证券时报网讯，高盛在研究报告中看好瑞声科技的盈利能力，预计其经营溢利率将从2024年的7%逐渐 提升至2027年的10%。 这一增长主要受益于手机镜头出货量增加、产品组合改善、车用声学市场扩展以及高端手机音响效果的 提升，同时预计公司的运营效率也将提高。 高盛维持对瑞声的"买入"评级，并将其列为首选股票，目标价从47港元上调至48港元。 校对：刘星莹 ...

证券时报•数据宝统计，瑞声科技在港交所公告显示，1月2日以每股36.050港元至37.650港元的价格回购 31.40万股，回购金额达1151.84万港元。 该股当日收盘价36.250港元，下跌3.33%，全天成交额1.49亿港元。 自2024年12月17日以来公司已连续10日进行回购，合计回购244.45万股，累计回购金额9102.15万港元。 其间该股累计下跌1.36%。 （数据宝） 瑞声科技回购明细 ...

| --- | --- | |--------------|-------------| | | | | 目标价： 45 | 港元 | | 现价： | 37.2 港元 | | 预计升幅 : | 21.1% | 姓名：杨森 | --- | --- | |--------------------------------|---------------| | | | | 日期 | 2024-12-30 | | 收盘价（港元） | 37.2 | | 总股本（亿股） | 11.99 | | 总市值（亿港元） | 446 | | 净资产（亿港元） | 242.4 | | 总资产（亿港元） | 482.9 | | 52 周高低（港元） | 40.4/16.8 | | 每股净资产（港元） | 20.2 | | 数据来源： Wind 、国元证券经纪 | ( 香港 ) 整理 | 主要股东 Sapphire Hill Holdings Limited 11.25% K&G International Limited 10.73% 研究部 电话：0755-21519178 Email:yangsen@gyzq.com.hk 买入 P ...

4.2、 5.1、盈利预测 . 胜:财务预测摘要 2 / 33 奖 开源证券 公司首次覆盖报告 | --- | --- | |--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------| | 图 19: | PSS 客户覆盖海外主流汽车品牌 | | 图 20: | 2023-2028 年麦克风市场规模预计年复合增速为 7.5%……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 15 | | 图 21: | 2023-2029 年 MEMS 市场规模预计年复合增速为 5% | | 图 22: | 提像头模组构成 | | 图 23: | 瑞声科技摄像头模组产品 | | 图 2 ...

2）PSS车载及消费声学产品业务与集团的协同效应逐渐显现。 3）智能手机光学行业需求复苏叠加集团在中高规格市场份额提升光学业务增长显著。 5)得益于集团的高性能横向线性马达以及产品组合的改善，电磁传动业务毛利率显著增长。 证券时报网讯，中邮证券研报指出，1）高端声学平台持续导入主力机型，瑞声科技产品组合不断改 善。 6)精密结构件业务多产品持续放量。 2024年上半年，集团声学业务实现收入人民币34.6亿元，同比增长4.1%，主要由于上半年全球智能手机 市场回暖，出货量重回增长轨道。 集团的车载声学业务持续突破，PSS与集团的协同效应逐渐显现。 4）高端马达产品持续放量，集团不断优化精密结构件产品结构。 7)乘AI东风，智能手机MEMS麦克风大有可为。 PSS相关业务并表收入为人民币15.2亿元，毛利率为25.0%。 2024年上半年，集团光学业务实现收入人民币22.1亿元，同比增长24.9%。 8)手机MEMS麦克风前三大制造商，迄今为止出货超70亿件。 电磁传动及精密结构件业务方面，2024年上半年，该合并分部收入为人民币36.6亿元，同比增长1.1%。 校对：祝甜婷 ...

