Investment Rating - Maintain BUY with a target price of HK$58.78, reflecting a potential upside of 61.3% from the current price of HK$36.65 [3][12]. Core Insights - The company is expected to achieve revenue growth of 10-15% YoY in 2025, driven by multiple growth drivers across various segments including optics, precision mechanics, electromagnetic drive, and automotive acoustics [1][9]. - Key growth drivers for 2025 include upgrades in optics specifications, increased adoption of VC in high-end models, expansion in automotive acoustics, and advancements in MEMS microphones for AI smartphones [9]. - The company has a solid product roadmap and is expanding into strategic markets such as robotics and AI glasses, with plans to acquire a stake in a Chinese automotive microphone module company to enhance its offerings [9]. Revenue and Earnings Forecast - Revenue is projected to grow from RMB 20,419 million in FY23 to RMB 32,566 million in FY25, representing a YoY growth of 19.2% [2][11]. - Net profit is expected to increase significantly from RMB 740.4 million in FY23 to RMB 2,488.6 million in FY25, with a YoY growth of 38.5% [2][11]. - The company’s EPS is forecasted to rise from RMB 0.63 in FY23 to RMB 2.12 in FY25, indicating a growth of 38.5% [2][11]. Segment Performance - The revenue breakdown indicates that acoustics will contribute RMB 9,466 million in FY25, while optics is expected to generate RMB 5,672 million [10]. - The gross profit margin is anticipated to improve from 16.9% in FY23 to 23.1% in FY25, reflecting operational efficiency and product mix enhancement [11][18]. Valuation Metrics - The stock is currently trading at a P/E ratio of 15.8x for FY25, which is attractive compared to the expected EPS growth of 39% [12][18]. - The target price is based on a sum-of-the-parts (SOTP) valuation methodology, assigning different P/E multiples to various business segments [12][13].

点 击 蓝 字 关 注 我 们 本文全文共 3497 字，阅读全文约需 11 分钟 目录 国内新闻 4.上汽通用五菱固态电池预计2027年上车 5.科大讯飞与奇瑞汽车成立合资公司 6.宁德时代发布9MWh超大容量储能系统TENER Stack 7.百度Apollo与神州租车将联合推出自动驾驶汽车租赁服务 8.乐车汽车超市蓉城启幕 三重业态重构汽车零售模式 国外新闻 1.英国和美国就关税贸易协议条款达成一致 2.韩国4月新注册进口汽车数量为21495辆 1.工信部拟立新规强化新能源汽车车门把手安全标准 2.2024年消费品以旧换新销售额超1.3万亿元 3.极氪能源与广汽能源达成双向互联互通合作 3.三菱汽车计划于2026年在美国和加拿大推出电动跨界车 4.奔驰将在阿拉巴马州生产一款"核心车型" 商用车 1. DeepWay深向重卡新品发布 2. 云南加力扩围交通运输大规模设备更新 3. 江西河北两省发布货车报废补贴通知 4. 新亚科技中国总部落户上海临港 国内新闻 1 工信部拟立新规强化新能源汽车车门把手安全标准 时间:2025.5.9 来源: 第一电动 5月8日消息，工信部官网获悉，公开征集对《汽车车门把手安 ...

每经记者｜董天意 实习生 周卓孜 每经实习编辑｜余婷婷 | 2025年5月9日 星期五 | NO.1 小米汽车回应SU7 Ultra更新争议 近日，哪吒汽车资金困境现缓解迹象。其供应商埃夫特5月7日晚间发布公告称，经法院调解，宜春合众 （合众新能源分公司）与合众新能源（哪吒汽车母公司）同意自6月起至11月，每月30日前向埃夫特支 付约819.18万元设备款，合计4915.09万元，埃夫特放弃其他诉求。若逾期未付，需承担利息并面临强制 执行。此前，哪吒汽车曾因欠款遭埃夫特起诉，此次还款计划或助其缓解供应商债务压力。 点评：哪吒汽车与埃夫特达成的还款协议显示出其资金状况有所改善，可能为其供应链稳定提供支撑， 解决供应商债务问题有助于哪吒汽车缓解当下面临的压力。 NO.4 科大讯飞与奇瑞汽车成立合资公司 据人民财讯报道，近日，科大讯飞旗下安徽讯飞云创科技有限公司与奇瑞汽车旗下芜湖雄狮汽车科技有 限公司成立合资公司——安徽祺声科技有限公司（以下简称"祺声科技"），标志着双方在智能汽车声学 领域的战略合作进一步深化。祺声科技将聚焦智能音效系统、音频管理平台及用户体验创新，致力于为 奇瑞全系车型构建自主可控的声学技术体系 ...