Core Insights - Apple's COO Jeff Williams emphasizes the company's commitment to China, stating that Apple will continue to invest significantly in the region [2][3] - Over 80% of Apple's top 200 global suppliers have factories in China, highlighting the importance of the Chinese supply chain [1][2] - Apple has invested $20 billion in smart and green manufacturing in China over the past five years [1] Group 1: Supply Chain and Investment - Apple is deepening its ties with Chinese suppliers, as evidenced by Williams' visits to key companies like GoerTek, Luxshare Precision, and Jabil [1][2] - The company announced a new investment fund of 720 million RMB aimed at expanding clean energy capacity in China, targeting an annual addition of approximately 550,000 MWh of wind and solar power [2] - The collaboration with suppliers is not just about manufacturing but also involves technological advancements and innovation [7][10] Group 2: Automation and Technological Advancements - The automation level in Chinese manufacturing is notably high, with minimal human presence on production lines at GoerTek and Luxshare Precision [3][5] - GoerTek has been collaborating with Apple for 15 years, focusing on high automation in microphone and speaker production [4][5] - Luxshare Precision has seen over 50% growth in its Apple business over the past two years, expanding its factory presence in China [6] Group 3: Equipment Suppliers and Innovation - Jabil, as an upstream equipment supplier, has provided nearly 65,000 devices to Apple since 2008, showcasing significant growth and innovation in its product offerings [8][9] - The company has developed advanced feeding systems and robotics, aiming to reduce costs and energy consumption in manufacturing [8][9] - The collaboration with Apple has allowed Jabil to evolve from simple assembly machines to comprehensive automation solutions [8][9] Group 4: Market Dynamics and Future Outlook - The Chinese supply chain is undergoing continuous restructuring and upgrading, enhancing competitive barriers [10] - Luxshare Precision is actively acquiring to enrich its product line and technology matrix, while GoerTek plans to restart its IPO for greater market space [10] - The demand for AI integration in consumer electronics is seen as a new growth point, with Apple preparing to launch its Chinese AI in April [10]

Core Insights - Apple's COO Jeff Williams visited Chinese suppliers Goer and Luxshare Precision, highlighting the importance of the supply chain and collaboration with Chinese companies [1][3][6] Group 1: Goer Technology - Goer has been collaborating with Apple since 2010, expanding partnerships across multiple fields including speakers, receivers, precision components, and assembly projects for AirPods and HomePod [3] - The automation production line at Goer integrates flexible manufacturing and AI technology, significantly improving production line utilization and efficiency [3][4] - Goer has achieved 100% renewable energy usage for Apple production since 2023 and incorporates 80% recycled materials in HomePod injection parts, demonstrating a commitment to sustainable development [5] Group 2: Luxshare Precision - Luxshare began its partnership with Apple in 2011, initially supplying connectors and now covering nearly all Apple product lines, with a 50% growth in Apple-related business over the past two years [6][10] - The Changshu factory of Luxshare integrates various advanced manufacturing technologies, achieving vertical integration from mold processing to component production [6][8] - Luxshare has also achieved 100% renewable energy usage for Apple-related production and actively participates in Apple's training programs, benefiting over 17,000 employees [10] Group 3: Innovation and Future Prospects - The collaboration between Apple and its suppliers has led to significant innovations in manufacturing processes, such as automated glue application, which was previously done manually [9] - Apple's ongoing investment in China includes a new 720 million RMB clean energy fund aimed at enhancing renewable energy capacity [8] - Williams expressed confidence in the future of development through interactions with supply chain engineers, emphasizing the potential for innovation and growth [10]

苹果COO到访歌尔股份，姜滨：苹果供应链中声学产品最全，AI时 代要有更多创新 苹果高管再次到访中国考察供应链。 3月24日下午，苹果首席运营官杰夫·威廉姆斯（Jeff Williams）一行来到歌尔股份位于山东潍坊的工厂，在歌尔股份（002241）董事长 姜滨的陪同下参观了最新的iPhone 16e扬声器生产线，以及歌尔的模具中心。 歌尔股份是苹果供应链一家非常重要的成员。双方在2010年开始在麦克风领域进行合作。过去15年，歌尔先后参与苹果数十款产品的 生产与制造。目前，歌尔与苹果在麦克风、扬声器、受话器、精密结构件、光学零组件，以及AirPods、AirPod Max、HomePod等整机 组装等领域建立深度合作。 当天参观的歌尔潍坊光电园二期厂，共有2万名员工。歌尔的扬声器自动化生产线开发融合了柔性制造和人工智能技术。 苹果团队与歌 尔在自动化和工艺研发方面密切合作，通过不断提升设备兼容性和快速切换能力，大大提高了生产线利用率。 "15年来与苹果合作了几十款产品，几百种零件这个过程我们跟苹果协作做了很多创新，不管是麦克风，还是扬声器都在越来越好，而 且我们又结合了自动化的技术，现在我们自动化率非常高， ...