Investment Rating - The report gives a "Buy" rating for the company, with expected PE ratios of 24x, 18x, and 15x for 2024, 2025, and 2026 respectively [7][10] Core Views - The company's acoustic business achieved revenue of RMB 3.46 billion in H1 2024, up 4.1% YoY, with gross margin improving by 4.4 percentage points to 29.9% [2] - The optical business saw significant growth, with revenue increasing 24.9% YoY to RMB 2.21 billion in H1 2024, and gross margin improving by 21.7 percentage points to 4.7% [2] - The company's MEMS microphone business continues to lead the industry, with high-value products accounting for over 60% of Android shipments, up 15 percentage points YoY [11] - The PSS automotive and consumer acoustic business achieved revenue of RMB 1.52 billion with a gross margin of 25.0%, showing increasing synergies with the group [2] Financial Performance - Revenue is expected to grow from RMB 26.03 billion in 2024 to RMB 33.00 billion in 2026, with net profit attributable to shareholders increasing from RMB 1.71 billion to RMB 2.70 billion [7][33] - EPS is projected to rise from RMB 1.43 in 2024 to RMB 2.25 in 2026, with P/E ratios declining from 23.87x to 15.12x over the same period [33] - Gross margin is forecast to improve from 21.55% in 2024 to 22.49% in 2026, driven by product mix optimization and cost control [30] Business Segments Acoustic Business - SLS master-level speakers maintained rapid growth, with shipments exceeding 12 million units, up nearly 200% YoY [2] - The innovative Combo series of acoustic and electromagnetic products shipped close to 4.5 million units [2] - The company launched industry-leading thin speakers for foldable devices, gaining major share in multiple customers' foldable models [2] Optical Business - 6P lens shipments maintained over 15% of total plastic lens shipments, with 1G6P hybrid lens shipments reaching 1.4 million units, up nearly 40% YoY [29] - The company's WLG process received positive feedback from smartphone manufacturers for its efficiency and precision [29] - Optical module revenue grew 29% YoY in H1 2024, driven by both volume and price improvements [29] MEMS Microphone Business - The company has shipped over 7 billion MEMS microphones, maintaining its position as a top-three global manufacturer [11] - High-value MEMS microphone products accounted for over 60% of Android shipments, up 15 percentage points YoY [11] - The company is well-positioned to benefit from AI-driven demand for advanced voice interaction technologies [11] Automotive and Consumer Acoustic Business - PSS products cover a wide range of high-performance automotive speakers, with the company expanding its presence among global top-tier automakers [2] - The business is expected to benefit from the rapid growth of the new energy vehicle market, with domestic NEV sales up 32% YoY in H1 2024 [2] Electromagnetic and Precision Components - Revenue from this segment reached RMB 3.66 billion in H1 2024, with gross margin improving by 3.6 percentage points to 22.9% [29] - High-end motor products and optimized product structure contributed to margin improvement [29] - The company shipped nearly 500,000 hinge products in H1 2024, with innovative foldable screen hinge solutions setting industry benchmarks [29]

证券时报网讯，里昂发布研究报告，将瑞声科技的目标价从38.6港元上调至47.7港元，并将其纳入中国 科技股H股首选名单。 报告指出，瑞声科技受益于市场复苏、成本控制和产品组合改善，预计其营收和利润率将持续增长。 此外，内地政府实施手机补贴将使公司成为主要受益者。 校对：赵燕 ...

证券时报网讯，高盛预测瑞声科技下半年收入将同比增长42%，全年收入增长33%，高于市场预期。 增长主要得益于6P镜头的贡献增加及Premium Sound Solutions汽车业务的推动。 公司通过产品升级和生产线扩张提升盈利能力，包括可折叠手机的声学组件、汽车方向盘的触觉装置 等。 高盛对公司盈利能力的前景持乐观态度，上调瑞声目标价至47港元，并维持"买入"评级。 校对：廖胜超 ...

瑞声科技（2018） 更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|---------|-----------------------|----------------------------------|-----------------------|---------------------------------------------------------------------------------------|---------------------|---------------|------------------------------| | 24 年上半年业绩向好，光学有望年底实现扭亏 | | 买入 | | | | | 2024 \n陈晓霞 | 年 10 月 16 日 | | 24 年上半年业绩向好：公司 | | 2024 | | 年上半年实现收入 | 112.5 | 亿元（ ...