本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 3 月 20 日 瑞声科技 2018 HK 本文内容由 Alex Wu (吴俊豪) 提供 中信证券财富管理(香港) 产品及投资方案部 中国科技行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 稳健增长 存储涨价影响有限 收购液冷公司完善布局 公司预计存储芯片涨价影响有限，因主要客户多为受影响较小的高端产品用户。公司宣布收购中国领先液冷企业远地 科技的 51%股权，此举将助力拓展全球客户群。 长期增长逻辑未改 分析指出，瑞声科技长期增长动力依然稳固，主要驱动力包括光学业务盈利改善、iPhone 散热业务、AI/AR 玻璃及 新兴边缘 AI 设备业务。 催化因素 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 3 月 20 日发布的题为《Steady growth》 的报告，瑞声科技（AAC）2025 年业绩基本符合预期，但因 ...

2025年国内消费级AI /AR市场实现里程碑式突破——全年销量达69.6万台，同比激增109%， 形成 " 成熟品类稳健增长、新兴品类爆发突破 " 的双重特征。从品类结构看： CINNO Research 简评 一、 2025年 国内消费级 AI /AR市场销量同比激增 109 % " 据CINNO Re s e a r c h最新数据显示，2025年国内消费级AI /AR市场迎来历史性突破——全年 销量达69.6万台，同比激增109%，雷鸟、小米、XREAL、Rok id等品牌凭借创新产品矩阵成为 核心增长引擎。这一增长背后，既呈现品类分化的结构性亮点，也暴露出产品力不足、同质化竞 争等深层挑战，市场正从"硬件堆叠"向"生态竞争"加速转型，预计2026年国内消费级市场销量 同比增长65%，甚至更高。 " 分 体 式 AR 眼 镜 作 为 成 熟 品 类 ， 全 年 销 量 36.8 万 台 ， 同 比 增 长 53% 。 尽 管 面 临 功 能 单 一、同质化竞争压力，但凭借999~5,000元的丰富价格带与持续体验升级，仍稳居市场基 本盘，成为大众用户触达AR技术的核心入口。 一体式 AR眼镜 （带屏） ...

Summary of OmniVision (603501.SS) Conference Call Company Overview - **Company**: OmniVision (603501.SS) - **Market Cap**: Rmb139.4 billion / $20.2 billion - **Enterprise Value**: Rmb134.9 billion / $19.5 billion - **Current Price**: Rmb115.82 - **Target Price**: Rmb138.30 - **Rating**: Downgraded to Neutral from Buy Key Industry Insights - **CIS Market Position**: OmniVision holds a leading position in the global CMOS image sensor (CIS) market, benefiting from a shift towards higher-end CIS products and innovative applications such as AI/AR glasses, drones, and action cameras [1][2] - **Product Diversification**: The company is expanding its product lines beyond traditional markets, including display driver ICs (DDIC), analog ICs, high-speed data transmission SerDes chips, microcontrollers (MCU), and liquid crystal on silicon (LCOS) [2] Financial Performance and Projections - **Revenue Growth**: Projected revenues for 2026 are Rmb39.28 billion, a decrease of 5% from previous estimates due to lower expectations in smartphone, automotive, and surveillance CIS segments [19][20] - **Earnings Forecast**: EPS for 2026 is revised down to Rmb5.12, reflecting a 9% reduction from earlier forecasts [19][20] - **Gross Margin Adjustments**: Gross margins for smartphone CIS are expected to decrease by 0.1 percentage points in 2026 and 0.4 percentage points in 2027 due to price sensitivity and competition [19] Market Challenges - **Smartphone Outlook**: Global smartphone shipment growth is expected to decline by 6% YoY in 2026, influenced by rising memory costs and price sensitivity among consumers [3][18] - **Impact of Memory Costs**: The increase in memory costs is anticipated to affect brand customers' choices regarding camera specifications, leading to uncertainties in demand [1][18] Earnings Revisions - **2026/27E Revenue Cuts**: Revenues for 2026 and 2027 have been reduced by 5% and 8%, respectively, due to headwinds in end demand and rising costs [19][20] - **Operating Expenses**: Operating expenses are expected to rise due to increased R&D spending as the company develops new products for innovative applications [19] Valuation and Risks - **Target P/E Ratio**: The target P/E ratio has been adjusted to 27.0x, down from 33.0x, reflecting slower earnings growth [23] - **Investment Risks**: Key risks include slower product expansion, fluctuations in automotive CIS growth, and potential impacts from trade tensions [30] Conclusion - OmniVision's strategic diversification into new product lines and applications is positive, but the company faces significant challenges from rising memory costs and a declining smartphone market. The downgrade to Neutral reflects a cautious outlook amid these uncertainties [1][24]

