Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 18.6, indicating a potential upside of 9% from the current price of RMB 17.0 [2][4]. Core Insights - The company has shown stable growth in Q2, with revenue reaching RMB 1.34 billion, a year-on-year increase of 29%. The net profit for the same period was RMB 552 million, up 13% year-on-year [2][9]. - The growth drivers for the company include the momentum from Apple's iPhone, expansion in the assembly business for Android smartphones, new business increments from AI PCs, and automotive electronics [2][4]. - The company is expected to achieve a net profit growth of 28% in 2024 and 16% in 2025, supported by a relatively restrained capital expenditure [2][4]. Financial Performance Summary - Q2 2024 revenue: RMB 1.34 billion, up 29% YoY, down 14% QoQ [9]. - Q2 2024 gross margin: 16.4%, down 0.4 percentage points YoY, up 3.9 percentage points QoQ [9]. - Q2 2024 operating profit: RMB 696 million, up 59% YoY, up 29% QoQ [9]. - Q2 2024 net profit: RMB 552 million, up 13% YoY, up 79% QoQ [9]. - The company expects revenue growth rates of 3% in 2024, 17% in 2025, and 24% in 2026 [4][8]. Business Outlook - The company is focusing on the stable growth of metal glass structural components and aims to capture market opportunities with the launch of AI smartphones in the second half of the year [2][4]. - In the PC segment, the company plans to provide components and systems for AI PCs, while in the automotive sector, it aims to enhance collaboration with major clients to increase the value per vehicle for new products next year [2][4]. - Overall, the second half of the year is expected to be a peak season for the market, with multiple business lines contributing to operational and growth momentum [2][4].

1H24 归母净利高增，垂直整合+创新 升级成效显著 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 23.40 2024 年 8 月 27 日│中国内地 消费电子 1H24：加速垂直整合促进营收规模同增 43%，归母净利同增 55% 蓝思科技 1H24 实现营收 288.67 亿元（yoy+43.07%），归母净利 8.61 亿元 （yoy+55.38%）。Q2 实现营收 133.68 亿元（yoy+29.31%/ qoq-13.74%）， 归母净利 5.52 亿元（yoy+12.72%/ qoq+78.54%）。展望 2H24，随着大客 户新机出货，看好公司外观结构件业务迎来经营旺季，同时组装业务继续贡 献业绩增量，新能源汽车产品单车价值量逐步提升。考虑到 AI 手机/AI PC 升级有望给公司带来量价齐升，且良率、自动化率提升改善盈利，调整公司 2024-2026 年归母净利润预测为 38.7/52.1/61.5 亿元（前值：37.8/47.9/56.1 亿元）。参考 Wind 一致预期可比公司 24 年 PE 均值 22x，考虑公司组装业 务的营收增长空间广阔，且受益于 AI 终端时 ...

