金吾财讯 | 海通国际研报指，蓝思科技(06613)作为智能终端全产业链平台型龙头，充分受益大客户创新周期，智能手机与电脑未来三年受益于大客户创新周期、业务可见度高、预计加速成长，智能汽车及座舱类业务战略级创新支点产品超薄汽车夹胶玻璃放量在即、且此前海外工厂毛利率拖累因素有望消弭，智能头戴与智能穿戴类产品已预定AR核心受益地位、静待行业爆发，人形机器人/AI服务器未来可期。该机构判断公司明后年业务有望加速成长，且将保持利润增速强于营收增速。该机构预计公司2025-2027年营收分别为874.07、1105.47、1331.41亿元，归母净利润分别为CNY 47.85、68.01、83.62亿元（全文内容若无特别说明部分，默认币种为人民币）。参考可比公司并考虑公司未来两年的加速成长，该机构给予蓝思科技2026年26X PE，对应目标价36.5HKD，有46.7%的上行空间，首次覆盖给予“优于大市”评级。
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