Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has shown significant growth in its performance, with a year-on-year increase in revenue of 36.74% and a net profit increase of 43.74% for the first three quarters of 2021 [2] - The company is positioned as a leading player in the consumer electronics sector, with a diversified business model that includes various materials and components such as glass, metal, sapphire, ceramics, touch modules, and fingerprint modules [2] - The integration of AI technology is expected to drive further growth in the consumer electronics industry, providing the company with substantial growth opportunities [3] Financial Performance Summary - For the first three quarters of 2021, the company achieved a total revenue of 462.28 billion yuan and a net profit of 23.71 billion yuan [2] - The company's revenue for Q3 2024 was 173.61 billion yuan, with a year-on-year growth of 27.37%, and a net profit of 15.10 billion yuan, reflecting a year-on-year increase of 37.85% [2] - The projected revenues for 2024, 2025, and 2026 are 688.95 billion yuan, 970.79 billion yuan, and 1,101.45 billion yuan, respectively, with corresponding year-on-year growth rates of 26.4%, 40.9%, and 13.5% [4]

Revenue and Profit Growth - Revenue for the third quarter reached RMB 17.36 billion, a year-on-year increase of 27.37%[3] - Net profit attributable to shareholders of the listed company was RMB 1.51 billion, up 37.85% year-on-year[3] - Total revenue for the first nine months of 2024 was RMB 46.23 billion, a 36.74% increase compared to the same period last year[3] - Net profit for the quarter was 2.41 billion yuan, up from 1.66 billion yuan in the same period last year[24] - Net profit attributable to parent company shareholders reached 2.37 billion yuan, an increase of 43.7% compared to 1.65 billion yuan in the same period last year[25] - Comprehensive income totaled 2.33 billion yuan, up 39.4% from 1.67 billion yuan in the previous year[25] - Sales revenue from goods and services reached 41.73 billion yuan, a 24.3% increase from 33.57 billion yuan in the same period last year[27] Cash Flow and Financial Position - Net cash flow from operating activities for the first nine months was RMB 6.29 billion, a 49.94% increase year-on-year[4] - The company's cash flow from financing activities improved, with a 40.85% reduction in net cash outflow to RMB 3.05 billion[10] - Cash flow from operating activities increased by 49.9% to 6.29 billion yuan from 4.19 billion yuan in the previous year[27][28] - Cash flow from investing activities was negative 4.18 billion yuan, compared to negative 3.73 billion yuan in the same period last year[28] - Cash flow from financing activities was negative 3.05 billion yuan, an improvement from negative 5.16 billion yuan in the previous year[29] - Cash and cash equivalents at the end of the period stood at 9.50 billion yuan, down from 10.49 billion yuan at the beginning of the period[29] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 80.95 billion, a 4.49% increase from the end of the previous year[4] - Total assets increased to 80.95 billion yuan from 77.47 billion yuan at the end of the previous quarter[21] - Total liabilities rose to 33.46 billion yuan, compared to 30.95 billion yuan in the previous quarter[20] - Equity attributable to owners of the parent company increased to 47.31 billion yuan from 46.34 billion yuan[21] - Fixed assets stood at 36.30 billion yuan, slightly up from 36.03 billion yuan in the previous quarter[18] - Long-term loans decreased to 8.17 billion yuan from 9.59 billion yuan[20] - Accounts payable increased to 14.09 billion yuan from 11.12 billion yuan in the previous quarter[19] Shareholder Information - Blue Tech (Hong Kong) Limited holds 56.28% of the company's shares, totaling 2,804,509,821 shares[12] - Changsha Qunxin Investment Consulting Co., Ltd. holds 5.78% of the company's shares, totaling 288,025,612 shares[12] - Changsha Lingxin Industrial Investment Partnership holds 3.94% of the company's shares, totaling 196,540,880 shares[12] - Hong Kong Securities Clearing Company Limited holds 2.66% of the company's shares, totaling 132,414,491 shares[12] - China State-owned Enterprise Structure Adjustment Fund Co., Ltd. holds 1.10% of the company's shares, totaling 55,031,446 shares[12] Financial Expenses and Income - Financial expenses increased by 94.68% to RMB 228.55 million due to higher exchange rate losses[9] - Investment income surged by 508.97% to RMB 189.38 million, driven by gains from forward exchange contracts[9] - Asset impairment losses increased by 461.07% to RMB 628.88 million, mainly due to inventory write-downs and fixed asset impairments[9] Operating Costs and Expenses - Operating costs amounted to 38.37 billion yuan, up from 27.71 billion yuan in the previous year[22] - R&D expenses increased to 1.96 billion yuan, compared to 1.68 billion yuan in the prior year[22] - Payments for goods and services increased by 21.5% to 25.60 billion yuan from 21.07 billion yuan in the previous year[27] - Payments to employees and for employee benefits rose by 11.3% to 9.46 billion yuan from 8.50 billion yuan in the same period last year[28] Business Performance - The company's consumer electronics business revenue increased significantly, contributing to the overall revenue growth[9] - Total operating revenue for the quarter reached 46.23 billion yuan, a significant increase from 33.81 billion yuan in the same period last year[22] Financial Metrics - The company's monetary funds at the end of the period were 9,512,434,571.56 yuan, a decrease from 10,518,993,375.15 yuan at the beginning of the period[17] - The company's accounts receivable at the end of the period were 11,275,569,624.42 yuan, an increase from 9,302,293,752.05 yuan at the beginning of the period[17] - The company's inventory at the end of the period was 8,289,328,571.12 yuan, an increase from 6,682,659,419.20 yuan at the beginning of the period[17] - The company's other receivables at the end of the period were 709,697,752.76 yuan, an increase from 622,976,053.51 yuan at the beginning of the period[17] - The company's prepayments at the end of the period were 139,476,508.45 yuan, an increase from 126,498,183.03 yuan at the beginning of the period[17] - Basic and diluted earnings per share were 0.48 yuan, compared to 0.33 yuan in the same period last year[26]

