Core Viewpoint - 瑞声科技's mid-year performance report for 2025 shows significant revenue growth, driven by the optical business and improved profitability [1] Revenue Growth - 瑞声科技 reported a revenue of RMB 13.32 billion for the first half of the year, marking an 18.4% year-on-year increase [1] - The optical business, specifically辰瑞光学, generated revenue of RMB 2.65 billion, reflecting a 19.7% year-on-year growth [1] - The optical business has seen a compound annual growth rate (CAGR) of over 36% since its strategic focus began in 2019, with revenue increasing from RMB 1.07 billion in 2019 to RMB 5 billion in 2024 [1] High-End Strategy and Operational Efficiency - 瑞声科技's strategy to enhance the high-end segment and improve operational efficiency has led to increased shipment volumes and average selling prices (ASP) for plastic lenses and optical modules [3] - The shipment proportion of 6P and above plastic lenses exceeded 18% in the first half of the year, up from 10% in the first half of 2023 [3] - The gross margin for plastic lenses doubled to 16.7% in the first half of 2024, with improvements exceeding 10 percentage points year-on-year [3] Optical Module Performance - The optical module segment benefited from rapid shipments of mid-to-high specification products, achieving over 20% year-on-year revenue growth [4] - The shipment proportion of modules with 32M pixels or more reached over 34%, an increase of more than 3 percentage points year-on-year [4] - Sales of OIS modules exceeded RMB 800 million, with a year-on-year growth of nearly 150% [4] Unique WLG Product Development - 瑞声科技's WLG product has achieved significant breakthroughs, supporting high-end flagship models with unique production capabilities [5] - The expected shipment volume of WLG lenses in 2025 is projected to exceed 10 million units, representing a growth of over 50% year-on-year [7] - The yield rate for WLG technology has reached over 80%, indicating profitability for single lens production, with potential gross margins surpassing those of plastic lenses as production scales up [7]
玻塑镜头市场或迎爆发期，瑞声科技(2018.HK)WLG明年出货大增50%