证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-043 蓝思科技股份有限公司 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。 类型：股份有限公司（台港澳与境内合资、上市） 成立日期：2006 年 12 月 21 日 法定代表人：周群飞 住所：湖南浏阳生物医药园 经营范围：许可项目：医护人员防护用品生产（Ⅱ类医疗器械）（依法须经 批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批 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 瓷制品制造；金属结构制造；电子元器件制造；移动终端设备制造；可穿戴智能 1/2 蓝思科技股份有限公司（以下简称"公司"）2023 年度股东大会审议通过了 《关于修订<公司章程>部分条款的议案》，同意公司根据股权激励变动产生的股 份变化，对公司注册资本/股份总数进行相应修订。 近日，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： 统一社会信用代码：91430000796852865Y 名称：蓝思科技 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.40 RMB [7][4]. Core Views - The company achieved a revenue of 69.897 billion RMB in 2024, representing a year-on-year increase of 28.27%, and a net profit of 3.624 billion RMB, up 19.94% year-on-year. The revenue exceeded previous expectations, while net profit was slightly below expectations due to increased asset impairment provisions [1][2]. - The company is expected to benefit from strong growth in consumer electronics driven by new product launches from major clients in North America, increased market share in Android products, and expansion into new terminals such as PC/AI glasses and smart retail [1][3]. - The automotive segment is anticipated to see an increase in unit value, and the humanoid robot business is expected to contribute to long-term performance growth [1][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 17.063 billion RMB, a year-on-year increase of 10.10%, and a net profit of 4.29 billion RMB, up 38.71% year-on-year. The non-recurring net profit was 3.78 billion RMB, reflecting a 60.99% increase year-on-year [1][2]. - The company’s revenue from smartphones, computers, smart cars, and other intelligent terminals in 2024 was 577.5 billion RMB, 59.3 billion RMB, 34.9 billion RMB, and 14.1 billion RMB respectively, with significant growth in assembly business [2]. Business Segments - The company is focusing on multiple new fields, including: 1. **Smartphones**: Anticipated growth from new model upgrades in H2 2025 and advancements in foldable screen technology [3]. 2. **AI Glasses**: Collaborations with clients like Rokid for high-end AI glasses and headsets [3]. 3. **Automotive**: New model launches expected in H2 2025, with increased unit value from ultra-thin laminated glass [3]. 4. **Robotics**: Established partnerships with leading clients for the development of structural components for humanoid robots [3]. Valuation and Forecast - The forecasted net profits for 2025, 2026, and 2027 are 5.308 billion RMB, 6.433 billion RMB, and 7.767 billion RMB respectively, with a projected PE ratio of 27.5x for 2025 [4][6]. - The company’s comprehensive gross margin for 2024 is expected to be 15.89%, slightly down from the previous year, attributed to the increased revenue share from assembly business [2]. Market Position - The company is positioned as a leader in the consumer electronics sector, with a strong foothold in AI applications and new technology developments, which are expected to drive future growth [4][6].

