2024 年 11 月 12 日，公司提前归还了 1 亿元暂时补充流动资金的募集资金 至募集资金专项账户，并就上述归还事项通知了公司保荐机构和保荐代表人。剩 余 21 亿元暂时补充流动资金的闲置募集资金将在到期前足额归还，届时公司将 及时履行信息披露义务。 特此公告。 蓝思科技股份有限公司董事会 二○二四年十一月十四日 1 / 1 证券代码：300433 证券简称：蓝思科技 公告编号：临 2024-042 蓝思科技股份有限公司 关于提前归还部分暂时补充流动资金的闲置募集资金的公告 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 2024 年 1 月 12 日召开第四 届董事会第二十二次会议，审议通过了《关于使用部分闲置募集资金暂时补充流 动资金的议案》，同意公司使用不超过人民币 40 亿元的暂时闲置募集资金暂时补 充流动资金，使用期限自本次董事会审议通过之日起不超过 12 个月，即本次补 充流动资金到期日为 2025 年 1 月 11 日。2024 年 3 月至 10 月，公司合计提前归 还了 18 亿元暂时补充流动 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - In Q3 2024, the company's net profit attributable to shareholders increased by 173% quarter-on-quarter, indicating improved profitability. For the first three quarters of 2024, the company reported revenue of 46.23 billion yuan, a year-on-year increase of 36.74%, and a net profit of 2.37 billion yuan, up 43.74% year-on-year [2]. - The company's gross margin improved to 21.43% in Q3 2024, up 4.99 percentage points quarter-on-quarter, despite a year-on-year decline of 1.03 percentage points [2]. - The global smartphone shipment increased by 5% year-on-year in Q3 2024, benefiting the company's smartphone-related business, which accounted for 83% of total revenue in the first half of 2024 [2]. - The company is enhancing vertical integration in its supply chain, focusing on ODM and OEM businesses, which are expected to drive market share growth in structural and appearance components [2]. - The new energy vehicle market continues to grow, with the company’s revenue from new energy vehicles and smart cockpit business reaching 2.716 billion yuan in the first half of 2024, a year-on-year increase of 19.01% [2]. Financial Summary - The company’s revenue is projected to reach 69.795 billion yuan in 2024, with a year-on-year growth rate of 28.1%. The net profit is expected to be 3.919 billion yuan, reflecting a growth rate of 29.7% [3][8]. - The earnings per share (EPS) is forecasted to be 0.79 yuan in 2024, increasing to 1.28 yuan by 2026 [3][8]. - The company’s price-to-earnings (P/E) ratio is projected to be 28.9 in 2024, decreasing to 17.8 by 2026 [3][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][8]. Core Insights - The company reported a revenue of 46.228 billion yuan for Q3 2024, representing a year-over-year increase of 36.74%, with a net profit of 2.371 billion yuan, up 43.74% year-over-year [5]. - The third quarter's gross margin improved to 21.4%, an increase of 1 percentage point compared to the previous year, contributing to better-than-expected profit results [5][6]. - The company has a strong market position in the global smart device protective and structural components sector, with significant investments in technology and human resources [6][7]. Financial Summary - For the first half of 2024, revenue from smartphones and computers reached 24 billion yuan, a year-over-year increase of 48.87%, with a gross margin of 13.75% [6]. - The company’s total revenue is projected to grow from 54.491 billion yuan in 2023 to 65.633 billion yuan in 2024, reflecting a growth rate of 20.4% [9]. - The net profit forecast for 2024 has been revised upwards to 3.887 billion yuan, with a year-over-year growth rate of 28.6% [8][9]. Market Position and Strategy - The company has been enhancing its ODM and OEM business models, expanding into smart terminal assembly, and has established partnerships with major clients like Xiaomi [7]. - The company has invested heavily in R&D, with cumulative expenditures reaching 15.2 billion yuan since its IPO in 2015, and holds the highest number of patents in the industry [6][7]. - The company’s workforce has increased to 133,700 employees, with labor costs accounting for 24% of operating costs, indicating a labor-intensive operational model [6]. Profitability and Valuation - The report projects earnings per share to increase from 0.61 yuan in 2023 to 0.78 yuan in 2024, with a price-to-earnings ratio of 29 for 2024 [8][9]. - The company’s return on equity (ROE) is expected to improve from 5.0% in 2024 to 10.3% by 2026, indicating enhanced profitability [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - Lens Technology is a leading manufacturer of precision components in the consumer electronics sector, expanding its product offerings through self-research, acquisitions, and collaborations, while also venturing into the automotive industry [2][26]. - The company has established a strong client base, including major