Group 1 - The stock price of Tianjian Co., Ltd. (301383) experienced fluctuations from February 9 to February 13, 2026, influenced by capital flow and market sentiment, closing at 34.65 yuan on February 13, with a daily increase of 0.35% and a trading volume of 36.02 million yuan, resulting in a turnover rate of 1.47% [1] - The main capital has seen continuous net outflows, with a cumulative net outflow of 4.31 million yuan over the past five days, indicating short-term pressure on capital [1] - Technically, the stock price is currently near the support level of 33.69 yuan, and a drop below this level may lead to further declines [1] Group 2 - Institutional views indicate a comprehensive target price for Tianjian Co., Ltd. at 41.00 yuan, suggesting an upside potential of approximately 20.91% from the current stock price [2] - According to predictions from five institutions, the company's net profit is expected to improve to 68 million yuan in 2026, representing a year-on-year growth of 6700%, primarily benefiting from the release of new business capacities related to AI/AR glasses [2] - Short-term risks to monitor include exchange rate fluctuations and the potential underperformance of new product promotions [2]

康耐特光学：创新引领蜕变，科技改变视界【国联民生轻工&中小盘】 传统镜片量价齐升，高端化趋势显著； 智能眼镜：智能眼镜新品频出，"百镜大战"激发市场活力，智能眼镜高速发展元年已至。 深耕高端化中的"质价比"产品，相较国外品牌价格优势显著。 收购日本朝日光学吸纳1.74折射率产品生产技术，在1.74镜片量产能力、专利技术等方面均具优势。 C2M模式下公司强大定制化能力铸造护城河，能够生产共计700万种SKU镜片产品。 公司于2021年布局AI/AR眼镜镜片相关业务，与多个全球领先的科技和消费电子企业合作研发相关产品。 2024年公司树脂镜片销量排名全球第二，2018-2024年营收/净利润CAGR为15.8%/32.7%，量价齐升驱动收入增 长，产品结构优化驱动盈利能力改善。 传统镜片量价齐升，高端化趋势显著； 智能眼镜：智能眼镜新品频出，"百镜大战"激发市场活力，智能眼镜高速发展元年已至。 < 康耐特光学：创新引领蜕变，科技改变视界【国联民生轻工&中小盘】 2024年公司树脂镜片销量排名全球第二，2018-2024年营收/净利润CAGR为15.8%/32.7%，量价齐升驱动收入增 长，产品结构优化驱动盈利能力 ...

Core Viewpoint - The company is experiencing a gradual increase in the shipment of battery products for AI glasses, indicating a positive trend in its emerging business related to AI/AR technology [2] Group 1 - The company has confirmed that its new business layout, including AI/AR glasses, is entering a phase of成果转化 (results transformation) [2] - The company encourages stakeholders to monitor official announcements for specific operational performance details [2]

Core Viewpoint - Li Auto announced the launch of its AI glasses, Livis, which will be unveiled on December 3, showcasing seamless integration with vehicle systems [2] Group 1: Product Features - Livis AI glasses feature multiple color options, dual cameras for object recognition and video recording, and a microphone for music recognition [2] - The glasses can project real-time vehicle data such as battery level, range, and navigation information onto the lenses, and allow remote control of vehicle functions like opening electric sliding doors and pre-conditioning the cabin [2] Group 2: Market Context - Li Auto's entry into the AI glasses market follows Xiaomi's launch of its own AI glasses on June 26, which were positioned as a next-generation personal smart device [2] - Xiaomi's AI glasses sold 31,000 units in the first week, capturing 12% of the overall AI/AR market share, indicating strong demand and market potential for such products [2] - The collaboration between AI glasses and automotive ecosystems is highlighted, suggesting potential synergies for companies with established automotive operations [2]