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 17.063 billion, a year-on-year increase of 10.10% compared to Q1 2024 [1] - The net profit attributable to shareholders reached CNY 429 million, reflecting a significant year-on-year growth of 38.71% [1] - The net operating cash flow amounted to CNY 2.630 billion, up 29.59% year-on-year, indicating improved cash flow management [1] Group 2: Operational Highlights - The gross profit margin for Q1 2025 was 12.80%, an increase of 0.28 percentage points from Q1 2024, driven by high-margin assembly operations [2] - The company successfully reduced the ratio of sales, management, and financial expenses by 1.27 percentage points, showcasing effective cost control [2] - R&D expenses increased by 37.73% year-on-year to CNY 791 million, primarily due to numerous new product developments [9] Group 3: Strategic Initiatives - The company has diversified its customer base, reducing revenue from its largest customer from 71% to 49.5% over three years, while increasing the proportion of domestic brand customers from 18% to 41% [5] - The vertical integration of the supply chain has been strengthened, allowing the company to provide comprehensive manufacturing services from design to mass production [5] - The company is focusing on emerging fields such as AI terminals, new energy vehicles, and humanoid robots, leveraging material innovation and smart manufacturing advantages [2] Group 4: Market Position and Risk Management - The company has established a robust global supply chain, with 58% of its overseas business in 2024, primarily in components and functional modules, mitigating tariff risks [3] - The company’s overseas production capacity includes nine major R&D and production bases, enhancing its ability to respond quickly to customer needs [11] - The anticipated impact of foreign tariff policy changes on overall operations is expected to be minimal, with strategies in place to adapt to external environmental changes [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant growth in Q1 2025, with 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%, and the net profit excluding non-recurring items was 378 million yuan, reflecting a 60.99% increase [2][6]. - The gross margin for Q1 2025 was 12.8%, an increase of 0.28 percentage points year-on-year, while the net profit margin was 2.51%, up 0.51 percentage points year-on-year [2][6]. - The demand for consumer electronics is recovering, with the company benefiting from its position as a core supplier for Apple, which saw its market share increase from 17.5% in Q1 2024 to 19.0% in Q1 2025, with a 10% year-on-year sales growth [11]. - The company has submitted an application for listing on the Hong Kong Stock Exchange to enhance its global delivery capabilities and address uncertainties in foreign trade due to geopolitical factors [11]. - The company is actively expanding into emerging businesses, leveraging its precision processing capabilities accumulated from the smartphone sector, focusing on areas such as foldable screens, humanoid robots, AI glasses, and smart vehicles [11]. - The projected net profit attributable to shareholders for 2025 to 2027 is estimated at 5.421 billion yuan, 7.249 billion yuan, and 8.256 billion yuan, respectively, indicating strong growth potential [11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 17.063 billion yuan, a 10.10% increase year-on-year. The net profit attributable to shareholders was 429 million yuan, up 38.71%, and the net profit excluding non-recurring items was 378 million yuan, reflecting a 60.99% increase. The gross margin was 12.8%, and the net profit margin was 2.51% [2][6]. Business Expansion - The company is applying for a listing on the Hong Kong Stock Exchange to enhance its global business layout and improve delivery capabilities in regions like Vietnam, Thailand, and Mexico [11]. - The company is diversifying into new business areas, including foldable screens, humanoid robots, AI glasses, and smart vehicles, which are expected to contribute to long-term revenue growth [11]. Market Position - The company is a key supplier for Apple, benefiting from the recovery in consumer electronics demand, with Apple’s market share increasing significantly in Q1 2025 [11].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a significant year-on-year net profit increase of 38.7% in Q1 2025, driven by the release of the Apple iPhone 16e [1][7]. - The revenue for Q1 2025 reached 17,063 million yuan, reflecting a 10.1% increase compared to the previous year [7]. - The company has successfully implemented a vertical integration strategy, maintaining a leading position in various components for smart devices, including glass and ceramics [7]. - New product developments include breakthroughs in ultra-thin laminated glass for automotive applications and advancements in AI glasses [7]. - The company is expanding into new intelligent terminal markets, including humanoid robots and smart retail solutions [7]. - The financial forecast for 2025-2027 projects a steady increase in net profit, with estimates of 5,127 million yuan for 2025, 6,067 million yuan for 2026, and 7,300 million yuan for 2027 [6][7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 69,897 million yuan in 2024 to 90,602 million yuan in 2025, with a year-on-year growth rate of 29.6% [6]. - The gross profit margin is expected to stabilize around 14.9% in 2025, with a slight decline to 13.0% by 2027 [6]. - The return on equity (ROE) is forecasted to improve from 9.7% in 2025 to 11.4% in 2027 [6].

点评：25Q1 收入稳健增长，盈利能力同比改善。25Q1 实现营业收入 170.63 亿，yoy+10.10%，主要得益于智能手机与电脑类业务的增加。毛利率为 12.8%，yoy+0.28pct。研发费用为 7.91 亿元，yoy+37.73%，反映了公司在 新项目、新产品和新领域的研发投入加大。财务费用由正转负，主要由于 汇兑收益增加。其他收益减少 42.69%，主要因为政府补助减少。公司实现 归母净利润为 4.29 亿，yoy+38.71%。盈利增长的主要原因是收入增加、成 本控制得当以及汇兑收益增加。 我们持续看好公司业务在关税冲击下的韧性和成长潜力： 投资建议：维持公司 25/26/27 年 55/72/90 亿归母净利润预期，维持"买入" 评级。 风险提示：消费电子需求不及预期、消费电子创新不及预期、新能源车价 格压力影响供应商盈利能力、下游产品推出节奏不及预期、地缘政治风险 &客户集中度高风险 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5 ...

