不难发现，这是歌尔股份在AI/AR做出的又一重要布局。据统计，歌尔在一年时间内已先后投资康耐 特、Plessey、舜宇，完成了镜片、Micro-LED、表面浮雕衍射光波导等关键环节的技术布局。市场人士 认为，歌尔的多轮投资并购反映了其对AR行业加速落地的信心。 产业链龙头强强联合 歌尔股份本次交易对手是宁波奥来，后者是舜宇光学100%持股的子公司。舜宇光学是全球领先的综合 光学零件及产品制造商，其于2007年在香港联交所主板上市，是首家在香港上市的内地光学企业。公司 主要产品包括三大类：光学零组件、光电产品、光学仪器。值得注意的是，歌尔是苹果的声学器件供应 商，舜宇光学也是果链公司，为苹果手机镜头的重要供应商。 交易标的为舜宇奥来微纳光学和舜宇奥来微纳光电，二者的业务范围较为接近，均涉及光学仪器制造、 光学玻璃制造、光学仪器销售、可穿戴智能设备、电子元器件与机电组件设备制造、通信设备销售、光 学玻璃销售、软件销售等。据记者了解，标的公司定位于"AR眼镜半导体光学综合方案解决商"，是舜 宇光学下属的从事光波导、超表面器件、衍射光学器件等晶圆级微纳光学器件产品业务的主体公司。其 于2023年12月在上海临港（60 ...

2025H1 经营利润低于预期，等待新产品突破催化考虑到2025H1 公司声学毛利率低于我们预期，我们将 2025-2027 年归母净利润预测由24/30/35 亿下修至23/27/30 亿，对应同比增长26%/18%/12%。当前股价 45.36 港币对应2025-2027 年21.2/18.0/16.1 倍PE。公司战略卡位机器人及XR 领域有望支撑更高估值溢 价，维持"买入"评级。 2025H1 年公司经营利润低于预期 机构：开源证券 研究员：张可 公司指引2025 年毛利率相比2024 年22%继续提升，我们预期公司2025 年有望实现23 亿净利润。公司指 引：（1）2025 年声学毛利率伴随新项目出货恢复至不低于30.2%。（2）结构件收入同比增长 18%-20%，毛利率18%-22%。马达收入同比增长15%-20%，毛利率30%以上。（3）光学收入同比增长 20%左右。（4）MEMS 收入同比增长50%-60%，毛利率15%-20%。（5）2025H2 车载声学收入同比增 速不低于2025H1，且2025 年毛利率不低于2024 年水平。 风险提示：下游需求不及预期、公司生产研发进度不及预期、竞 ...

电子/消费电子 瑞声科技（02018.HK） 2025 年 08 月 24 日 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(港元) | 45.360 | | 一年最高最低(港元) | 54.800/27.400 | | 总市值(亿港元) | 543.64 | | 流通市值(亿港元) | 532.93 | | 总股本(亿股) | 11.99 | | 流通港股(亿股) | 11.75 | | 近 3 个月换手率(%) | 35.41 | 司 信 息 更 新 报 告 股价走势图 -30% 0% 30% 60% 90% 2024-08 2024-12 2025-04 瑞声科技 恒生指数 数据来源：聚源 相关研究报告 《WLG 光学、机器人、车载声学构筑 成长曲线—港股公司信息更新报告》 -2025.3.23 《公司迎来业绩拐点，多元产品恰逢 AI 手机产业趋势—公司首次覆盖报 告》-2024.12.24 张可（分析师） zhangke1@kysec.cn 证书编号：S0790523070001 2025H1 经营利润低于预期，等待新产品突破催化 公司指引 2 ...

盈利预测与估值 机构：中金公司 我们看好公司延续盈利改善趋势，谨慎上调2025/2026 年归母净利润3%/4%至36.2 亿元/42.6 亿元。当前 股价对应25/26 年P/E 21.9 倍/18.4倍。我们维持跑赢行业评级和目标价99.2 港元，对应25/26 年P/E 27.4 倍/23.0 倍，较当前股价涨幅25%。 研究员：温晗静/何欣怡/贾顺鹤/彭虎/李澄宁/查玉洁/江磊 1H25 业绩小幅超出我们和市场预期 舜宇光学公布2025 年中报：上半年收入196.5 亿元，同/环比+4%/+1%；归母净利润16.5 亿元，同/环比 +53%/+2%。业绩小幅超出我们和市场预期，主要由于：1）盈利能力改善明显。得益于手机镜头和手 机摄像模组的高端产品占比提高，以及较高毛利率的车载业务增速较快，1H25 公司毛利率19.8%，同/ 环比+2.6ppt/+0.5ppt，其中，光电产品毛利率为10.6%，同/环比+2.4ppt/+0.8ppt，光学零件毛利率为 31.0%，同/环比-0.8ppt/-1.0ppt；2）分占联营公司业绩同比增加约1.0 亿元。 发展趋势 手机光学升级持续，公司延续产品结构优化策略 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The report highlights a positive outlook on the mobile optical upgrade cycle and the acceleration of automotive optical applications, maintaining a "Buy" rating. The forecast for net profit from 2025 to 2027 has been revised upwards due to improvements in ASP and gross margin in the mobile business [4][6] - The company is expected to benefit from the release of flagship models in the second half of 2025, with mobile revenue projected to grow by 5%-10% year-on-year [5][6] Financial Summary - The company's total revenue is projected to increase from 31.681 billion in 2023 to 41.823 billion in 2025, representing a year-on-year growth of 9.2% [7] - The net profit attributable to the parent company is expected to rise from 1.099 billion in 2023 to 3.810 billion in 2025, with a year-on-year growth of 41.1% [7] - The gross margin is forecasted to improve from 14.5% in 2023 to 20.5% in 2025, indicating a positive trend in profitability [7] Business Segments - Mobile business revenue for the first half of 2025 was 132 billion, showing a year-on-year growth of 2%, primarily driven by ASP increases in modules and lenses [5] - Automotive ADAS revenue for the first half of 2025 reached 34 billion, up 18% year-on-year, with expectations for over 20% growth in 2025 [6] - XR revenue for the first half of 2025 was 12 billion, reflecting a 21% increase, mainly from smart glass projects [6]

Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, driven by strong growth in automotive and AR/VR segments, despite a slight decline in mobile product shipments [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 19.652 billion yuan, a year-on-year increase of 4.2% [1] - Net profit reached 1.646 billion yuan, reflecting a substantial year-on-year growth of 52.6% [1] - The gross margin improved to 19.8%, up by 2.6 percentage points compared to the previous year [1] Group 2: Mobile Business - The mobile segment saw a decline in shipment volumes, with mobile lens and camera module shipments down approximately 6% and 21% year-on-year, respectively [2] - However, the average selling price (ASP) for mobile lenses and camera modules increased by around 20%, contributing to improved profitability [2] - The company expects mobile lens gross margins to continue to rise, projecting a gross margin of 25%-30% for 2025 [2] Group 3: Automotive Business - The automotive segment experienced a significant increase in shipments, with car-mounted lens shipments rising by 21.7% to 65 million units, maintaining the company's leading global market share [3] - The company has deepened strategic collaborations with major autonomous driving platforms, enhancing its market position [3] - The automotive segment is expected to see revenue growth exceeding 20% year-on-year for the full year 2025 [3] Group 4: Emerging Businesses - The XR business showed rapid revenue growth in H1 2025, primarily due to the company's strong involvement in the smart glasses sector [4] - The company is also making advancements in robotics, with applications in navigation, obstacle avoidance, and AI recognition, expanding its market presence [4] - The company aims to leverage its technological advancements and strategic upgrades to drive sustained growth in these emerging sectors [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant increase in net profit of 52.6% year-on-year for the first half of 2025, with revenue reaching 19.652 billion yuan, a 4.2% increase [5] - The growth in profitability is attributed to improvements in product structure and higher revenue from automotive-related businesses [5] - The company is expected to benefit from the ongoing trend of high-end innovation in mobile optics and the growth of its automotive and XR (Extended Reality) businesses [5] Financial Performance Summary - **Revenue and Profitability**: In 25H1, the company achieved revenue of 196.52 billion yuan and a net profit of 16.46 billion yuan, with a gross margin of 19.8% [5] - **Segment Performance**: Revenue from mobile, automotive, and XR-related businesses was 132 billion yuan, 34 billion yuan, and 12 billion yuan, respectively, with year-on-year growth rates of 1.7%, 18.2%, and 21.1% [5] - **Mobile Business**: Despite a decline in shipment volume, the average selling price (ASP) for mobile lenses and camera modules increased by approximately 20% year-on-year, leading to improved profitability [5] - **Automotive Business**: The company maintained its position as the global leader in automotive lens shipments, with a 21.7% increase in shipment volume in 25H1 [5] - **Emerging Businesses**: The XR business is expected to continue growing, supported by the company's strong presence in smart glasses, while the robotics sector is expanding in various applications [5] Financial Projections - The company forecasts total revenue of 422 billion yuan, 475 billion yuan, and 529 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 35 billion yuan, 42 billion yuan, and 48 billion yuan [5][6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.21 yuan, 3.87 yuan, and 4.42 yuan, respectively [6][10]