Investment Rating - The report assigns a rating of "Buy" for the company [4] Core Views - The company is positioned as a global leader in the optoelectronic industry, focusing on a comprehensive strategy that integrates components and finished products, targeting leading clients in the technology and consumer electronics sectors [1][13] - The report highlights significant growth potential in AI-enabled XR glasses and TWS headphones, driven by advancements in AI technology and strong partnerships with major clients [2][3] Summary by Sections Company Overview - The company, established in 2001 and listed in 2008, initially focused on micro-acoustic components and successfully entered Apple's supply chain in 2010, leading to rapid revenue growth [1][13] - The strategic shift to a "parts + finished products" model in 2015 has resulted in a diversified product matrix, including precision components, smart acoustic systems, and smart hardware [1][13] AI/XR Glasses - The XR glasses market is expected to face short-term shipment pressures, but product iterations and ecosystem enhancements are anticipated to drive future growth [2] - The company is recognized as a leading XR OEM, leveraging both internal capabilities and external investments to strengthen its competitive edge [2] TWS Headphones - The global TWS headphone market is recovering, with AI technology enhancing user experience through features like real-time translation and health monitoring [3] - The company has established strong collaborations with major clients such as Apple and Huawei, facilitating stable growth in its TWS business [3] Financial Analysis - Revenue projections for 2024-2026 are estimated at 100.39 billion, 106.43 billion, and 118.30 billion CNY, with corresponding net profits of 2.65 billion, 3.48 billion, and 4.50 billion CNY, reflecting significant growth rates [7][9] - The company has shown a recovery in profitability, with a notable increase in net profit in 2024 compared to the previous year [30][37] Competitive Positioning - The company has a robust global presence with R&D centers across multiple countries, emphasizing partnerships with leading technology firms and academic institutions [25][28] - The strategic focus on high-value segments in the AR market, including optical and machine components, positions the company favorably for future growth [55][56]

Group 1 - The core viewpoint of the article highlights the launch of new speaker technologies by Goer, aimed at meeting specific demands in the smartphone and wearable device markets [1] Group 2 - Goer introduced the DPS-F and Daoyin-F speakers to cater to the needs of foldable smartphones, focusing on ultra-thin design, high volume, low distortion, and privacy during calls [1] - For high-end flat smartphones, Goer launched the DPS 2.0 and Daoyin Ultra speakers, which aim to provide a balanced stereo sound and bass-like audio experience [1] - The Rhythm-Z 2.0 speaker was developed for ultra-thin/foldable tablets, addressing the need for reduced thickness while enhancing full-frequency sound quality [1] - Additionally, Goer unveiled the Sandwich 2.0 speaker technology specifically for high-end smartwatches [1]