受益市场复苏，果链龙头蓝思科技（300433）(300433.SZ)经营业绩增长强劲。 近日，蓝思科技披露了2025年一季报。继2024年营收和利润双增后，2025年一季度公司继续维持双增， 实现营收170.63亿元，同比增长10.10%；实现净利润4.29亿元，同比增长38.71%。 据蓝思科技介绍，2025年有较多增长点，如大客户新品、新订单引入等，预计为全年业绩带来更多增 量。 长江商报记者注意到，多年来，蓝思科技坚持以科技创新为核心驱动力，自2015年上市到2024年的10年 时间里，公司累计研发费用高达180.06亿元，累计获专利2249件。 为进一步推进公司国际化战略，提升公司国际品牌形象，3月31日，蓝思科技宣布正式启动港股上市计 划。 多元化布局成效凸显 4月17日，蓝思科技发布2025年一季度报告。公告显示，今年第一季度，蓝思科技实现营收170.63亿 元，同比增长10.10%；实现净利润4.29亿元，同比增长38.71%；实现扣非归母净利润3.78亿元，同比增 长60.99%。 据介绍，公司一季度产能利用率同比处于较好状态，2025年公司有较多增长点，如下半年大客户新品推 出、国内大客户新 ...

苹果产业链知名企业蓝思科技（300433.SZ）近期向港交所提交了上市申请。当前，蓝思科技依然面临着诸多挑战和问题，2024年近一半收入依然来自苹果 公司（AAPL），暂时难以摆脱对大客户的依赖。 2020年到2024年，蓝思科技的毛利率从近30%下跌至不到16%，这种处于"夹心饼"中间的经营模式，对上下游都缺乏议价能力；今年一季度该公司净利润增 速近四成，但有业内人士认为，在美国总统特朗普关税政策前，由于不少企业抓紧时间出货，年内业绩增速持续性存在疑问。 近半收入来自苹果 蓝思科技是智能终端全产业链一站式精密制造解决方案提供商，业务涉及智能手机与电脑、智能汽车与座舱、智能头显与智能穿戴、人形机器人等产品的结 构件、功能模组、整机组装等。 4月17日，蓝思科技负责人在回应投资者查询时表示，在香港上市的工作进展顺利，主要是为了扩大全球业务布局（越南、泰国、墨西哥等地），增强全球 交付能力，更好地服务客户，使得客户群更加多元化，满足日益增长的需求，进一步巩固公司的领先地位。募集资金主要用于折叠屏、智能汽车外观结构件 的开发、智能机器人的产能配套及研究开发、AI眼镜/XR头显等智能穿戴设备的产能建设，以及提升垂直整 ...

营收稳健增长，扣非利润持续高增 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年归母净利润分别为 53/69/89 亿元（原 25-26 年预测分别为 55/69 亿元，主要上调营收预测，下调毛利率预测），根据可比公司 25 年 25 倍 PE 估值，对应目标价为 26.50 元，维持给予买入评级。 风险提示 ⚫ 大客户手机出货量不及预期、公司新产品良率爬坡不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 54,491 | 69,897 | 93,978 | 117,906 | 143,201 | | 同比增长 (%) | 16.7% | 28.3% | 34.5% | 25.5% | 21.5% | | 营业利润(百万元) | 3,277 | 3,871 | 5,759 | 7,526 | 9,655 | | 同比增长 (%) | 10.5% | 18.1% | 48.8% | 30.7% | 28.3% | | 归属母公司 ...

证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-042 蓝思科技股份有限公司 2024 年年度股东大会决议公告 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"）2024 年年度股东大会现场会 议于 2025 年 4 月 18 日下午 14:30，在长沙县黄花镇漓湘东路 319 号蓝思科技办 公大楼一楼 VIP 会议室召开，网络投票从 2025 年 4 月 18 日上午 09:15 起至 2025 年 4 月 18 日下午 15:00 止。本次股东大会由公司董事会召集，公司董事长周群 飞女士主持。会议的召集、召开符合《中华人民共和国公司法》《上市公司股东 会规则》等法律、法规和《蓝思科技股份有限公司章程》的规定。 出席本次股东大会的股东及股东代表共 1,208 名，代表有效表决权的股份总 数为 3,305,323,782 股，占公司有表决权股份总数的 66.6536%。其中，参加现场 投票的股东 18 名，代表有效表决权的股份总数为 3,102,405,528 股，占公司有表 决权股份总数的 62.56 ...