证券代码：300433 证券简称：蓝思科技 公告编号：临 2024-041 蓝思科技股份有限公司 2023 年限制性股票激励计划 第一个解除限售期解除限售股份上市流通的提示性公告 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。 目前，公司已办理完毕上述第一类限制性股票的解除限售事宜，相关股份将 于2024年10月18日上市流通。现将有关情况公告如下： 一、股权激励计划实施情况概述 1、2023年7月28日，蓝思科技股份有限公司（以下简称"公司"）召开第四 届董事会第十六次会议，审议通过了《关于公司<2023年限制性股票激励计划（草 案）>及其摘要的议案》《关于公司<2023年限制性股票激励计划实施考核管理办 1 / 8 法>的议案》及《关于提请股东大会授权董事会办理2023年限制性股票激励计划 相关事宜的议案》等议案，拟以6.34元/股的价格，向3,097名激励对象授予第一 类限制性股票10,631,973股，约占本激励计划公布时公司股本总额（4,973,479,998 股）的0.2138%，约占本次授予权益总额的20%；授予第二类限制性股票42,527,89 ...

证券代码：300433 证券简称：蓝思科技 公告编号：临 2024-039 二○二四年十月十五日 蓝思科技股份有限公司 近日，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 22 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 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 8 日、4 月 10 日、6 月 3 日，公司合计提前归还了 17 亿元暂时补充流动资金的募集资金 ...

证券代码：300433 证券简称：蓝思科技 公告编号：临 2024-040 蓝思科技股份有限公司 关于签订募集资金三方监管协议的公告 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。 一、募集资金基本情况 2022 年 4 月 6 日、4 月 22 日，公司分别召开了第四届董事会第五次会议和 2022 年第二次临时股东大会，审议通过了《关于变更部分募集资金用途的议案》， 将"长沙（二）园智能穿戴和触控功能面板建设项目"募集资金投入金额由原 127,123.43 万元增加至 229,159.04 万元；将"长沙（二）园 3D 触控功能面板和 生产配套设施建设项目"募集资金投入金额由原 534,532.14 万元减少至 262,496.53 万元；将"补充流动资金项目"募集资金投入金额由原 198,788.68 万 元增加至 368,788.68 万元；在"工业互联网产业应用项目"中增加子项目"湘潭 蓝思工业互联网产业化应用项目"，由公司全资子公司蓝思科技（湘潭）有限公 司实施，投资总额为 26,572.63 万元，全部使用募集资金投入，同时将子项目"蓝 思长沙（二 ...

蓝思科技 20241008 摘要 • 蓝思科技积极应对印度供应链厂商火灾停产事件，通过扩大产能弥补客户 需求，并预计今年下半年将继续保持稳中有升的发展态势。 • 蓝思科技与大客户合作关系稳固，新机销售和产品份额持续增长，同时新 客户开拓取得显著进展，例如与小米合作预计实现 100-60 亿人民币的销 售目标。 • 蓝思科技在整机组装业务方面取得突破，已实现盈利，并预计未来将带来 更大的营收和利润贡献，同时公司在金属中方产能方面拥有全球最大规模， 并根据客户需求进行扩产。 • 蓝思科技在 AI 产品领域积极布局，与北美大客户合作研发 AI 智能硬件， 并通过 AI 生产设备提升生产效率和精确性，同时与新品牌和创业团队合 作拓展 AI 人形机器人、AR/VR 眼镜及可穿戴设备等领域。 • 蓝思科技在新能源汽车和智能座舱类业务中主要提供中控屏整机、车载屏 幕等产品，主要客户为北美 P 客户，预计未来将随着新客户导入和新产品 研发带来更大的增量。 • 蓝思科技预计明年业绩将实现大幅增长，主要增长点包括北美大客户新机 发布、安卓端客户合作扩大、IPC 领域持续开拓以及新能源汽车销售稳中 有升。 Q&A 蓝思科技如何看待 ...

