週四（9月4日）早市港股蘋果概念股盤初上揚，瑞聲科技（02018）高開升2.91%，報43.2元，昨日盤中逼近保力加通道底部，最低41.76元。從技術走勢觀察，股價目 前正於關鍵支持位附近徘徊，多空雙方展開激烈爭奪，短線突破方向成為市場關注焦點。 技術分析顯示，瑞聲當前支持位分別位於40元（支持1）和36.3元（支持2），而上方阻力則見於45.5元（阻力1）及48.2元（阻力2）。值得留意的是，股價 目前略低於10日移動平均線（43.84元），與30日移動平均線（43.71元）基本持平，但仍站穩在60日移動平均線（41.92元）之上。RSI相對強弱指數目前處 於45水平，屬於中性偏弱區間，多個震盪指標顯示超賣狀態，威廉指標更顯示"處於超賣區間，買入"信號，技術面呈現築底特徵。 | 信號總結 | 賣出信號 中立信號 | 買入信號 | | --- | --- | --- | | 中立 | O | | 大行方面，華泰證券研究報告指，瑞聲科技(02018.HK)上半年聲學毛利率承壓，光學毛利率改善。考慮到MEMS麥克風業務的毛利率改善低於預 期，該行將2025至27年歸母淨利預測分別下調1%、5%及4%，至22.8億 ...

在折叠iPhone方面，郭明錤称苹果近期已上修折叠屏iPhone出货量，2026与2027年分别提升至800-1000 万，以及2000-2500万。此前预估分别为600-800万以及1000-1500万。在折叠iPad方面，郭明錤认为定价 策略更为高端，在展开状态下将提供18至20英寸的显示面积，苹果目前预估首年的出货量为50-100万 台。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01415 | 高伟电子 | 34.180 | 6.02% | | 06613 | 蓝思科技 | 27.560 | 4.55% | | 00285 | 比亚迪电子 | 43.040 | 4.72% | | 02018 | 瑞声科技 | 43.640 | 3.95% | | 02382 | 舜宇光学科技 | 80.400 | 2.03% | | 01478 | 丘钛科技 | 14.540 | 2.61% | | 02038 | 富智康集团 | 15.500 | 0.19% | 港股苹果概念股多数走强，其中，高伟电子涨6%，蓝思科技、比亚迪电子涨近5%，瑞 ...

每经AI快讯，9月4日，港股苹果概念股盘初上扬，蓝思科技涨近6%，高伟电子涨超5%，瑞声科技、比 亚迪电子涨超3%。 ...

智通财经APP获悉，苹果概念股多数活跃，截至发稿，高伟电子(01415)涨5.27%，报33.94港元；瑞声科 技(02018)涨3.62%，报43.5港元；比亚迪电子(00285)涨3.55%，报42.56港元；蓝思科技(06613)涨 2.73%，报27.08港元。 消息面上，据报道，天风国际证券分析师郭明錤透露，苹果计划于2026年推出其首款可折叠iPhone，并 计划于2028年跟进发布可折叠iPad。此外，消费电子进入新品发布旺季。华为今日将举办华为Mate XTs 非凡大师及全场景新品发布会，将发布新款华为三折叠屏手机。苹果则官宣2025年秋季发布会将于北京 时间9月10日凌晨1点举行，届时iPhone、Apple Watch、Airpods等新品将发布。国盛证券指出，消费电 子板块中长期成长逻辑依然稳固，AI创新产业趋势明确，端侧AI落地有望加速手机等终端换机周期， 并将驱动对硬件的升级，看好板块修复弹性。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 瑞聲科技控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02018 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | 本月底法定/ ...

