【招商电子】瑞声科技：25年业绩符合预期，AI端赛道具有卡位优势

Core Viewpoint - 瑞声科技's 2025 performance met expectations, with revenue of 31.82 billion, a year-on-year increase of 16.4%, gross profit of 7.02 billion, a year-on-year increase of 16.1%, and net profit of 2.51 billion, a year-on-year increase of 39.8% [2] Business Performance Summary - Acoustic Business: - Consumer electronics acoustic revenue reached 8.35 billion, a year-on-year increase of 1.7%, with a gross margin of 27.6%, down 2.6 percentage points due to changes in product mix [3] - Automotive acoustic revenue was 4.12 billion, a year-on-year increase of 16.1%, with a gross margin of 23.8%, down 1.0 percentage point, as the company expanded its presence among top automotive audio system suppliers [3] - Optical Business: - Revenue reached 5.73 billion, a year-on-year increase of 14.5%, with significant improvements in gross margin to 11.5%, up 5.0 percentage points, driven by the success of 7P projects and increased shipments of high-end optical modules [3] - Electromagnetic Transmission and Precision Structural Components: - Revenue was 11.77 billion, a year-on-year increase of 21.3%, with a gross margin of 24.5%, up 1.2 percentage points, highlighting strong growth in X-axis linear motors and a significant increase in revenue from heat dissipation components [3] Future Outlook - The company is well-positioned in the AI edge market, focusing on innovations in sensing, driving, and thermal management, with expectations for accelerated growth in AI-related applications [4] - The company has established a strategic acquisition of Yuan Di Technology, a leading liquid cooling supplier, which is expected to enhance its capabilities in data center cooling and high-end thermal management [4] Investment Recommendation - 瑞声科技 is viewed as a core supplier in the AI edge market, with anticipated performance resilience across multiple business lines, including IoT, automotive, robotics, and XR [5]