Core Viewpoint - 瑞声科技 is positioning itself as a global leader in perception experience solutions, showcasing advancements in technology and product offerings across five major sectors: acoustics, electromagnetic transmission, optics, sensors, and automotive [1][2]. Group 1: Product Innovations - In the acoustics sector, 瑞声科技 presented a new generation of high-energy density speakers and innovative coaxial speaker 2.0, enhancing low-frequency performance by 2.5dB and achieving a diaphragm extension of 1.0mm [1]. - The company showcased self-developed micro-motor solutions in electromagnetic transmission, including a customized ultra-vibration motor for vivo X300 Pro, with steady and transient vibration increases of 30% and 68% respectively [1][2]. - In optics, 瑞声科技 achieved breakthroughs in WLG technology, improving yield and capacity, with flagship models already utilizing its glass-plastic hybrid lens [1][2]. Group 2: Market Dynamics - The growth outlook for 瑞声科技 is driven by both traditional business upgrades and new emerging sectors, with North American client hardware upgrades being a key factor for stable revenue growth [2][3]. - The North American market is experiencing a hardware upgrade cycle, with iPhone 17 series sales exceeding expectations, leading to increased orders for core components from 瑞声科技 [2]. - The company is positioned as a core supplier for the iPhone 17 Pro series VC cooling solutions, with expectations for further penetration in the upcoming 18 series [2]. Group 3: AI Hardware Opportunities - The AI hardware wave is opening new avenues, with OpenAI collaborating with Lixun Precision to develop consumer-grade AI edge devices, which aligns with 瑞声科技's technological capabilities in voice recognition and low-power motors [3]. - 瑞声科技 is actively positioning itself in the AI edge device market, collaborating with major brands to develop acoustic and optical modules for AI glasses, currently in the product validation stage [3]. Group 4: Financial Projections - 瑞声科技 maintains net profit forecasts for 2025-2027 at 2.406 billion, 3.081 billion, and 3.459 billion RMB, respectively, supported by improving profitability in the optics business and the growth of diverse applications in automotive and robotics [4].
瑞声科技(2018.HK)感知技术峰会点评：平台型公司迎双轮驱动 北美大客户升级与AI硬件新周期共振