Core Viewpoint - Company has signed a final agreement to acquire shares and other equity securities of Dispelix Oy, a leader in AR diffractive waveguide technology, with the transaction expected to be completed in the first half of 2026 [1][2] Group 1: Acquisition Details - The acquisition aims to combine Dispelix's expertise in waveguide design and manufacturing with the company's strengths in optics, precision manufacturing, and system-level integration, creating strong synergies [1] - The company's global presence and close partnerships with leading smart device companies will further enhance technology implementation and market expansion [1] Group 2: Industry Trends and Innovations - In the context of the accelerating evolution of "AI + terminal," AI functionalities are transitioning from software to integrated hardware-software experiences [2] - The company is deepening its core layout in the "AI + perception" field, leveraging years of expertise in acoustic, haptic, and optical multi-dimensional perception technologies to provide stronger performance and faster responses [2] Group 3: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 310.18 billion RMB (+13.5%), 351.8 billion RMB (+13.4%), and 399.72 billion RMB (+13.6%) respectively [2] - Projected net profits for the same period are 24.97 billion RMB (+38.9%), 29.68 billion RMB (+18.9%), and 35.67 billion RMB (+20.2%) [2] - The average net profit growth rate over the next three years is forecasted to be 26% [2] Group 4: Valuation and Rating - A 24x PE valuation for 2025 is considered reasonable, leading to a target price of 55.56 HKD per share, indicating a potential upside of 44.7% from the current price [2]
【券商聚焦】国元国际予瑞声科技(02018)“买入”评级 指公司收购DispelixOy或在光学、精密制造方面形成强大协同效应