Investment Rating - The report maintains a "Buy" rating with a target price of HKD 45 per share, indicating a potential upside of 21.1% from the current price of HKD 37.2 [4][20]. Core Insights - The company's total revenue for H1 2024 reached RMB 11.25 billion, representing a year-on-year growth of 22.0%, with a gross margin of 21.5%, an increase of 7.4 percentage points compared to the previous year [7][33]. - The significant improvement in gross margin is attributed to the recovery in the smartphone market, product mix enhancements from acoustic, optical, and precision structural components, and operational efficiency gains [7][33]. - The acquisition of Premium Sound Solutions (PSS) has strengthened the company's automotive acoustic business, with substantial contributions from both domestic and international markets [11][33]. Financial Summary - Revenue projections for 2024 to 2026 are RMB 26.45 billion (+29.1%), RMB 29.93 billion (+13.2%), and RMB 33.86 billion (+13.1%) respectively [20][34]. - The net profit forecasts for the same period are RMB 1.69 billion (+128.6%), RMB 2.16 billion (+27.9%), and RMB 2.54 billion (+17.5%) respectively [20][34]. - The average net profit growth rate for the next two years is estimated at 23% [20][34]. Business Performance - The PSS-related business generated revenue of RMB 1.52 billion in H1 2024, with a gross margin of 25.0%, indicating that the automotive business is becoming a new growth engine for the company [13][33]. - The optical business achieved revenue of RMB 2.21 billion in H1 2024, a year-on-year increase of 24.9%, with significant improvements in gross margin [15][34]. - The company has successfully upgraded its optical technology, with a notable increase in the shipment of high-end plastic lenses [15][34].
瑞声科技：PSS发挥车载声学协同效应，光学突破提高毛利率