2024 年半年度募集资金存放与使用情况专项报告 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》和深圳证券交易所印发的《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》及相关格式指引的规定， 将本公司募集资金 2024 年半年度存放与使用情况专项说明如下。 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意蓝思科技股份有限公司向特定对象发 行股票注册的批复》（证监许可【2020】2413 号）同意，本公司采用向特定对象 发行股票的方式，向特定对象发行人民币普通股（A 股）股票 589,622,641 股，发 行价格为每股人民币 25.44 元，共计募集资金 14,999,999,987.04 元，坐扣主承销 和保荐费用(不含税)69,599,999.95 元后的募集资金为 14,930,399,987.09 元，已由 主承销商国信证券股份有限公司于 2020 年 12月 30 日汇入本公司募集资金监管账 户。另减除联合主承销商承销费(不含税)、律师费(不含税)、审计及验资费(不含 税)合 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥28.87 billion, representing a 43.07% increase compared to ¥20.18 billion in the same period last year[20]. - Net profit attributable to shareholders was ¥861.26 million, up 55.38% from ¥554.29 million in the previous year[20]. - The net profit after deducting non-recurring gains and losses was ¥662.75 million, an increase of 46.21% from ¥453.29 million year-on-year[20]. - Basic and diluted earnings per share increased to ¥0.17, reflecting a growth of 54.55% compared to ¥0.11 in the same period last year[20]. - The company's revenue for the reporting period reached ¥28.87 billion, a 43.07% increase compared to ¥20.18 billion in the same period last year, primarily driven by growth in consumer electronics and automotive business[42]. - Operating costs increased by 46.62% to ¥24.73 billion from ¥16.87 billion, reflecting the rise in revenue[42]. - The company reported a significant reduction in income tax expenses, with a decrease of 288.83% to -¥93.56 million, due to a lower tax rate following high-tech enterprise certification[42]. - The company reported a net profit margin of 6.67% for the first half of 2024, reflecting improved operational efficiency[136]. Assets and Liabilities - The company's total assets decreased by 4.59% to ¥73.91 billion from ¥77.47 billion at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 1.27% to ¥45.75 billion from ¥46.34 billion at the end of the previous year[20]. - The company's total liabilities included long-term payables of ¥0.00, a decrease of 1.37% from ¥1,065,145,833.00[50]. - The company's total current assets decreased from CNY 28,080,678,412.57 at the beginning of the period to CNY 24,337,358,789.69 at the end of the period, representing a decline of approximately 13.1%[169]. - Total liabilities decreased from CNY 30,948,112,466.42 to CNY 28,003,171,597.95, a decrease of approximately 9.5%[171]. Cash Flow - The net cash flow from operating activities was ¥3.37 billion, down 22.80% from ¥4.36 billion in the same period last year[20]. - Cash and cash equivalents decreased by 11.17% to -¥2.51 billion, reflecting no significant changes in cash management[42]. - The company's cash flow from financing activities included CNY 2,900,000,000.00 in cash inflows, down from CNY 4,745,000,000.00 in the first half of 2023[189]. - The company experienced a net cash outflow of CNY 2,513,974,032.51 in the first half of 2024, compared to -CNY 2,830,153,260.35 in the previous year[189]. Research and Development - The company’s R&D efforts led to the development of innovative technologies, including 3D non-spherical free-form glass molding technology and AI dynamic control systems[36]. - Research and development expenses rose by 11.32% to ¥1.27 billion, indicating continued investment in innovation[42]. - The company is focused on continuous R&D and innovation in various fields, including glass, metal, and smart manufacturing equipment, to maintain its competitive edge[79]. - Investment in R&D for new technologies increased by 19.6%, focusing on enhancing product capabilities[194]. Market Expansion and Strategy - The management highlighted ongoing investments in new product development and market expansion strategies[27]. - The company is actively pursuing automation and intelligent manufacturing to improve efficiency and reduce energy consumption[37]. - The company plans to focus on enhancing its gross profit margin, which has seen a rapid decline in the first quarter[81]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share within the next two years[135]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[137]. Environmental Compliance - The company is committed to adhering to environmental regulations and standards, including ISO14001 management system compliance[91]. - The company has implemented strict pollution control measures for wastewater and air emissions, complying with various national standards[92][93]. - The company has maintained compliance with environmental standards across all monitored pollutants, with no exceedances reported[97]. - The company has invested significantly in upgrading air pollution control facilities, implementing high-efficiency processes such as UV + activated carbon and RCO since 2021[101]. Shareholder Information - The company has not distributed cash dividends or bonus shares for the half-year period[87]. - The company has completed the repurchase and cancellation of 158,200 restricted stocks at a price of 6.34 CNY per share[88]. - The company has a 69.16% investor participation rate in the annual shareholders' meeting held on May 31, 2024[85]. - The total number of common shareholders at the end of the reporting period is 134,386[154]. Risk Management - The company emphasized the importance of risk awareness regarding future plans and operational forecasts[3]. - The company has implemented measures to mitigate risks associated with exchange rate fluctuations, including locking in exchange rates and adjusting foreign exchange exposure[79]. - The company has a high customer concentration, primarily serving well-known brands in the consumer electronics and smart automotive sectors, which poses a risk to its operating performance[79].