Core Insights - AAC Technologies (2018.HK) reported a record high revenue of RMB 13.32 billion for the first half of 2025, representing an 18.4% year-on-year growth [1] - Net profit surged by 63.1% to RMB 876 million, driven by improved profitability in the optical business and rapid growth in precision components [1] - The acoustic business showed steady growth with a revenue of RMB 3.52 billion, a 1.8% increase year-on-year, and a gross margin of 27.2% [1] Revenue and Profitability - The company achieved a record revenue of RMB 13.32 billion in the first half of 2025, marking an 18.4% increase compared to the previous year [1] - Net profit increased significantly by 63.1% to RMB 876 million, attributed to the enhanced profitability of the optical business and the rapid growth of precision components [1] Acoustic Business Performance - The acoustic segment generated revenue of RMB 3.52 billion, reflecting a 1.8% year-on-year growth, with an expected increase in gross margin due to the launch of more mid-to-high-end projects in the second half of the year [1] - The company introduced innovative acoustic products, including the industry-first Master-level coaxial symmetrical dual speaker, which was featured in the Redmi K80 Supreme Edition, enhancing bass and high-frequency details [1] Product Innovation - AAC Technologies launched several innovative acoustic products, including the industry's thinnest speaker at only 1.4mm thick, used in the OPPO Find N5 [1] - The company continues to integrate advanced hardware design, intelligent algorithms, and professional tuning services to meet the complex acoustic application needs of smart devices [2] Future Outlook - The management indicated that the acoustic gross margin is expected to steadily improve in the second half of the year, maintaining a level not lower than the previous year's 30.2% [2]

Core Viewpoint - The narrative surrounding AAC Technologies (瑞声科技) is shifting from being labeled as a "cyclical acoustic stock" to a new logic driven by technological premium and diversified growth, as evidenced by a net profit increase of over 60% year-on-year in the first half of the year [1][2]. Financial Performance - The company reported a revenue of 13.32 billion yuan in the first half, representing an 18.4% year-on-year growth, and a net profit of 876 million yuan, which surged by 63.1% [2][3]. - The revenue growth was primarily driven by product structure upgrades and a slower expense growth rate compared to revenue growth [2]. - The company has a solid financial cushion with 7.75 billion yuan in cash, a net debt ratio of 4.7%, and an operating cash inflow of 2.89 billion yuan [2]. Business Engines Transformation - The business model is evolving from a "single engine" to a "three-engine" approach, indicating a significant transformation in operations [4]. First Engine - Optical - The optical business is experiencing continuous profit improvement, with revenue reaching 2.65 billion yuan in the first half and a gross margin increase of 5.5 percentage points to 10.2% [3][5]. - The company is expected to ship over 10 million WLG (glass-plastic hybrid lens) units this year, with a projected 50% increase in shipments next year [5]. Second Engine - AI Hardware - The AI hardware segment is driving exponential demand growth, with the VC thermal plate entering flagship models of global top clients [6][7]. - The market for MEMS microphones is expected to grow significantly due to AI voice interaction needs, with revenue from this segment reaching 608 million yuan, a year-on-year increase of 56.2% [3][6]. Third Engine - Automotive Acoustics - The automotive acoustic segment is transitioning to a system-level solution provider, with high-end electric vehicles using up to 20 microphones per vehicle [8]. - The company has secured orders from various new energy vehicle brands, indicating a strong market presence [8]. Market Expectations - There is a discrepancy in market expectations, as the company is still valued based on traditional acoustic metrics, while it has transitioned to a diversified perception ecosystem platform [9]. - Short-term catalysts for valuation re-evaluation include further improvements in optical profitability, rapid growth in high-value segments, and sustained growth in automotive speaker business [10][11]. Long-term Outlook - The company is well-positioned for long-term growth, with expectations of significant increases in single-unit value across various segments, including robotics and automotive [11]. - As the market begins to recognize AAC Technologies as a technology platform focused on perception ecosystems rather than merely a mobile component supplier, the potential for a "Davis Double" effect may emerge [11].

