机构：华泰证券 20.6x 26 年PE；切换到26 年目标PE 主因考虑市场更关注公司26 年新业务的增长），目标价60.30 港币 （前值：62.20 港币，对应30.0x 2025 年目标PE），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 风险提示：智能手机需求弱于预期，新品研发不及预期。 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响，但公司指引25 年声学毛利率仍会同比增长）；2） 光学：实现收入26.5 亿元（yoy：+20%），主要受益于塑胶镜头和光学模组出货量增长以及产品结构改 善，毛利率也因此提升至10.2%（yoy：+5.5pp）；3）马达及精密结构件业务：实现收入46.3 亿元 （yoy：+27%），毛利率22.9%（同比大体持平）。我们建议持续关注瑞声2H25 年声学&光学业务毛利 率改善进展以及精密结构件新品（VC 散热板）在北美大客户新机放量进展。 2H25E：看好公司在汽车、XR 眼镜以及机器人等新终端持续突破 通过抓住汽车、 ...

机构：信达国际 研究员：Hayman Chiu AAC handed in a set of in-line 1H25 result, with revenue and net profit attributable to shareholders arrived at RMB13,318mn/RMB876mn respectively (+18.4%/+63.1% Yoy), and each accounted for 43%/36% of FY25E consensus estimates, (vs. 44%/30% on average in FY22-24). As expected, AAC did not declare interim dividends, we still believe a 15% payout ratio can be maintained in FY25E/26E Though AAC's 1H25 blended GM stood at above 20%, it slipped 0.8ppts Yoy /1.9ppts HoH to 20.7%, falling b ...

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 ...

Core Viewpoint - 瑞声科技 reported strong financial performance in the first half of 2025, with revenue reaching RMB 13.32 billion, a year-on-year increase of 18.4%, and net profit rising significantly by 63.1% to RMB 876 million. The company expects continued high growth in the second half of the year, driven by advancements in AI and various business segments [1][6]. Financial Performance - The company's revenue for the first half of 2025 was RMB 13.32 billion, marking an 18.4% increase year-on-year [1]. - Net profit surged by 63.1% to RMB 876 million [1]. - The acoustic business generated revenue of RMB 3.52 billion, with a year-on-year growth of 1.8%, and the gross margin for this segment was 27.2%, down 2.7 percentage points [3]. - The optical business revenue reached RMB 2.65 billion, reflecting a 19.7% increase year-on-year, with expectations for the gross margin to exceed 30% for the full year [4]. Business Segments - The company anticipates that multiple business segments will benefit from the AI trend, particularly the MEMS microphone segment, which is expected to see revenue growth of over 50% in 2025 compared to 2024 [6]. - The thermal management segment is projected to exceed RMB 1.2 billion in revenue in 2025, representing at least a threefold increase from 2024 [6]. - The automotive business has grown to account for over 13% of total revenue, with first-half revenue of RMB 1.74 billion, a 14.2% increase year-on-year, and a gross margin of 23.9% [7]. Product Innovations - The company launched several innovative acoustic products in the first half of 2025, including the SLS master-level and coaxial speakers, with shipments exceeding 17 million units, a nearly 40% increase year-on-year [3]. - The unique WLG lens technology is expected to see shipments exceed 10 million units this year, with a projected growth of over 50% next year [4]. Strategic Outlook - The company aims to maintain a gross margin for the acoustic business at or above last year's level of 30.2% [3]. - The management has successfully controlled R&D, sales, and administrative expenses, contributing to the company's robust performance and ability to seize market opportunities [8].

据证券之星公开数据整理，近期汇通控股（603409）发布2025年中报。截至本报告期末，公司营业总收 入5.33亿元，同比上升19.71%，归母净利润7010.33万元，同比下降15.45%。按单季度数据看，第二季 度营业总收入2.74亿元，同比上升9.66%，第二季度归母净利润4104.18万元，同比下降12.2%。本报告 期汇通控股公司应收账款体量较大，当期应收账款占最新年报归母净利润比达283.18%。 本次财报公布的各项数据指标表现一般。其中，毛利率26.47%，同比减19.38%，净利率13.24%，同比 减28.85%，销售费用、管理费用、财务费用总计4223.13万元，三费占营收比7.93%，同比增12.76%，每 股净资产11.46元，同比增59.76%，每股经营性现金流0.55元，同比减25.79%，每股收益0.61元，同比减 30.68% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.45 Z | 5.33亿 | 19.71% | | 归母净利润(元) | 8291.25万 | 7010 ...