Core Viewpoint - The company has successfully integrated its high-performance power management chips into Meta's supply chain for smart glasses, indicating a strong market presence and ongoing demand for its products [1] Group 1: Product Development and Market Presence - The company's products are currently being utilized by multiple domestic and international brands, including Meta, Thunderbird, and Yijing, in their AI/AR smart glasses [1] - The company remains optimistic about the market prospects for AI/AR smart glasses and plans to continuously monitor market trends [1] Group 2: Strategic Partnerships - The company aims to expand its product categories to deepen collaboration with downstream clients and end customers [1]

Core Insights - iHuman Inc. will present at NobleCon21 on December 3rd, 2025, showcasing its tech-powered intellectual development products aimed at enhancing child upbringing experiences for parents and children [1][2]. Company Overview - iHuman Inc. is a leading provider of tech-powered intellectual development products in China, focusing on making child upbringing easier for parents and transforming intellectual development into an enjoyable journey for children [3]. - The company has nearly three decades of experience in the parenthood industry, combining superior original content, advanced technology, and research capabilities to empower parents [3]. - iHuman offers a comprehensive suite of innovative products, including self-directed apps, interactive content, and smart devices, aimed at developing children's abilities in speaking, critical thinking, independent reading, and creativity [3]. - The company leverages advanced technologies such as 3D engines, AI/AR functionality, and big data analysis to enhance the experience for both parents and children [3]. Event Details - Interested investors can attend the presentation at a discounted rate using the code [IHNOBLECON], and a high-definition video webcast will be available the following day on Noble Capital Markets' website and Channelchek [2].

Summary of Perfect Corp Conference Call Company Overview - **Company Name**: Perfect Corp - **Ticker Symbol**: PERF - **Market Capitalization**: $175 million with 101 million shares outstanding at $1.75 per share [3] - **Cash Position**: $170 million with no debt [3] - **Founded**: 2015, based in Taipei, Taiwan [3] - **Employee Count**: Approximately 410, with about half in R&D [3] - **Revenue Distribution**: 50% from the US, 25% from the EU, and 20% from Japan [3] Business Model - **B2B and B2C Segments**: - B2B: Provides beauty and fashion software solutions to major brands (e.g., Estée Lauder, Shiseido) [3][5] - B2C: Offers apps available on iOS and Android, focusing on virtual try-on and photo/video editing [3][5] - **Revenue Shift**: - B2B revenue was approximately 75%-80% at the end of 2022, projected to drop to about 30% by the end of 2025 due to faster growth in B2C [5][29] Financial Performance - **Revenue Growth Guidance**: Expected growth of 13%-14.5% for the year, with a positive outlook for surpassing this guidance [26] - **Operating Income**: First positive operating income of $500,000 reported in the third quarter [27] - **Net Income**: Approximately $5 million with margins around 10% [28] - **Subscriber Count**: 940,000 paying subscribers, primarily from developed countries [11] - **Average Selling Price (ASP)**: Increased by $20 due to the introduction of a premium model [9] Technology and Innovation - **Focus on GenAI**: GenAI technology for photo and video editing is a key growth driver [4][20] - **Patents**: Over 55 patents related to their technology [13] - **AI Integration**: Plans to embed AI agents in all apps by 2026, focusing on personalized beauty and fashion advice [18] Market Dynamics - **B2B Challenges**: Financial pressures on brand clients due to macroeconomic factors have slowed B2B growth [5][6] - **B2C Growth**: Rapid growth in B2C driven by changing consumer habits, especially during the pandemic [5] - **Competitive Landscape**: Limited large competitors in the B2B space, with many smaller players in the B2C segment [34] Strategic Initiatives - **M&A Activity**: Recent acquisition of Wannabe, enhancing virtual try-on capabilities for luxury brands [21] - **API Business Growth**: Increased interest from non-beauty companies integrating Perfect Corp's API for virtual try-on solutions [26] Customer Engagement - **User Demographics**: 75%-80% of users are female, primarily in their teens to 20s [34] - **Retention Rate**: High retention rate of over 90% for B2B clients [12][25] Future Outlook - **Growth Avenues**: Continued focus on GenAI technology, skincare analysis, and virtual try-on for accessories [30] - **Potential for Dividends or Buybacks**: Management is considering options based on cash availability [30] Key Risks - **B2B Revenue Dependency**: Slower growth in B2B could impact overall revenue if not offset by B2C growth [6][29] - **Market Competition**: Potential for larger players to enter the market or acquire the company [34] This summary encapsulates the key points discussed during the conference call, highlighting the company's current status, market dynamics, financial performance, and future strategies.