Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected strong performance relative to the market [7][245]. Core Insights - The company is experiencing a turning point in performance, with profit improvements exceeding expectations due to trends in acoustic upgrades, enhanced penetration of high-end speakers, and a slowdown in industry competition since H2 2023 [7][8]. - The company is expected to benefit from the AI smartphone trend, which will drive hardware innovation across multiple product lines [9]. Financial Forecast - The projected net profits for 2024, 2025, and 2026 are 1.67 billion, 2.17 billion, and 2.57 billion RMB respectively, with corresponding year-on-year growth rates of 125.9%, 29.5%, and 18.7% [7][221]. - The expected earnings per share (EPS) for the same years are 1.40, 1.81, and 2.15 RMB, with the current stock price of 37.05 HKD corresponding to price-to-earnings (P/E) ratios of 24.9, 19.3, and 16.2, slightly below the average of comparable companies [7][245]. Business Segments Acoustic Business - The acoustic segment is benefiting from the upgrade of mid-to-high-end Android speakers, with significant improvements in average selling price (ASP) and gross margins [8][9]. - The acquisition of PSS, a leading global provider of high-end automotive sound systems, is expected to open a second growth curve for the company [8][123]. Optical Business - The optical segment has seen a significant recovery in gross margins due to improved product structure and yield rates, with expectations for further improvements in 2024 [8][107]. - The company anticipates that the gross margin for plastic lenses will exceed 25% in H2 2024, driven by the increasing penetration of glass-plastic hybrid lenses [8][137]. Electromagnetic Transmission and Precision Structural Components - The company is expanding its precision structural components business, which includes hinges, heat dissipation solutions, and laptop casings, contributing to revenue growth [151][202]. - The electromagnetic transmission segment is expected to see significant growth due to the increasing demand for linear motors and the penetration of high-end models [189][240]. MEMS Microphone Business - The MEMS microphone market is projected to grow at a compound annual growth rate (CAGR) of 5% from 2023 to 2029, with the company positioned to benefit from the rising demand for high signal-to-noise ratio microphones in AI smartphones [43][125]. Market Trends - The global smartphone market is expected to see a significant increase in AI smartphone shipments, with a projected CAGR of 78.4% from 2024 to 2028 [184][207]. - The automotive acoustic system market is anticipated to exceed 90 billion RMB by 2025, driven by the increasing penetration of electric vehicles [99][123].
瑞声科技：公司迎来业绩拐点，多元产品恰逢AI手机产业趋势