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全年营收将首超300亿!瑞声科技(02018.HK)三大新引擎打破“声学周期股”旧叙事
Ge Long Hui· 2025-08-27 03:06
Core Viewpoint - The narrative surrounding AAC Technologies (瑞声科技) is shifting from being labeled as a "cyclical acoustic stock" to a new logic driven by technological premium and diversified growth, as evidenced by a net profit increase of over 60% year-on-year in the first half of the year [1][2]. Financial Performance - The company reported a revenue of 13.32 billion yuan in the first half, representing an 18.4% year-on-year growth, and a net profit of 876 million yuan, which surged by 63.1% [2][3]. - The revenue growth was primarily driven by product structure upgrades and a slower expense growth rate compared to revenue growth [2]. - The company has a solid financial cushion with 7.75 billion yuan in cash, a net debt ratio of 4.7%, and an operating cash inflow of 2.89 billion yuan [2]. Business Engines Transformation - The business model is evolving from a "single engine" to a "three-engine" approach, indicating a significant transformation in operations [4]. First Engine - Optical - The optical business is experiencing continuous profit improvement, with revenue reaching 2.65 billion yuan in the first half and a gross margin increase of 5.5 percentage points to 10.2% [3][5]. - The company is expected to ship over 10 million WLG (glass-plastic hybrid lens) units this year, with a projected 50% increase in shipments next year [5]. Second Engine - AI Hardware - The AI hardware segment is driving exponential demand growth, with the VC thermal plate entering flagship models of global top clients [6][7]. - The market for MEMS microphones is expected to grow significantly due to AI voice interaction needs, with revenue from this segment reaching 608 million yuan, a year-on-year increase of 56.2% [3][6]. Third Engine - Automotive Acoustics - The automotive acoustic segment is transitioning to a system-level solution provider, with high-end electric vehicles using up to 20 microphones per vehicle [8]. - The company has secured orders from various new energy vehicle brands, indicating a strong market presence [8]. Market Expectations - There is a discrepancy in market expectations, as the company is still valued based on traditional acoustic metrics, while it has transitioned to a diversified perception ecosystem platform [9]. - Short-term catalysts for valuation re-evaluation include further improvements in optical profitability, rapid growth in high-value segments, and sustained growth in automotive speaker business [10][11]. Long-term Outlook - The company is well-positioned for long-term growth, with expectations of significant increases in single-unit value across various segments, including robotics and automotive [11]. - As the market begins to recognize AAC Technologies as a technology platform focused on perception ecosystems rather than merely a mobile component supplier, the potential for a "Davis Double" effect may emerge [11].