证券代码：300433 证券简称：蓝思科技 公告编号：临 2024-030 蓝思科技股份有限公司 第四届监事会第二十二次会议决议公告 表决结果：三票赞成，零票反对，零票弃权。 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）等符合中国证 监会规定条件的媒体上发布的《蓝思科技股份有限公司 2024 年半年度报告》全 文及其摘要。 1 / 2 二、审议通过了《关于<2024 年半年度募集资金存放与使用情况专项报告> 的议案》 本公司及监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"）第四届监事会第二十二次会议 于 2024 年 8 月 23 日（星期五）上午 11:00，在浏阳经济技术开发区，蓝思科技 南园总部办公大楼董事办会议室，以现场及通讯表决相结合的方式召开。会议通 知于 2024 年 8 月 13 日以专人送达或电子邮件等方式送达全体监事。会议由监事 会主席旷洪峰先生主持，应出席监事 3 名，实际出席监事 3 名，公司全体高级管 理人员列席了会议。本次会议的召开和表决程序符合《公司法》和《公司章 ...

蓝思科技股份有限公司（以下简称"公司"）第四届董事会第二十五次会议 于 2024 年 8 月 23 日（星期五）上午 09:00，在浏阳经济技术开发区，蓝思科技 南园总部办公大楼董事办会议室，以现场及通讯表决相结合的方式召开。会议通 知于 2024 年 8 月 13 日以专人送达或电子邮件等方式送达全体董事。会议由董事 长周群飞女士主持，应出席董事 7 名，实际出席董事 7 名，公司全体监事和高级 管理人员列席了会议。本次会议的召开和表决程序符合《公司法》和《公司章程》 的有关规定，是合法、有效的。 经与会董事审议和表决，形成决议如下： 一、审议通过了《关于<2024 年半年度报告>全文及其摘要的议案》 与会董事认为：公司《2024 年半年度报告》所载内容真实、准确、完整地 反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。同意 通过本项议案。 表决结果：七票同意，零票反对，零票弃权。 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）等符合中国证 监会规定条件的媒体上发布的《蓝思科技股份有限公司 2024 年半年度报告》全 文及其摘要。 二、审议通过了《关于<2 ...

证券代码：300433 证券简称：蓝思科技 公告编号：临 2024-031 蓝思科技股份有限公司 关于计提减值准备及核销资产的公告 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"）根据《企业会计准则》及《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等 相关规定，对公司及下属子公司各类资产进行了全面核查和减值测试，拟对截至 2024 年 6 月 30 日存在减值迹象的相关资产计提相应减值准备。现将本报告期（或 "本期"，指 2024 年上半年，下同）内计提资产减值准备的具体情况公告如下： 一、 本次计提及核销减值准备的情况 经过公司及下属子公司对截至 2024 年 6 月 30 日存在可能发生减值迹象的 资产进行全面清查和减值测试后，计提各项减值准备明细情况如下： 2. 账龄组合的账龄与预期信用损失率对照表 单位：万元 | 项目 | 期初余额 | 本期计提 | 外币报表折算差 | 本期转回或转销 | 期末余额 | | --- | --- | --- | --- | --- | --- | | ...

非经营性资金占用及其他关联资金往来情况汇总表 | | | 往来方与 上市公司 | 上市公 | | 本期往来 | 本期往 | | | | 往来性质（经 营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 司核算 | 期初往 | 累计发生 | 来资金 | 本期偿还 | 期末往 | | | | 其它关联资金往来 | 资金往来方名称 | 的关联关 | 的会计 | 来资金余 | 金额 | 的利息 | 累计发生 | 来资金余 | 往来形成原因 | 来、 非经营性 | | | | | | 额 | （不含利 | （如 | 金额 | 额 | | | | | | 系 | 科目 | | 息） | 有） | | | | 往来 ） | | 控股股东、实际控 | | 实际控制 | 其他应 | | | | | | | | | | 周群飞 | | | 16.31 | 0.12 | 0.00 | 0.00 | 16.43 | 租赁押金 | 经营性往来 | | 制人及其附属企业 | | 人 | 收款 | | | | | | | | | ...

