【蓝思科技点评（中英）】外观件巨头内外兼修，Q3净利同比提升109%|蓝思科技_新浪财经

来源：申万宏源电子研究

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外观件巨头内外兼修，Q3净利同比提升109%

申万宏源研究 | 个股点评

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公告：蓝思科技前三季度营收206亿元，同比增长8.43%；归母净利润11.1亿元，同比增长4.1%。其中，3Q2019营收92.4亿元，同比增长14%，归母净利润12.6亿元，同比增长108%，盈利能力改善大超市场预期。

Lens Technology: 3Q net profit increased by 109%

In 1Q-3Q19，Lens Technology’s revenue reached ¥20.9 bn(+8.43% YOY), with net profit ¥1.11bn(+4.1% YOY). 3Q revenue and net profit shooted to ¥9.24bn(+14% YOY) and ¥1.26bn(+108% YoY),which greatly beat estimates.

受益于产品外观升级及产能利用率提升，Q3盈利能力显著提升。2019H2新机采用瀑布式3D玻璃、磨砂质感一体式玻璃后盖、幻影效果玻璃后盖等创新工艺，推动公司经营状况整体向好。同时，蓝思科技主要产区Q3均进入满负荷运行状态。Q3单季营收92.4亿元，环比增长41%，同比增长14%；单季毛利率29.2%，同比提升9.3ppts，向历史旺季经营效益看齐；Q3期间费用率同比基本持平，非经常损益仅0.46亿元；单季营业利润率15.9%，同比提升6.9ppts；归母净利率13.7%，同比提升6.2ppts。

推进管理变革、智能制造，改善运营效率。公司持续推进各项管理变革，在企业治理水平、管理与生产方式、资源与生产效率、客户与产品结构、成本与资产结构等多个方面取得了阶段性成果。前三季度，主要厂区投建进入尾声，在建工程18亿，主要集中于蓝思湘潭生产基地和长沙蓝思星沙二园，投资性净现金流32.5亿元，与去年同期65亿大幅减少；本期进行资产优化处置，出租部分房产，新增投资性房地产1.7亿，有助于提升整体资产周转效率。公司自主设计、生产、组装的智能制造生产加工设备，因质量好，性价比高，自动化应用程度高，智能制造产品得到了越来越多客户的认可和使用。

消费电子视窗玻璃、可穿戴设备陶瓷、蓝宝石结构件核心供应商地位不断加强。蓝思科技主要产品是防护玻璃以及蓝宝石、陶瓷、金属等外观防护零部件等，同时具有3D曲面玻璃、精密金属结构件、生物识别模组、触控模组等批量生产能力。蓝思客户为三星、LG、亚马逊、微软、诺基亚、华为、OPPO、VIVO、小米等消费电子知名品牌，2018年第一大客户收入130亿元，占比47%。

手机外观形状及色彩持续创新，公司将迎来新一轮成长机遇。2019年，主流手机厂商在手机背面外观推出诸多创新色彩，前后盖工艺迎来显著的革新。2020年，行业各大终端客户将迎来真正的5G换机潮，公司作为行业龙头将充分受益。

维持盈利预测，维持增持评级。由于产能利用率及管理改善超预期，公司Q3归母净利润超市场预期。维持2019/2020/2021年营收预测292/326/356亿元，维持归母净利润预测16/19/24亿元。当前市值对应2020年PE 27X，维持增持评级。

Lens Technology: 3Q net profit increased by 109%

Benefiting from appearance product upgrade and capacity utilization improvement, 3Q's profitability improved significantly. 19H2 new model adopts innovative technologies such as waterfall 3D glass, textured matte back cover glass and so on, improving the company’s operating conditions. During 3Q, the main capacity are full load .3Q revenue reached to 9.24bn(QoQ +41%,YoY +14%),gross profit margin 29.3%(+9.3% YoY) closing to the historical peak season. Expense ratio same as the previous year. Non-recurring profit and loss was only 46 mn. The operating profit margin was 15.9%(+6.9% YoY) , net profit margin was 13.7%(+6.2% YoY).

Promote management reform, intelligent manufacturing, and improve operational efficiency. Company conducted management reform in many ways, achieving initial results in corporate governance, management and production methods, resources and production efficiency, customer and product structure, cost and asset structure. Construction work in process is 1.8 billion, mainly concentrated in the Xiangtan and Changsha production base. Net cash flow of investment is 3.25 bn, significantly decrease from 6.5 bn the same time last year. Assets were optimized and disposed of, some real estates were leased, newly added investment property was 170 mn, which improve the overall asset turnover.

The key supplier of consumer electronic window glass, ceramics for wearable, and sapphire structural components. The main products of Lens Technology are protective glass, sapphire, ceramics, metal and other protective products. It also has 3D curved glass, precision metal structural parts, biometric modules, touch modules. Lens’s customers are Samsung, LG, Amazon, Microsoft, Nokia, Huawei, OPPO, VIVO, Xiaomi and other well-known consumer electronics brands. In 2018, the largest customer accounting for 47% of the revenue, reaching to 13 bn.

Due to continuous innovation on mobile’s appearance and color, Lens will meet great opportunities. In 2019, mainstream mobile phone manufacturers introduced many innovative colors on the back of the phone, resulting significant innovation in front and back cover. In 2020, the 5G phone market will emerge. Lens Technology will greatly benefit as the leader.

Maintain forecast and rating. Maintain revenue forecast of 292/326/355.6bn for 2019/2020/2021, and maintain net profit forecast of 16/19/24 bn. The current market value corresponds to 2020 PE 27X, maintaining “outperform” rating.

蓝思科技历史报告(Historical Report）：

【点评|蓝思科技】外观件巨头内外兼修，Q3盈利能力显著提升 20191014

【点评|蓝思科技】外观件维持领军地位，智能制造改善盈利能力 20190831

申万宏源电子|蓝思科技（300433）点评 20181017

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For more information

骆思远

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梁爽

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杨海燕

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