brands like Apple, Samsung, and Tesla, and has shown significant revenue growth, with a 2023 revenue of 54.49 billion yuan, up 16.69% year-on-year [2][26]. - The report highlights the company's proactive approach to AI terminal trends and vertical integration, which is expected to enhance its business model and profitability [2][40]. Summary by Sections 1. Glass Sector Strength and Performance Enhancement - Lens Technology is recognized as a leader in glass structural components, with a diversified material layout covering both consumer electronics and automotive sectors [2][26]. - The company has shown a steady recovery in performance, with a compound annual growth rate (CAGR) of 15.5% in revenue since its listing in 2015 [2][31]. - The implementation of an employee stock incentive plan reflects the company's confidence in its growth trajectory [2][36]. 2. Embracing AI Terminal Development Trends - The report notes the anticipated growth in AI smartphone shipments, projected to reach 170 million units in 2024, with a penetration rate of 15% [2][40]. - Lens Technology is positioned to benefit from the upgrade of AI hardware and software markets, enhancing its product offerings in new materials and assembly [2][40]. - The company has made significant investments in smart terminal manufacturing, including a 3 billion yuan investment in assembly projects, which have begun to yield positive results [2][40]. 3. Growth in Automotive Sector - The trend towards automotive intelligence is expected to drive the demand for in-car displays, with a projected market growth to 238 million units by 2030 [2][40]. - Lens Technology's automotive-related revenue reached 4.998 billion yuan in 2023, accounting for 9.2% of total revenue, with a year-on-year growth of 39.47% [2][40]. - The company has established partnerships with over 30 domestic and international automotive brands, indicating a robust growth potential in this segment [2][40]. 4. Earnings Forecast and Investment Recommendations - The report forecasts Lens Technology's revenue to grow to 67.21 billion yuan in 2024, with a year-on-year increase of 23.3%, and net profit to reach 4.145 billion yuan, up 37.2% [2][40]. - The projected price-to-earnings (P/E) ratios for the upcoming years are 27.3 for 2024, 20.7 for 2025, and 16.7 for 2026, reflecting the company's strong growth potential [2][40].

证券代码：300433 证券简称：蓝思科技 蓝思科技股份有限公司 投资者关系活动记录表 编号：2024-003 | --- | --- | --- | |---------------------------|---------------------------------|------------------------------------------------------------| | | | | | | □特定对象调研 | √分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活 动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | √其他：电话会议 | | | 接待对象 | 本次会议的参会投资者共 | 196 家，具体名单见附件 | | 时间 | 2024 年 10 月 20 日 | 20:00-21:00 | | 地点 | 电话会议 | | | 上市公司接待 | 副总经理兼董事会秘书：江南 | | | 人员姓名 | 副总经理兼财务总监：刘曙光 一、 | 年前三季度经营情况简介和关键财务数据解读 | | | 2024 2024 | 年前三季度 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company has entered a new growth cycle with continuous revenue and profit growth, achieving total revenue of 46.228 billion yuan in the first three quarters of 2024, a year-on-year increase of 36.74%, and a net profit attributable to shareholders of 2.371 billion yuan, up 43.74% year-on-year [1]. - The global smartphone market is showing signs of recovery, with the company holding a dominant position in the domestic glass cover market and deep collaborations with major brands like Apple, Samsung, and Xiaomi [1]. - The company is expanding its product offerings by venturing into new materials such as ceramics and sapphire, as well as touch sensors, while also enhancing its downstream assembly business [1]. - The automotive business is rapidly growing, with revenue from new energy vehicles and smart cockpit-related products reaching 2.716 billion yuan in the first half of 2024, accounting for 9.4% of total revenue, and a year-on-year growth of 19.01% [1]. Financial Summary - For 2024, the company is projected to achieve revenues of 66.039 billion yuan, 77.562 billion yuan in 2025, and 91.774 billion yuan in 2026, with net profits of 4.227 billion yuan, 5.375 billion yuan, and 6.708 billion yuan respectively [2][6]. - The company's PE ratios are expected to be 28, 22, and 18 for the years 2024, 2025, and 2026 respectively [2][6]. - The company has increased its R&D investment to 1.960 billion yuan in the first three quarters of 2024, a year-on-year increase of 16.59% [1].