字幕由Amara.org社区提供 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 尊敬的各位投资人大家晚上好我是身为电子的分析师杨海燕给大家汇报一下我们这个月推荐的电子金股蓝丝科技的新一篇深度那么蓝丝科技的话之前也是非常受到认可广受认可的这个苹果产业链核心标的 那么这一次的话我们也是深度去解剖它的这个成长历史包括它的这个核心竞争力那我们的这个观点的话基本上是说第一呢它是跟苹果业务的相关度非常高的一家公司第二个呢它是基于现在在苹果供应链的一个比较高的份额大概估计是在60%这样的一个份额 还是进一步在强化它的竞争力包括资本包括人员包括自动化等等这些方面都在去做竞争力的一个强化那么第三个的话就是在这一次的AI创新潮当中我们可以看见它是提前有布局了可成的泰州工厂那么就获得了这个非金属以外的就是金属当中铝合金的这样的一个结构件能力 那么在明年手机退贷环率的这样的一个趋势之下贷大概率会让可成的一个盈利效率进一步的去改 ...

Key Points Industry and Company - **Company**: Lishen Technology - **Industry**: Apple supply chain, smartphone manufacturing, high-tech manufacturing Core Views and Arguments - **Market Share**: Lishen Technology holds approximately 60% market share in the Apple supply chain. - **Competitive Strength**: The company is strengthening its competitiveness through capital investment, personnel expansion, and automation. - **AI Innovation**: Lishen Technology is actively investing in AI innovation, particularly in the field of metal components, to improve profitability despite rising smartphone return rates. - **Design Contributions**: The company is expected to play a key role in future design schemes, especially in the application of glass and metal materials. - **Revenue Forecast**: Analysts predict the company's smartphone shipments will reach about 220 million units next year, significantly boosting profitability if product performance exceeds expectations. - **Valuation**: Analysts believe Lishen Technology is currently undervalued, with a forward P/E ratio of about 20, and has the potential to benefit from the long-term trend of AI terminalization. - **Material Expertise**: The company has accumulated extensive experience in innovative materials, particularly in the blue series, including glass cover plates, sapphire, ceramics, and plastics, successfully applied to products like the Apple Watch. - **Revenue Diversification**: Lishen Technology has expanded its metal processing capabilities to serve multiple industries, including smartphones, new energy vehicles, and wearable devices, diversifying its revenue sources. - **Cost Optimization**: The company has maintained high gross and net margins through cost control and efficiency improvements, such as optimizing direct material costs, reducing labor costs, and improving asset utilization. - **New Production Base**: The launch of the latest production base further solidified the company's position in the smartphone assembly market and plans to provide more integrated supply chain services. - **R&D Investment**: Lishen Technology has invested heavily in R&D, obtaining a national enterprise technology center certification and accumulating a large number of effective patents, maintaining a leading position in high-end smartphone appearance components, special glass production, and precision processing. - **Profit Growth**: The report predicts the company's profitability will continue to grow in the next two years, with an estimated valuation of about 20 times. Other Important Content - **Customer Concentration**: The company's largest customer contributes about 55% to 71% of its revenue, and revenue growth has historically been driven by the demand changes of the largest customer. - **Component Business**: About 70% of the company's component business comes from Apple, indicating its involvement in system-level product development. - **Cost Structure**: Direct material costs accounted for 49% and labor costs for about 30% in 2020, rising to 61% and 24% respectively, while depreciation and electricity costs remained relatively stable. - **Technological Advantages**: Lishen Technology has demonstrated significant advantages in technological innovation, with cumulative R&D investment of 152 billion yuan since its listing in 2015, a national enterprise technology center certification, and annual R&D investment of 20 billion yuan from 2021 to 2023. - **Customer Contribution**: Apple's large customer has contributed about 300 to 330 billion yuan in revenue over the past three years, accounting for about 80% of the company's total revenue, with revenue contributions ranging from 111 to 140 billion yuan. - **System-Level Product Potential**: Lishen Technology has potential for product development and market expansion in areas such as tablets (Pad), personal computers (PC), and wearable devices, as well as steady growth in the automotive business.