan, reflecting a growth of 29.59% [5]. Group 2: Financial Structure and Debt - The company's asset-liability ratio has decreased to 37.69%, down from a peak of 60% [6]. - As of Q1 2025, Lens Technology's interest-bearing debt exceeded 13.7 billion yuan, with financial expenses amounting to 384 million yuan, representing over 10% of net profit [21]. Group 3: Client Dependency and Profitability - Lens Technology's revenue from its top five clients accounted for 81.1% of total revenue in 2024, with Apple being the largest client, contributing approximately 49.5% of total revenue [13][14]. - The company's gross profit margin has declined from 29.44% in 2020 to 15.89% in 2024, further dropping to 12.8% in Q1 2025 [15][19]. - High capital expenditures have been a consistent trend, with annual spending remaining around 5 to 6 billion yuan [19]. Group 4: Regulatory Environment and Market Trends - The Chinese government has introduced policies to support companies seeking secondary listings in Hong Kong, which has contributed to the recent surge in A-share companies pursuing such listings [3][4]. - Regulatory guidelines stipulate that the proportion of fundraising used for liquidity and debt repayment should generally not exceed 30% of the total raised funds, raising questions about Lens Technology's fundraising strategy [11][12].

Core Insights - The article highlights that major suppliers of Apple are experiencing strong performance in Q1 2025, driven by increased demand for smartphones and computers, particularly from North American clients [1] Company Performance - Lens Technology reported Q1 2025 revenue of 17.063 billion yuan, a year-on-year increase of 10.10%, and a net profit of 429 million yuan, up 38.71% [1] - Crystal Optoelectronics achieved a revenue of 1.482 billion yuan in Q1 2025, reflecting a 10.2% year-on-year growth, with a net profit of 220.9 million yuan, up 23.67% [1] - GoerTek's net profit in Q1 2025 increased by 23.53% to 469 million yuan [1] - Industrial Fulian is expected to report Q1 2025 revenue between 159 billion and 161 billion yuan, representing a year-on-year growth of 34.0% to 35.6%, with a projected net profit of 5.2 billion to 5.3 billion yuan, up 24.4% to 26.8% [1] Market Trends - Apple's global smartphone shipments increased by 10% year-on-year in Q1 2025, reaching 57.9 million units, capturing a 19% global market share [1] - The increase in Apple's shipments is attributed to preemptive stockpiling to avoid tariffs and significant shipments to other regions [1] - Global PC shipments rose by 6.7% year-on-year in Q1 2025, totaling 61.4 million units, with Apple's shipments growing by 17% [1] Regulatory Environment - The U.S. government has temporarily suspended tariffs on imported smartphones from China, providing a brief respite for the industry, although uncertainty regarding future tariffs may dampen consumer demand [1]

Core Insights - The company has achieved significant revenue growth and profit increase in 2024, with total revenue reaching 69.897 billion and net profit of 3.624 billion, marking year-on-year increases of 28.27% and 19.94% respectively [1] - The company's vertical integration strategy is showing results, particularly in the assembly business, which has seen rapid growth due to the introduction of more proprietary upstream components [1] - The company is focusing on cost reduction and efficiency improvement, with a notable increase in R&D investment aimed at advanced technology fields [1] Financial Performance - In Q1 2025, the company reported total revenue of 17.063 billion, a year-on-year increase of 10.1%, and a net profit of 0.429 billion, reflecting a significant growth of 38.71% [1] - R&D investment reached 2.785 billion in 2024, up 20.2%, focusing on cutting-edge technologies such as foldable screens and AI [1] Strategic Developments - The company has established a strong position in the UTG and CPI manufacturing processes for foldable screens, becoming a core supplier for major clients in North America [2] - The company has been actively developing its robotics capabilities since 2016, with a focus on humanoid robots and related components [2] - A partnership with Zhiyuan Robotics led to the delivery of the world's first fully open-source robot, Lingxi X1, in January 2025 [2] Market Outlook - The company is expected to benefit from a recovery in the consumer electronics industry, with an upward revision of net profit forecasts for 2025-2027 [3] - The projected net profits for 2025 and 2026 are 5.062 billion and 6.863 billion respectively, with a new forecast for 2027 at 8.179 billion [3] - The current market valuation corresponds to a PE ratio of 19/14/12X for 2025-2027, maintaining a "buy" rating [3]