Group 1 - The Ministry of Human Resources and Social Security and other departments announced new regulations for personal pension withdrawals, effective from September 1, which include three additional scenarios for withdrawal eligibility [1] - The new scenarios for personal pension withdrawals include: medical expenses exceeding the average disposable income of residents in the province, receiving unemployment insurance for 12 months within the last two years, and currently receiving minimum living security [1] - The announcement also introduces new online service channels for pension withdrawal applications, including the national social insurance public service platform and mobile apps [1] Group 2 - Major brokerage firms are engaged in a commission war to attract new clients, with some offering commissions as low as 0.8 per thousand for stock trading and 0.5 per thousand for ETFs [2] - The competitive landscape has led to a significant increase in inquiries about commission adjustments and more frequent account transfers among investors [2] Group 3 - A significant technological breakthrough in indium phosphide (InP) materials has been achieved, with the successful development of 6-inch InP-based devices, marking a first in large-size InP material production in China [3] - This breakthrough is expected to facilitate the mass production of 6-inch InP chips, which are crucial for optical communication and quantum computing [3] Group 4 - The first remote robotic surgery using 5G technology was successfully performed in Fujian, showcasing advancements in telemedicine [4] Group 5 - Apple has entered large-scale production of the iPhone 17, with expectations of enhanced AI capabilities and other upgrades that may boost sales [5] Group 6 - Hopu Co. signed a procurement contract worth 232 million yuan for a shared energy storage project, indicating growth in the energy sector [10] - Xin Hongye plans to acquire a 62% stake in Yangzhou Shuguang, aiming to expand into high-end application markets [11] Group 7 - Xiaomi Group reported a 75.4% year-on-year increase in adjusted net profit for Q2 2025, with revenues reaching 116 billion yuan [7] - Pop Mart's revenue for the first half of 2025 surged by 204.4% year-on-year, indicating strong market performance [8] Group 8 - Several companies reported significant profit growth in their half-year financial results, including Beisi Mei with a 109.7% increase in net profit and Zhongnan Culture with a 524.45% increase [13][17] - The overall market showed a mixed performance, with the ChiNext index experiencing a slight decline while trading volumes remained high [18][19]

Core Viewpoint - The Chinese consumer-grade XR market is experiencing structural differentiation in the first half of 2025, with the AR market continuing to grow while the VR market remains in a prolonged slump due to a lack of content ecosystem and new product releases [2][5]. Market Performance - In the first half of 2025, the overall sales volume of the domestic XR consumer market reached 261,000 units, representing a 9% increase quarter-on-quarter but a 21% decline year-on-year [5]. - The domestic consumer-grade VR market is in a downturn, with VR device sales at 75,000 units, marking a three-year low, primarily due to insufficient investment in VR content and no major new product launches in the first half of the year [5]. - In contrast, the domestic consumer-grade AR device sales reached 186,000 units, showing a 35% year-on-year increase and a 28% quarter-on-quarter increase, driven by new AR glasses releases, government subsidies, and promotional events [5]. - The forecast for the entire year predicts a total of 606,000 units sold in the domestic consumer-grade XR market, a 6.5% increase compared to the previous year, mainly propelled by AR devices [5]. Brand Trends - In the VR device market, the brand landscape remains stable, with PICO holding a 46% market share, followed by Meta at 28% and Goovis at 7%. Despite the market downturn, leading manufacturers maintain their shares through cost control and ecosystem integration [6]. - The AR device market is becoming increasingly competitive, with Thunderbird Innovation leading with a 35% market share, followed by XREAL at 22%. The success of these brands is attributed to multi-dimensional strategic layouts [6][7]. Technology Trends - In the VR device market, Fast LCD screen sales share has rebounded to 87%, while Micro OLED screens remain primarily in high-end products [8]. - In the AR device market, Micro OLED screen sales share is at 87%, with Sony dominating the market. Domestic screen manufacturers like Visionary Technology have seen a 30 percentage point increase in sales share due to deep collaborations with brands like Thunderbird [8]. - Waveguide technology maintains a stable sales share of 13%, with significant technological breakthroughs allowing manufacturers to reduce costs by 40% and introduce products with a field of view exceeding 50 degrees [8]. Investment and Financing Situation - In the first half of 2025, there were 37 financing deals globally in the XR sector, amounting to 44.5 billion yuan, a decrease of 34 deals compared to the previous year but an increase of 33.5 billion yuan in total amount, indicating a trend of capital concentration towards leading projects [9]. - The investment and financing landscape in AR/VR is characterized by four major trends: capital centralization, core technology focus, ecological scene development, and regional clustering [9]. - The shift in capital from speculative concepts to substantial technological breakthroughs and commercialization is evident, with domestic breakthroughs in core components like Micro LED and silicon-based OLED expected to reshape the global supply chain [9].

Core Viewpoint - The domestic XR consumer market is experiencing a mixed performance, with VR sales declining significantly while AR sales show strong growth in the first half of 2025 [1] Summary by Category XR Market Performance - In the first half of 2025, the overall sales of the domestic XR consumer market reached 261,000 units, representing a quarter-on-quarter growth of 9% but a year-on-year decline of 21% [1] VR Device Sales - The domestic consumer VR market is currently in a downturn, with VR device sales hitting a three-year low at 75,000 units in the first half of 2025 [1] - The decline in VR sales is attributed to insufficient investment in VR content ecosystems and the absence of major new product launches during this period [1] AR Device Sales - In contrast, the domestic consumer AR device sales reached 186,000 units in the first half of 2025, marking a year-on-year increase of 35% and a quarter-on-quarter increase of 28% [1] - The growth in AR sales is supported by the continuous release of new AR glasses, government subsidies, and promotional events such as the "618" e-commerce festival [1] Future Projections - Based on the performance in the first half of 2025, the total sales of domestic consumer XR devices are projected to reach 606,000 units for the entire year, reflecting a year-on-year growth of 6.5%, primarily driven by AR devices [1]