研究所 [table_reportdate] 通信\电子 2025 年 2 月 24 日 行业周报 行业研究 行业周报 投资评级：推荐 国内各厂商全面接入 deepseek，算力需求加速释放 --通信及电子 20250224 周报 1）摘要 在国内 AI 公司深度求索发布大模型 DeepSeek-R1 之后持续获得高度关 注，包括腾讯、阿里在内的各大平台相继接入 DeepSeek，国内算力需 求有望得到进一步的激发。DeepSeek-R1 在性能上对标全球领先水平， 并且具有明显的成本优势，同时实现全面开源，DeepSeek R1 的发布及 其具备的各项优势，有望使得 AI 应用加速落地，端侧持续受益。随着 端侧算力的增强，端侧模型将在更多的领域中发挥重要作用，特别是在 需要实时处理和高隐私要求的应用场景中。全球 AI 应用商业化有望提 速，AI 应用场景将有望和消费电子等场景深度结合，进入百花齐放的 时期。在算力环节我们优先推荐国内晶圆代工环节，首推龙头中芯国际 和华宏公司，同时建议关注上游设备，半导体设备行业在成熟制程扩产、 国产化替代以及国产设备技术突破的共同推动下，保持快速增长，同时 在先进制程工艺以 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the AR industry, including Tianyue Advanced, Goer, Lante Optics, and Crystal Optoelectronics [4][5]. Core Insights - The report highlights the significance of Silicon Carbide (SiC) in the development of AR glasses, emphasizing its advantages such as improved display quality, reduced weight, and enhanced heat dissipation [1][2][3]. - The collaboration among companies like Longqi, XREAL, Kunyou Optoelectronics, and Jing Sheng Machinery in the AR glasses sector is noted, indicating a strategic move towards innovation and market expansion [1]. - The report discusses the ongoing advancements in SiC technology, including the reduction of material and processing costs, which are crucial for the mass production of AR glasses [2][3]. Summary by Sections Industry Developments - SiC-based SRG waveguides are identified as a revolutionary innovation, offering high refractive index (2.6-2.7), wide field of view (FOV), and full-color integration, significantly enhancing the immersive experience of AR glasses [1]. - The report mentions that traditional high-refractive index glass provides a maximum full-color FOV of less than 40°, while SiC allows for over 80° [1]. - The report also notes that SiC waveguides can effectively mitigate environmental light diffraction, reducing visual artifacts like "rainbow patterns" [1]. Cost and Production Efficiency - The report indicates that the current challenge in adopting SiC for AR waveguides lies in the material and processing costs, but advancements in production lines for 8-inch SiC substrates are expected to lower costs further [2]. - It is mentioned that a 6-inch wafer can produce 2 pairs of glasses, an 8-inch wafer can yield 3-4 pairs, and a 12-inch wafer can produce 8-12 pairs [2]. Key Companies and Investment Suggestions - The report suggests focusing on companies involved in the assembly and production of SiC materials, including Goer, Tianyue Advanced, and Lante Optics, as well as Crystal Optoelectronics [3].

Contract Awards - Gree Electric plans to increase its shareholding through Beijing Haihe Interconnection with an investment of between 1.05 billion to 2.1 billion yuan [1] - Topstrong plans to repurchase shares worth between 20 million to 35 million yuan [1] - Dongfang Zirconium's samples have received preliminary recognition from some solid-state battery material manufacturers for research and trial use [1] - Hongqi Chain is developing and innovating a robot unmanned vending system [1] - Jinyinhai recently entered into deep cooperation with Microvast in the solid-state battery field, with no significant impact on the company's performance in the short term [1] - Honghe Technology proposes a special cash dividend of 12.81 yuan per share [1] Shareholding Changes - Yueling Co.'s actual controller is set to change, and the stock will resume trading tomorrow [1] - Jiaozuo Wanfang's control is also set to change [1] - Yongji Co. plans to transfer part of its equity in Xiniu Wang Company [1] Operating Data - Aerospace Intelligent Manufacturing reported a net profit of 791 million yuan for 2024, an increase of 86.77% year-on-year [1] - Zhangyuan Tungsten reported a net profit of 177 million yuan for 2024, an increase of 23.25% year-on-year [1] - Guangdong Expressway A's net profit for 2024 decreased by 4.39% year-on-year, proposing a cash dividend of 5.23 yuan per share [1] - ST Hanma's heavy-duty truck sales in February reached 810 units, a year-on-year increase of 59.76% [1] - Jiangling Motors sold 21,600 vehicles in February, a year-on-year increase of 8.15% [1] - Dong'an Power's engine sales in February were 28,200 units, a year-on-year decrease of 5.16% [1] - Guangzhou Port's cargo throughput in February is expected to be 40.78 million tons, a year-on-year increase of 13.7% [1] - Far East Co.'s subsidiary won contracts worth over 19.09 billion yuan in February [1] - China Shipbuilding's subsidiary Jiangnan Shipyard signed a batch of dual-fuel container ship construction contracts worth approximately 18 billion to 19 billion yuan [1] - Tsinghua Unigroup signed a supply agreement for lithium battery cathode materials with SK On [1] - Fulongma is expected to win five sanitation service projects in February, with a total contract amount of 339 million yuan [1] - Terui De is expected to win a 194 million yuan new energy project [1] - Samsung Medical's wholly-owned subsidiary won a procurement project from Longyuan Power worth 115 million yuan [1] - Zhongcheng Co. is engaged in procurement business related to inverters and other equipment with related parties [1] Major Investments - Guodian Power is investing in the construction of the Dadu River Eagle Rock Level 1 Hydropower Station project [2] - Batian Co.'s subsidiary plans to invest in the expansion and upgrading of three related projects at the Xiaogaozhai Phosphate Mine [2] Other - Wancheng Group's chairman Wang Jiankun has been detained and is under investigation [2] - Yingjixin plans to acquire control of Huimang Micro, with trading suspended from tomorrow [2] - Hangyang Co. plans to issue convertible bonds not exceeding 1.63 billion yuan [2] - Solar Energy's subsidiary plans to purchase real estate for 367 million yuan [2] - GoerTek's subsidiary's H-share filing materials have been accepted by the China Securities Regulatory Commission [2] - Amway's "water-based solvent-free polyurethane composite material key technology" has been selected as one of the first batch of advanced applicable technologies by the Ministry of Industry and Information Technology [2] - Defang Nano's controlling subsidiary is increasing capital and introducing strategic investors [2] - Yuzhong Three Gorges A has terminated the sale of 10% equity in a small loan company [2] - Tianyu Co. received a warning letter from the FDA in the United States [2] - Haixing Power signed a strategic cooperation agreement with Kerun Zhikong to promote transformer products in overseas markets [2] - Bangjie Co.'s subsidiary Yangzhou Bangjie is temporarily suspending production for no more than three months [2] - Zhi Te New Materials signed a strategic cooperation agreement with Quantum Innovation Center and Microscopic Era [2] - Zhongjin Lingnan plans to raise no more than 1.5 billion yuan through a private placement to its controlling shareholder [2]