Investment Rating - The report maintains a "Buy" rating for Lens Technology (300433.CH) with a target price of RMB 26.6, representing a potential upside of 18.1% [1][9]. Core Views - Lens Technology's Q3 performance exceeded both the report's and market expectations, particularly in gross margin. The company is expected to achieve significant profit growth in the next two years, driven by various factors including the momentum from Apple iPhone, expansion in Android smartphone assembly, new AI PC business, and growth in automotive business [1][9]. - The report emphasizes the company's commitment to R&D and business expansion while maintaining a relatively restrained capital expenditure in the short term, which is favorable for profit growth [1][9]. Summary by Sections Financial Performance - In Q3, Lens Technology reported revenue of RMB 17.4 billion, a year-on-year increase of 27% and a quarter-on-quarter increase of 30%, marking five consecutive quarters of double-digit year-on-year growth [1][7]. - The gross margin reached 21.4%, up 1.0 percentage points year-on-year and 5.0 percentage points quarter-on-quarter, surpassing market expectations [1][7]. - Operating profit grew significantly, with a year-on-year increase of 56% and a quarter-on-quarter increase of 210%, resulting in a net profit of RMB 1.51 billion, up 38% year-on-year and 173% quarter-on-quarter [1][7]. Earnings Forecast - The report projects Lens Technology's revenue to reach RMB 68.1 billion in 2024, with a year-on-year growth rate of 25% and a net profit of RMB 4.23 billion, reflecting a 40% increase [3][8]. - For 2025, revenue is expected to be RMB 79.9 billion, with a net profit of RMB 5.03 billion, indicating a 19% growth [3][8]. Valuation - The report employs a sum-of-the-parts valuation method, assigning price-to-earnings ratios of 33.0x for smartphones and computers, 30.0x for new energy vehicles, and 25.0x for smart wearables, leading to the target price of RMB 26.6 [9][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.70 CNY [5][8]. Core Insights - The company achieved significant year-on-year growth in revenue and net profit for the third quarter, with revenue reaching 46.2 billion CNY, a 37% increase, and net profit of 2.37 billion CNY, a 44% increase [2]. - The company benefits from a strong position in the North American market, particularly with major clients in the AI hardware sector, which is expected to drive future growth [2]. - The vertical integration strategy enhances the company's competitive edge, while horizontal expansion into various AI terminal clients is also underway [2]. Financial Performance Summary - Revenue for 2022 was 46.7 billion CNY, with a projected increase to 67.0 billion CNY in 2024, reflecting a growth rate of 23% [4]. - The net profit for 2022 was 2.45 billion CNY, expected to rise to 3.93 billion CNY in 2024, indicating a growth rate of 30.2% [4]. - The gross margin for 2023 is projected at 16.6%, with a slight increase to 16.8% in 2024 [4].

Company Overview Industry or Company Involved - The document discusses the performance of Blue Silk Technology in the third quarter and overall for the year [1] Core Points and Arguments - Blue Silk Technology reported impressive results in both revenue and profit for the third quarter [1] - The company’s board secretary, Jiang Nan, and CFO, Liu Shuguang, were present to discuss the quarterly and annual performance [1] Other Important but Possibly Overlooked Content - The meeting was structured to provide insights into the company's financial performance and future outlook [1]

23/1023/1123/1224/0124/0224/0424/0524/0624/0724/0824/0924/10 证券研究报告 | 公司点评 | 消费电子 | --- | --- | |------------------------------------------|------------------------------------------| | | | | 蓝思科技 (300433) | 报告日期： 2024 年 10 月 20 日 | | | | | 三季报成长扎实而全面，平台化布局静待端侧 | AI 浪潮 | 投资要点 ❑ 事件：2024 年前三季度，公司实现营业收入 462.28 亿元，同比增长 36.74%， 归母净利润 23.71 亿元，同比增长 43.74%，扣非归母净利润 21.00 亿元，同比 增长 45.96%。其中第三季度单季实现营业收入 173.61 亿元，同比增长 27.37%，归母净利润 15.10 亿元，同比增长 37.85%，扣非归母净利润 14.37 亿 元，同比增长 45.84%。 ❑ 国际重要客户进入新机备货周期，成长预期逐步夯实 蓝思科技的这份三季 ...