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  来源:阿尔法工场研究院

  导语:智能手机市场逐渐趋于饱和,竞争加剧,公司需要不断推出创新产品和解决方案来维持增长。

  据蓝思科技在港交所递交的招股书内容,此次公司拟在香港联合交易所主板上市,独家保荐人为中信证券。此次发行股份的具体数量、融资规模等细节暂未完全确定,不过从招股书透露的信息来看,此次上市意义重大,有望为公司的发展注入新的活力。

  蓝思科技的主营业务是提供智能终端全产业链一站式精密制造解决方案,涵盖消费电子、智能汽车以及新兴智能终端等领域。

  在消费电子板块,公司为智能手机、电脑、智能穿戴设备等提供防护玻璃、金属中框、触控显示模组等产品,是全球首款智能手机防护玻璃核心供应商,在全球消费电子精密结构件及模组综合解决方案行业中排名领先。

  在智能汽车领域,围绕智能驾驶舱研发及生产多样化产品,如中控屏、仪表盘等车载电子玻璃及组件,还是全球首款高端智能汽车中控屏交互系统及智能B柱供应商,在全球智能汽车交互系统综合解决方案行业排名靠前。

  同时,公司积极布局新兴领域,涉足人形机器人、AI眼镜/XR头显及智慧零售等,与头部企业合作提供核心零部件量产及整机组装等服务。

  其商业模式基于强大的平台化能力和垂直整合能力。在平台化方面,拥有人才、技术、供应和智造四大平台。

  人才平台培养了众多专业研发技术专家,能快速组建跨领域团队;技术平台具备跨领域技术迁移能力;供应平台可自产原材料,高效满足客户需求;智造平台基于设备开发经验,能快速开发新业务生产线。

  垂直整合能力体现在公司业务覆盖从原材料及功能结构件生产,到功能模组贴合,再到整机组装的全产业链,实现全材料覆盖,为客户提供一站式垂直整合服务。凭借这些优势,蓝思科技在行业中占据领先地位,成为全球精密制造行业的重要参与者。

  从财务状况来看,公司在业绩记录期内表现亮眼。2022年、2023年及2024年,公司分别录得收入人民币466.99亿元、人民币544.91亿元及人民币698.97亿元,2023年及2024年分别同比增长16.7%及28.3%。

  2022年、2023年及2024年的年度利润分别为人民币25.20 亿元、人民币30.42亿元及人民币36.77亿元,2023年及2024年分别同比增长20.7%及20.9%。同时,公司在2022-2024年持续进行现金分红,累计分红可观,显示出良好的盈利能力和对股东的回报能力。

  综合来看,蓝思科技此次赴港上市具有较高的投资价值。公司在行业内处于领先地位,拥有强大的技术实力、广泛的客户群体和良好的财务表现。

  其在消费电子和智能汽车领域的深厚积累,以及在新兴领域的积极布局,为未来的增长提供了广阔空间。随着全球智能终端市场的持续发展,蓝思科技有望凭借自身优势进一步扩大市场份额,提升盈利能力。

  然而,投资蓝思科技也存在一些潜在风险。

  公司大部分收入来自少数关键客户,在2022-2024年,来自前五大客户的收入占比分别为83.3%、83.1%和81.1%,对大客户的依赖度较高。若与这些关键客户的合作出现问题,如订单减少、延迟或取消,可能导致公司销售出现显著波动或下降。

  此外,公司所处行业竞争激烈,全球精密制造行业参与者众多,部分竞争对手可能拥有更强大的资源和经验,若公司不能持续创新和提升竞争力,可能面临市场份额被挤压的风险。

  宏观经济状况和消费者支出水平也对公司业务产生影响,经济不确定性可能导致消费者推迟或避免购买消费电子产品或智能汽车,从而影响公司产品的需求。

  从营收增长来看,公司在2023-2024年实现了较高的营收增长,主要得益于智能手机与电脑类相关收入增加,以及在智能汽车和新兴领域业务的拓展。但这种增长也面临挑战,如智能手机市场逐渐趋于饱和,竞争加剧,公司需要不断推出创新产品和解决方案来维持增长。

  在市场竞争力方面,蓝思科技凭借全产业链一站式精密制造能力、持续的研发投入以及与世界一流客户的长期合作,在行业内具有较强的竞争力。但行业技术更新换代快,公司需要不断投入研发以保持领先地位,若研发进度滞后,可能影响其市场竞争力。

  管理团队方面,公司创始人周群飞具有战略远见和丰富的行业经验,带领公司取得了显著成就。在她的领导下,组建了一支业务精通、经验丰富的管理团队,平均在公司从业年限超15年,拥有相关行业工作经验超20年。

  这些管理人员在制定业务策略、实现战略目标等方面发挥着重要作用,为公司的稳定发展提供了有力保障。

  未来战略上,公司计划通过战略性扩张和优化产能、丰富产品和服务组合、持续改进智能智造系统、增加研发投入以及进行产业链整合及战略并购等方式促进增长。

  例如,公司计划在靠近主要客户的战略位置设立新的工业园区,以扩大全球业务布局,满足市场对精密制造解决方案日益增长的需求。但这些战略的实施也面临一些不确定性,如产能扩张可能面临资金、土地、人才等方面的挑战,战略并购可能存在整合风险等。

  蓝思科技在港交所上市是其发展历程中的重要里程碑,虽然面临一些风险,但凭借其在行业内的领先地位、强大的技术实力和优秀的管理团队,在港股市场仍具有较大的发展潜力,值得投资者密切关注。

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