Investment Rating - The report gives a "Buy" rating for the company, with expected PE ratios of 24x, 18x, and 15x for 2024, 2025, and 2026 respectively [7][10] Core Views - The company's acoustic business achieved revenue of RMB 3.46 billion in H1 2024, up 4.1% YoY, with gross margin improving by 4.4 percentage points to 29.9% [2] - The optical business saw significant growth, with revenue increasing 24.9% YoY to RMB 2.21 billion in H1 2024, and gross margin improving by 21.7 percentage points to 4.7% [2] - The company's MEMS microphone business continues to lead the industry, with high-value products accounting for over 60% of Android shipments, up 15 percentage points YoY [11] - The PSS automotive and consumer acoustic business achieved revenue of RMB 1.52 billion with a gross margin of 25.0%, showing increasing synergies with the group [2] Financial Performance - Revenue is expected to grow from RMB 26.03 billion in 2024 to RMB 33.00 billion in 2026, with net profit attributable to shareholders increasing from RMB 1.71 billion to RMB 2.70 billion [7][33] - EPS is projected to rise from RMB 1.43 in 2024 to RMB 2.25 in 2026, with P/E ratios declining from 23.87x to 15.12x over the same period [33] - Gross margin is forecast to improve from 21.55% in 2024 to 22.49% in 2026, driven by product mix optimization and cost control [30] Business Segments Acoustic Business - SLS master-level speakers maintained rapid growth, with shipments exceeding 12 million units, up nearly 200% YoY [2] - The innovative Combo series of acoustic and electromagnetic products shipped close to 4.5 million units [2] - The company launched industry-leading thin speakers for foldable devices, gaining major share in multiple customers' foldable models [2] Optical Business - 6P lens shipments maintained over 15% of total plastic lens shipments, with 1G6P hybrid lens shipments reaching 1.4 million units, up nearly 40% YoY [29] - The company's WLG process received positive feedback from smartphone manufacturers for its efficiency and precision [29] - Optical module revenue grew 29% YoY in H1 2024, driven by both volume and price improvements [29] MEMS Microphone Business - The company has shipped over 7 billion MEMS microphones, maintaining its position as a top-three global manufacturer [11] - High-value MEMS microphone products accounted for over 60% of Android shipments, up 15 percentage points YoY [11] - The company is well-positioned to benefit from AI-driven demand for advanced voice interaction technologies [11] Automotive and Consumer Acoustic Business - PSS products cover a wide range of high-performance automotive speakers, with the company expanding its presence among global top-tier automakers [2] - The business is expected to benefit from the rapid growth of the new energy vehicle market, with domestic NEV sales up 32% YoY in H1 2024 [2] Electromagnetic and Precision Components - Revenue from this segment reached RMB 3.66 billion in H1 2024, with gross margin improving by 3.6 percentage points to 22.9% [29] - High-end motor products and optimized product structure contributed to margin improvement [29] - The company shipped nearly 500,000 hinge products in H1 2024, with innovative foldable screen hinge solutions setting industry benchmarks [29]
瑞声科技：光学毛利显著改善