【招商电子】瑞声科技：24年营收新高、盈利大幅改善，看好AI、光学、车载及机器人业务布局

Core Viewpoint - The company announced its 2024 performance, reporting a revenue of 27.328 billion yuan, a year-on-year increase of 33.8%, and a net profit of 1.797 billion yuan, a year-on-year increase of 142.7%, indicating a significant recovery in revenue and improvement in profitability [1]. Revenue and Profitability - The company's revenue reached a historical high in 2024, driven by the recovery of the smartphone market and the completion of the acquisition of PSS, which provided momentum for the automotive business line [1]. - The gross margin for 2024 was 22.1%, an increase of 5.2 percentage points year-on-year, while the net margin was 6.6%, up 3.0 percentage points year-on-year [1]. Business Line Performance - Acoustic Business: In the second half of 2024, revenue was 4.75 billion yuan, a year-on-year increase of 13.8% and a quarter-on-quarter increase of 37.4%, with a gross margin of 30.4% [2]. - Optical Business: Revenue in the second half of 2024 was 2.79 billion yuan, a year-on-year increase of 50.2% and a quarter-on-quarter increase of 26%, with a gross margin of 7.9% [2]. - Electromagnetic Transmission and Precision Components: Revenue in the second half of 2024 was 6.07 billion yuan, a year-on-year increase of 31.3% and a quarter-on-quarter increase of 67.0%, with a gross margin of 23.4% [2]. Future Outlook - The company is optimistic about opportunities driven by AI in consumer electronics, with expectations for growth in high-end optical modules and acoustic products [3]. - In the automotive sector, the company aims to penetrate overseas markets with ADAS lenses and expand its acoustic business through integration with PSS [3]. - The company is also actively developing robotic actuators and components, positioning itself for growth in the robotics sector [3]. Investment Recommendations - The company is expected to benefit from the AI-driven wave in mobile business lines, with potential growth in automotive, robotics, and XR sectors [4].