大家好欢迎参加这双重大推荐稳健成长谷第六弹凡思科技电子亡灵抛 目前所有参会者均处于静音状态下面开始播报名字声明声明播报完毕后主持人可直接开始发言智商证券研究所提醒您一本次电话会已经面向智商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时间具体市场表现的判断或投资建议 2.嘉宾所说信息或所表述的意见均不构成这商证券研究所研究观点如果嘉宾发布的观点和这商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考 三 依照监管要求和保密原则未经合法授权 严禁录音 记录 转发感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对这张证券的理解和配合 谢谢大家好 我是一个智商电子网 感谢大家那个在那个周末的这个时间里宝贵的休息时间里参加我们那个蓝丝科技重大推荐的这样电话会议那么这个时间点我们为什么要把蓝丝放入我们这个月的重大推荐还是有原因的首先第一个就是从我们将来会分行业跟歌舞两个角度来说我们先讲行业 谈到莱斯 或者说谈到这个大家都知道莱斯是一个非常直观的这个果莲的标的果莲的外观像那 ...

证券代码：300433 证券简称：蓝思科技 公告编号：临 2024-038 蓝思科技股份有限公司 关于参加湖南辖区2024年度投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，蓝思科技股份有限公司（以下简称"公 司"）将参加由中国证券监督管理委员会湖南监管局、湖南省上市公司协会及深 圳市全景网络有限公司联合举办的"湖南辖区2024年度投资者网上集体接待日" 活动，现将相关事项公告如下： 本次活动将采取网络远程的方式举行，投资者可以登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP，参 与本次互动交流，活动时间为2024年10月10日（周四）14:00—17:00。届时公司 高管将在线就公司2023年至2024半年度业绩、公司治理、发展战略、经营状况、 股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与。 特此公告。 蓝思科技股份有限公司董事会 二○二四年九月三十日 1/1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The report highlights that Lens Technology is a global leader in structural components and has achieved vertical integration in the supply chain of the smart terminal industry through a platform-based approach. The company is expected to achieve over 35% compound growth in the coming years, driven by the release and iteration of Apple Intelligence, which will further boost growth beyond expectations [2][3]. Summary by Sections Company Expectations - The market has had low expectations for the iPhone 16 over the past two months, but this negative sentiment is already reflected in the stock price. The focus should shift to the iPhone 17, as the pre-order volume for the iPhone 16 may be overly pessimistic. The application of AI is a cumulative process that should instill confidence in the supply chain [3]. - The company is expected to achieve a profit compound growth rate exceeding 35% in the next two years, driven by several factors including: 1. Increased demands for aesthetic and thermal evolution from key North American clients due to AI needs. 2. Continuous extension of product categories from glass to metal and assembly, enhancing overall product ASP and resilience to cyclical fluctuations. 3. Growth in assembly business with new client acquisitions, leading to increased market share and economies of scale. 4. Strong competitive advantages in the evolving smartphone market, particularly in the UTG segment. 5. Solid foundation in the application of glass substrates in chips, which is a key future direction for the industry [3]. Verification and Catalysts - Key verification indicators include the impact of Apple Intelligence on iPhone 16 shipment volumes, the company's revenue performance in the second half of the year, and the innovation changes in the iPhone 17's exterior components [4]. - Catalysts for growth include the positive impact of Apple Intelligence on iPhone shipment volumes [4]. Research Value - The current market shows divergence in expectations for iPhone 16 and 17 shipment volumes and the specific functions of Apple Intelligence. The second half of this year to next year is seen as the optimal time to track the implementation of Apple Intelligence and the performance growth of core suppliers like Lens Technology [5]. Earnings Forecast and Valuation - Projected revenues for 2024, 2025, and 2026 are expected to be 71.20 billion, 106.70 billion, and 140.20 billion yuan, respectively, with year-on-year growth rates of 30.66%, 49.86%, and 31.40%. Corresponding net profits are forecasted to be 4.07 billion, 5.96 billion, and 7.50 billion yuan, with growth rates of 34.78%, 46.40%, and 25.72% [6][12]. - The current market capitalization corresponds to P/E ratios of 19.85, 13.56, and 10.78 for the years 2024, 2025, and 2026, respectively [6][11].

关于蓝思科技股份有限公司 2023 年限制性股票激励计划第一个解除限 售期解除限售条件成就与第一个归属期归 属条件成就、调整回购与归属价格及回购注 销与作废失效部分限制性股票相关事项的 法律意见书 中国 深圳 福田区益田路 6001 号太平金融大厦 11、12 楼 邮编：518038 11&12/F, TaiPing Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P.R. 法律意见书 CHINA 电话(Tel)：(0755)88265288 传真(Fax)：(0755)88265537 法律意见书 广东信达律师事务所 关于蓝思科技股份有限公司 2023 年限制性股票激励计划第一个解除限售期解除限售条 件成就与第一个归属期归属条件成就、调整回购与归属价格 及回购注销与作废失效部分限制性股票相关事项的 法律意见书 信达励字（2024）第 137 号 致：蓝思科技股份有限公司 电子邮件（E-mail）：info@sundiallawfirm.com 网址（Website）：https://www.sundiallawfirm.com 1 根据 ...