Core Viewpoint - Apple Inc. is set to hold a major fall product launch event on September 9, where the iPhone 17 series is expected to be unveiled, leading to a positive market reaction for Apple-related stocks [1] Group 1: Stock Performance - Lens Technology (300433) saw an increase of 11.02%, trading at 28.82 HKD [1] - GoerTek (01415) rose by 2.46%, reaching 34.2 HKD [1] - AAC Technologies (02018) experienced a 1.72% increase, priced at 46.02 HKD [1] - FIH Mobile (02038) gained 1.73%, with a price of 15.25 HKD [1] Group 2: Strategic Developments - Apple is in discussions with Google to enhance Siri, indicating a dual approach of external collaboration and in-house development to accelerate AI advancements, with potential outcomes exceeding expectations by 2026 [1] - Citic Securities noted that the current valuations of A/H share companies in the Apple supply chain are relatively low, anticipating a recovery in sentiment due to the resolution of short-term negative factors [1] - Apple announced an additional investment commitment of 100 billion USD in the U.S., bringing its total investment over the next four years to 600 billion USD, which is expected to expedite its investment pace in the U.S. and secure exemptions from punitive tariffs on iPhone assembly in India [1]

Core Viewpoint - 瑞声科技 reported a revenue of 13.3 billion yuan for 1H25, reflecting an 18% year-over-year increase, with a net profit of 880 million yuan, up 63% year-over-year [1][2] Group 1: Financial Performance - The company achieved a revenue of 35.2 billion yuan in the acoustic segment, a 2% year-over-year increase, with a gross margin of 27.2%, down 2.7 percentage points [1] - The optical segment generated a revenue of 26.5 billion yuan, a 20% year-over-year increase, with a gross margin of 10.2%, up 5.5 percentage points [1] - The motor and precision components segment reported a revenue of 46.3 billion yuan, a 27% year-over-year increase, with a gross margin of 22.9%, remaining stable [1] Group 2: Future Outlook - The company is expected to leverage opportunities in the automotive, XR glasses, and robotics sectors, potentially creating new growth drivers [2] - In the automotive sector, partnerships and acquisitions are anticipated to enhance the company's competitive edge, with significant revenue and market share growth expected in the next 2-3 years [2] - For XR glasses, the company has made breakthroughs with major clients, leading to anticipated rapid revenue growth from this segment [2] - The robotics segment is expected to see product layout advancements, particularly in high-value areas, with potential for quick scaling in customer adoption [2] Group 3: Valuation and Ratings - The net profit forecasts for 2025, 2026, and 2027 have been adjusted downwards by 1%, 5%, and 4% to 2.28 billion, 2.65 billion, and 2.92 billion yuan respectively [1][2] - The target price has been revised to 60.30 HKD, maintaining a "buy" rating, with a target PE of 25.0x for 2026 [2]

Core Insights - 瑞声科技 reported a record revenue of RMB 13.32 billion for the first half of 2025, representing an 18.4% year-on-year increase, with net profit rising 63.1% to RMB 876 million [1] - The company expects to maintain a high growth rate in revenue for the second half of the year, not lower than the first half's growth rate, with a full-year gross margin expected to be no less than 22.1% from the previous year [1] - The AI upgrade trend is anticipated to drive significant growth in multiple business segments, including cooling and MEMS microphones, with revenue from the cooling segment expected to exceed RMB 1.2 billion, tripling compared to 2024 [6] Financial Performance - The acoustic business generated revenue of RMB 3.52 billion in the first half of 2025, with a gross margin of 27.2%, a decrease of 2.7 percentage points year-on-year [3] - The company aims to maintain the full-year acoustic gross margin at no less than 30.2%, supported by improved operational efficiency and large-scale production in the second half [3] - The optical business revenue reached RMB 2.65 billion, growing 19.7% year-on-year, with expectations for the gross margin to exceed 30% for the full year [4] Product Development - 瑞声科技 launched innovative acoustic products, including the SLS master-level and coaxial speakers, with over 17 million units shipped in the first half, a nearly 40% increase year-on-year [3] - The company’s unique WLG technology is expected to see over 10 million units shipped this year, with a projected growth of over 50% next year [4] - The introduction of high-performance, high-density products is anticipated to enhance market opportunities, particularly in the context of foldable devices [6] Market Expansion - The automotive segment has become a significant growth area, contributing over 13% to total revenue, with a revenue of RMB 1.74 billion in the first half of 2025, a 14.2% increase year-on-year [7][8] - The company has established itself as a TIER1 supplier in the automotive sector, with successful projects in Europe and China [7] - Future plans include expanding from component supply to branded system products, aiming to provide diversified solutions in the acoustic, optical, and electronic sectors [8]