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 ...

Core Viewpoint - Goldman Sachs has set a target price of HKD 68.6 for AAC Technologies (02018) and maintains a "Buy" rating, based on a projected P/E ratio of 25.6 for this year [5]. Financial Performance - AAC Technologies reported a year-on-year revenue increase of 15% to RMB 18.5 billion in the second half of last year, aligning with both Goldman Sachs' and market consensus expectations [5]. - The company's gross margin for mobile camera products rose to 12.6%, contributing to an overall average gross margin increase to 23% in the second half of last year, driven by product mix optimization and upgrades to high-end solutions [5]. - Operating expenses improved to 13.2%, better than Goldman Sachs' and market consensus estimates of 13.4% and 13.7%, respectively [5]. - Operating profit increased by 23% year-on-year, while net profit saw a 30% year-on-year rise [5]. Business Drivers - The growth in revenue was primarily driven by the sensor and semiconductor business, which experienced year-on-year growth rates of 151% and 18%, respectively [5]. - The company is collaborating with clients to develop its first AI hardware device's core motor components [5].