中邮证券：维持瑞声科技“买入“评级 推动AI交互向软硬一体演进

Group 1 - The core viewpoint of the news is that the company is accelerating the commercialization of AR technology through the acquisition of Finnish optical waveguide company Dispelix, while also enhancing its AI capabilities in mobile and wearable devices [1][2] - The acquisition of Dispelix is expected to be completed in the first half of 2026, allowing the company to leverage Dispelix's expertise in optical waveguide design and manufacturing, combined with its own strengths in optical and precision manufacturing [2] - The collaboration with leading OEM clients aims to develop the next generation of AR devices and advance XR reference design hardware platforms, reinforcing the company's market leadership in diffractive optics [2] Group 2 - The company is empowering the "Doubao AI phone" through its core hardware, facilitating the evolution from a "tool" to an "intelligent agent" with advanced interaction capabilities [3] - The collaboration with ByteDance and ZTE has resulted in the launch of the Doubao AI phone, which supports complex tasks through voice and side-button activation, enhancing user experience [3] - The company is also focusing on multi-sensory solutions for next-generation AI phones and wearable devices, aligning with the trend of integrating AI capabilities into hardware [3] Group 3 - The Quark AI glasses S1, launched by Alibaba, feature a high-precision audio pickup system co-created with the company, which includes a 5-microphone array and bone conduction technology [4] - This innovative audio system reduces size by 25% and power consumption by 50%, while achieving a signal-to-noise ratio of 77dB, enabling clear voice interaction in noisy environments [4] - The glasses aim to provide a seamless AI assistant experience, allowing users to interact naturally and efficiently in various scenarios [4] Group 4 - The company is projected to achieve revenues of 32.2 billion, 36 billion, and 40 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 2.5 billion, 3 billion, and 3.3 billion yuan [5] - The investment rating remains at "buy," indicating confidence in the company's growth trajectory [5]