歌尔股份有限公司（以下简称"公司"）拟分拆所属子公司歌尔微电子股份 有限公司（以下简称"歌尔微"）至香港联合交易所有限公司（以下简称"香港 联交所"）主板上市。歌尔微已向香港联交所递交了首次公开发行境外上市外资股 （H 股）并在香港联交所主板上市（以下简称"本次发行上市"）的申请。具体内 容详见信息披露媒体巨潮资讯网 http://www.cninfo.com.cn、《证券时报》《中国 证券报》《上海证券报》《证券日报》上刊登的相关公告。 歌尔微已根据相关规定向中国证券监督管理委员会（以下简称"中国证监 会"）报送了关于本次发行上市的备案申请材料，并于近日获中国证监会接收。 证券代码：002241 证券简称：歌尔股份 公告编号：2025-005 歌尔股份有限公司 关于控股子公司歌尔微电子股份有限公司 首次公开发行境外上市外资股（H 股） 备案申请材料获中国证监会接收的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本次发行上市尚需满足多项条件（包括但不限于取得中国证监会、香港联交 所及其他有关监管机构的批准、核准或备案），并需综合考虑市场情况以及其他因 ...

Summary of Conference Call Notes Company and Industry Involved - **Company**: GoerTek Inc. (歌尔股份) - **Industry**: AI and AR Glasses Key Points and Arguments - **Shareholder Buyback Announcement**: GoerTek's controlling shareholder plans to increase their stake in the company by investing approximately 500 to 1,000 million CNY over the next six months without a set price range, indicating strong confidence in the company's growth potential [1] - **Profitability Improvement in 2025**: The company is expected to see a significant recovery in profitability in 2024, with a net profit margin of 3.3% in the first three quarters, an increase of 2.1 percentage points year-on-year. This recovery is attributed to the rebound in Quest sales, the launch of new AirPods, and improved operational efficiency. Further profitability enhancement is anticipated in 2025 [1] - **AI Glasses Market Potential**: The AI glasses market is currently in a rapid penetration phase, with major companies like Xiaomi, Samsung, ByteDance, and Meta expected to release new products in 2025. The global market for glasses is projected to reach a volume of billions, indicating substantial growth potential [1] - **GoerTek as a Key Player in AI/AR Glasses**: GoerTek is positioned as a core player in the AI and AR glasses market, manufacturing for both domestic and international brands. The company covers essential components such as complete devices, diffractive waveguides, optical systems, and acoustics. Additionally, GoerTek's investment in KANAT is aimed at the lens segment, positioning the company to benefit significantly from the upcoming product cycle driven by AI and AR technologies [1] Other Important but Potentially Overlooked Content - **Risk Factors**: There are risks associated with the potential underperformance of AI and AR glasses shipments, which could impact the company's growth trajectory [2]