据证券之星公开数据整理，近期汇通控股（603409）发布2025年中报。截至本报告期末，公司营业总收 入5.33亿元，同比上升19.71%，归母净利润7010.33万元，同比下降15.45%。按单季度数据看，第二季 度营业总收入2.74亿元，同比上升9.66%，第二季度归母净利润4104.18万元，同比下降12.2%。本报告 期汇通控股公司应收账款体量较大，当期应收账款占最新年报归母净利润比达283.18%。 本次财报公布的各项数据指标表现一般。其中，毛利率26.47%，同比减19.38%，净利率13.24%，同比 减28.85%，销售费用、管理费用、财务费用总计4223.13万元，三费占营收比7.93%，同比增12.76%，每 股净资产11.46元，同比增59.76%，每股经营性现金流0.55元，同比减25.79%，每股收益0.61元，同比减 30.68% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.45 Z | 5.33亿 | 19.71% | | 归母净利润(元) | 8291.25万 | 7010 ...

高盛发布研报称，仍看好瑞声科技(02018)，并预期光学业务的规模和组合提升，以及汽车、人工智 能/AR眼镜和机器人业务的长期机遇，将进一步改善盈利能力。维持"买入"评级，目标价由62港元升至 63.6港元。该行同时将瑞声2025至27年各年盈利预测分别上调14%、3%及4%，收入预测亦分别上调 1%、1%及3%，以反映今年上半年业绩表现。 瑞声上半年光学业务毛利有所增长，该行预期下半年毛利率将恢复至23.6%，主要受以下因素推动，包 括手机镜头毛利在下半年改善至30%以上;声学业务毛利回复，原因是中高端项目量产;以及汽车声学和 冷却业务多元化，利润率较高。 ...

Core Viewpoint - Yingtong Communications is expected to see a revenue increase of approximately 10% year-on-year for the first half of 2025, but is also projecting a net loss of between 22 million to 30 million yuan [1] Group 1: Financial Performance - For Q2 2025, Yingtong Communications anticipates a revenue increase of about 17% compared to the same period last year [1] - The company expects a net loss of 22 million to 30 million yuan and a non-recurring net profit loss of 27 million to 35 million yuan for the first half of 2025 [1] Group 2: Operational Strategy - Yingtong Communications has focused on establishing and continuously improving a scientific customer identification standard and tracking management mechanism to strengthen long-term strategic partnerships with quality clients [1] - The company has been expanding new projects and has seen gradual improvements in production efficiency as new projects reach capacity [1] Group 3: Market Conditions and Future Outlook - Analysts suggest that despite the current performance pressures, Yingtong Communications is well-positioned for stable development due to the gradual recovery of the consumer electronics industry and the ongoing expansion of the global healthcare market [2] - The company is recognized as a leading player in the acoustic products and data transmission cable sector and has established itself as a core supplier for internationally renowned consumer electronics brands [2] - Looking ahead, Yingtong Communications aims to deepen its focus on the "big acoustics, big transmission, big health" sectors, leveraging innovation and technology to optimize its product line and enhance market share [2]

Economic Performance - In the first half of the year, the GDP of Jinxik Town is expected to grow by 6% year-on-year [1] - The industrial output value reached 24.18 billion, with a year-on-year increase of 6.7%, ranking second in Kunshan [1] - Total fixed asset investment amounted to 1.79 billion, showing a year-on-year growth of 17.1%, while industrial investment was 1.4 billion, with a significant increase of 32.5%, ranking first and third in Kunshan respectively [1] Industry Development - Jinxik Town is focusing on five major industries: consumer electronics, communication equipment, automotive parts, low-altitude economy, and intelligent manufacturing [1] - Major projects such as the "Jinxiu Living Room · Luxshare Precision Science Park" with an investment of over 6 billion were launched, expected to generate over 20 billion in industrial output and create over 10,000 jobs [1] Innovation and Collaboration - Jinxik Town has established deep cooperation with Nanjing University of Information Science and Technology to create an innovation achievement transformation base [1] - The town added 36 invention patents and 144 utility model patents, and initiated one provincial-level industry-university-research cooperation project [1] Tourism Growth - In the first half of the year, Jinxik Town received 2.15 million tourists, a year-on-year increase of 34% [2] - Total tourism revenue reached 73 million, reflecting a year-on-year growth of 12% [2]