Core Insights - The company is experiencing significant growth in its acoustic and optical businesses, driven by market recovery and improved product offerings. Group 1: Acoustic Business - The acoustic business achieved revenue of RMB 3.46 billion in the first half of 2024, representing a year-on-year growth of 4.1%, primarily due to the recovery of the global smartphone market and increased shipment volumes [6] - The collaboration between PSS and the company is yielding positive results, with the automotive acoustic business showing continuous breakthroughs [7] - The high-end acoustic platform is being continuously integrated into key models, enhancing the product mix of the company [4] Group 2: Optical Business - The optical business generated revenue of RMB 2.21 billion in the first half of 2024, marking a substantial year-on-year increase of 24.9% [11] - The demand recovery in the smartphone optical industry, coupled with the company's increased market share in the mid-to-high-end segment, has significantly boosted optical business growth [2] Group 3: Electromagnetic Transmission and Precision Components - The electromagnetic transmission and precision components segment reported combined revenue of RMB 3.66 billion in the first half of 2024, reflecting a year-on-year growth of 1.1% [13] - The gross margin of the electromagnetic transmission business has significantly improved, benefiting from the company's high-performance linear motors and enhanced product mix [3] - The company is continuously optimizing the product structure of precision components, with high-end motor products seeing sustained growth [8] Group 4: MEMS Microphones - The MEMS microphone segment for smartphones has significant potential, especially with the rise of AI technologies [9] - The top three manufacturers of smartphone MEMS microphones have shipped over 7 billion units to date [12] Group 5: PSS Business Performance - The PSS-related business reported revenue of RMB 1.52 billion, with a gross margin of 25.0% [10]
中邮证券：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