中邮证券：给予艾为电子买入评级

Investment Highlights - Aiwai Electronics (688798) has received a "Buy" rating from Zhongyou Securities, highlighting its diverse product offerings that cater to various AI device needs [1] - The company provides high-performance audio solutions, mature Aiwai lighting products, comprehensive haptic feedback solutions, high-performance mixed chips, power management, and signal chain IC products [1] - The latest AI smart glasses from Xiaomi utilize Aiwai's high-performance DSP digital SmartK audio amplifier, which enhances speaker amplitude by 20% and low-frequency response by 3dB, significantly improving loudness and immersion [1] New Product Launch - Aiwai Electronics has launched a new low-power high-voltage 180Vpp piezoelectric micro-pump liquid cooling driver, which is expected to address performance bottlenecks in computing chips and ultra-thin terminals [2] - This product features active temperature control and is capable of achieving over three times the cooling efficiency compared to passive solutions [2] - The micro-pump has already undergone validation testing with multiple clients and is anticipated to enter mass production in Q4 of this year [2] Financial Projections - The company forecasts revenues of 3.54 billion, 4.27 billion, and 5.12 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 410 million, 580 million, and 750 million yuan for the same years [3] - The "Buy" rating is maintained based on these projections [3] Analyst Coverage - Recent reports indicate that 10 institutions have rated Aiwai Electronics as a "Buy" in the last 90 days, with an average target price of 82.83 yuan [6]