港股通 证券研究报告 瑞声科技 (2018 HK) 声学毛利率承压，光学毛利率改善 | | | 2025 年 8 月 25 日│中国香港 电子元件 瑞声科技公布 1H25 财报：实现收入 133 亿元（yoy：+18%），毛利率 20.7% （yoy：-0.8pp，主要受益于消费电子声学、PSS 汽车声学以及 MEMS 麦克 风业务毛利率下滑影响），归母净利 8.8 亿元（yoy：+63%）。考虑到 MEMS 麦克风业务的毛利率改善低于我们预期，我们将 2025/2026/2027 年归母净 利预测下调 1%/5%/4%至 22.8/26.5/29.2 亿元（前值：23.2/28.0/30.5 亿元）。 同时，考虑公司在汽车、XR 眼镜以及机器人等高景气新型智能终端的定点 陆续落地，我们给予公司 2026 年目标 PE 25.0x，目标价 60.30 港币，维持 "买入"评级。 1H25：声学毛利率短期承压，光学毛利率持续改善 公司 1H25 实现营收 133 元（yoy：+18%），其中：1）声学：实现收入 35.2 亿元（yoy:+2%），毛利率 27.2%（yoy：-2.7pp，主要受产品结构变化的 影 ...

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 ...

据证券之星公开数据整理，近期得润电子(002055)发布2025年中报。截至本报告期末，公司营业总收入 21.16亿元，同比下降21.0%，归母净利润5206.23万元，同比上升154.98%。按单季度数据看，第二季度 营业总收入10.93亿元，同比下降20.68%，第二季度归母净利润1999.91万元，同比上升129.61%。本报 告期得润电子盈利能力上升，毛利率同比增幅26.52%，净利率同比增幅136.34%。 本次财报公布的各项数据指标表现一般。其中，毛利率21.1%，同比增26.52%，净利率2.44%，同比增 136.34%，销售费用、管理费用、财务费用总计2.74亿元，三费占营收比12.96%，同比减28.47%，每股 净资产2.33元，同比减44.15%，每股经营性现金流-0.49元，同比减738.72%，每股收益0.09元，同比增 154.95% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 26.79亿 | 21.16亿 | -21.00% | | 归母浄利润（元） | -9469.43万 ...

Core Viewpoint - Shenzhen Derun Electronics Co., Ltd. has released a revised version of its Articles of Association, which details the company's organizational and operational rules, covering important aspects such as share issuance, shareholder rights, and corporate governance [1] Share Issuance Rules - The company adheres to principles of openness, fairness, and justice in share issuance, ensuring equal rights for similar shares. Financial assistance for acquiring company shares is generally prohibited, except for employee stock ownership plans, which can be approved by the shareholders' meeting or board of directors, with a limit of 10% of the total issued share capital [2] Shareholder and Shareholder Meeting Rights Protection - The company maintains a shareholder register based on securities registration institutions, where shareholders enjoy rights such as dividends, voting, and supervision, while also bearing obligations like timely reporting of share changes. The annual shareholders' meeting is held once a year within six months after the end of the previous fiscal year, with provisions for extraordinary meetings under specific circumstances [3] Corporate Governance Structure - The board of directors consists of 7 to 9 members, including 1 to 2 employee representatives and 3 independent directors. The board has various powers, including convening shareholders' meetings and deciding on business plans. The chairman is elected by a majority of the board members [4] Merger and Division Rules - The company can merge through absorption or new establishment, with certain conditions allowing for board resolutions without shareholder approval if the payment does not exceed 10% of net assets. Clear procedures are established for division, capital increase, and decrease, as well as dissolution and liquidation [5]

2025 年 8 月 22 日 公司研究 25H1 声学毛利率承压，H2 有望回升；散热、WLG 有望持续强劲增长 ——瑞声科技（2018.HK）2025H1 业绩点评 要点 业绩：1）营收同比上升：25H1 营收 133.18 亿元（人民币，下同），同比+18.4%。 2）毛利率略微下降：25H1 毛利率 20.7%，同比-0.8pct，系产品结构变化： 精密结构件业务、光学业务和传感器及半导体业务的收入增长显著。3）净利 润同比上升：25H1 归母净利润 8.76 亿元，同比+63.1%；若剔除其他收益 2.57 亿元（24H1 亏损 3,300 万元），25H1 净利润为 6.19 亿元，其他收益主要由 收购 PSS（Premium Sound Solution）带来的一次性公允价值重估贡献。 声学毛利率同比下降，主要受新品量产爬坡影响：25H1 声学业务收入 35.23 亿元，同比+1.8%；毛利率为 27.2%，同比-2.7pct，主要受新品量产爬坡影 响。公司预计伴随下半年更多高端产品爬坡，声学毛利率有望稳步提升。中高 端声学产品出货量大幅增加，公司 SLS 大师级扬声器出货量同比增长超 40%。 ...

Core Viewpoint - 瑞声科技 reported a strong performance in the first half of 2025, with revenue of 13.32 billion yuan, an 18.4% year-on-year increase, and net profit rising 63.1% to 876 million yuan, driven by improvements in optical business profitability and rapid growth in precision components [1] Financial Performance - Revenue for the first half of 2025 was 13.32 billion yuan, up 18.4% year-on-year - Net profit increased by 63.1% to 876 million yuan - Operating cash flow was 2.89 billion yuan, a 9.1% increase year-on-year - As of June 30, 2025, the net debt-to-equity ratio was 4.7%, with cash on hand of 7.75 billion yuan [1] Business Segments - Revenue breakdown by segment: - Acoustics: 3.52 billion yuan (up 1.8%) - Optics: 2.65 billion yuan (up 19.7%) - Electromagnetic transmission and precision components: 4.63 billion yuan (up 27.4%) - Sensors and semiconductors: 608 million yuan (up 56.2%) [1][2] Growth Expectations - Management expects growth in the second half of 2025 to remain at or above 18.4% - Anticipated doubling of MEMS microphone revenue driven by increased demand for high-end products and AI-driven voice interaction [3] - Optical business expected to reach a scale of millions with a growth rate exceeding 50% next year [3] - Sales of thermal products projected to exceed 300 million yuan in 2024, with a threefold increase expected in sales this year [3] Margin Improvement Initiatives - The company aims to enhance gross margins in the second half of the year, with new acoustic products entering mass production [4] - Optical business has achieved over 30% gross margin, with expectations for improvement as production scales up [4] - Thermal products are expected to have a gross margin above the overall group level due to high technical barriers [4] Strategic Expansion - The company is exploring growth opportunities in the automotive sector, AR, and robotics [5][6] - Acquired 80% of Premium Sound Solutions to access high-quality customer resources and technology in the automotive speaker market [7] - Revenue from automotive products reached 1.74 billion yuan, a 14.2% increase year-on-year [7] - Collaboration with Hebei Chuguang Automotive Parts Co. to develop next-generation automotive acoustic systems [7] - Engaging with major AR OEMs and humanoid robot manufacturers for project discussions and technology development [8]

（编辑 任世碧） 证券日报网讯 8月21日晚间，电连技术发布2025年半年度报告摘要称，2025年半年度公司实现营业收入 为2，524，050，551.81元，同比增长17.71%；实现归属于上市公司股东的净利润为242，662，314.64 元，同比下降21.10%。 ...

（文章来源：每日经济新闻） 电连技术（SZ 300679，收盘价：50.22元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收 入约25.24亿元，同比增加17.71%；归属于上市公司股东的净利润约2.43亿元，同比减少21.1%；基本每 股收益0.57元，同比减少21.92%。 ...

报告期内，集团经营性现金流入为人民币28.9亿元，同比增长9.1%。瑞声科技表示将持续提升运营效 率，并维持稳健的资本开支，以强劲的现金流支持长期发展和创新。 （文章来源：证券时报网） 瑞声科技公布2025年上半年业绩。集团实现收入人民币133.2亿元，同比增长18.4%，主要得益于产品市 场份额的提升。毛利率为20.7%，同比微降0.8个百分点。股东应占溢利为人民币8.76亿元，大幅增长 63.1%，主要由光学业务盈利能力改善和精密结构件业务的强劲增长所推动。 ...

Company Overview - Yidong Electronics closed at 46.25 yuan on August 20, down 2.67 yuan from the previous trading day [1] - The opening price was 47.09 yuan, with a daily high of 48.00 yuan and a low of 43.97 yuan [1] - The total trading volume for the day was 199,787 lots, with a transaction amount of 925 million yuan [1] Business Operations - Yidong Electronics specializes in the research, development, production, and sales of precision electronic components [1] - The company's products are widely used in consumer electronics and automotive electronics sectors [1] - The company is part of several concept sectors, including consumer electronics, copper cable high-speed connections, and energy storage [1] Market Activity - On the morning of August 20, Yidong Electronics experienced a rapid rebound, with a more than 2% increase within 5 minutes at 9:37 AM, resulting in a transaction amount of 176 million yuan [1] - The net outflow of main funds for the day was 41.21 million yuan, while the net inflow over the past five days was 164.45 million yuan [1]