因此，通过将黄鹂智能的智能通话降噪技术内核与公司的精湛声学硬件深度融合，合作产品将实现"说 得轻松，听得真切"的纯净体验，能有效解决复杂嘈杂环境下的音频使用痛点，满足国内外消费者对高 品质音频产品的需求。 近日，瀛通通讯(002861)与拥有全球领先"AI+DSP"灭噪收声核心技术的深圳黄鹂智能科技有限公司 （以下简称"黄鹂智能"）签署技术合作框架协议。此次合作，既是硬件制造与声学算法的一次完美邂 逅，更是双方核心优势的深度融合。 根据协议，公司和黄鹂智能将整合顶尖资源，在智能声学领域展开深度协同，共同致力于为全球用户打 造降噪性能卓越、听觉体验颠覆性的新一代声学产品，开启智能声学发展新征程。 优势互补，构建战略协同新格局 当前，随着远程办公、在线会议、移动娱乐等场景日益普及，用户对音频设备的降噪、收声性能提出更 高要求，高品质声学产品俨然成为市场刚需。此次双方开展战略合作，正是瞄准这一市场需求，以技术 创新为驱动，联合打造兼具极致降噪效果与出色音质的产品解决方案，通过优势互补构建战略协同新格 局。 瀛通通讯作为声学领域的资深企业，经过多年的深耕积累，已拥有深厚的声学制造功底、强大的供应链 体系与全球市场渠道 ...

Core Viewpoint - Yingtong Communications reported a revenue of 395 million yuan for the first half of 2025, marking a year-on-year growth of 9.81%, with export revenue reaching 223 million yuan, up 20.01% [1] Business Performance - The company focuses on "continuous innovation to enhance customer value" and aims to become a leading provider of comprehensive solutions in "acoustics, transmission, and health" [2] - Acoustic products and power/data transmission products account for nearly 97% of total revenue, with acoustic products generating 244 million yuan (62% of revenue) and growing by 0.26%, while power and data transmission products generated 138 million yuan (35% of revenue) with a growth of 29.51% [2][3] - The high concentration of well-known brands in the consumer electronics market provides Yingtong Communications with stable and substantial orders, contributing to its revenue base [3] Strategic Initiatives - Yingtong Communications is entering the "big health" sector as part of its strategic transformation, which is progressing steadily [3] - The company emphasizes continuous R&D investment, with 21.35 million yuan allocated in the first half of 2025, representing 5.41% of revenue [4] - The company has developed various advanced technologies and products, including smart acoustic products and features like active noise cancellation and real-time translation, applicable across multiple scenarios [4] Market Outlook - The consumer electronics industry is currently in a recovery phase, with expectations for investment opportunities arising from AI smartphone upgrades and the penetration of AI wearable devices [4] - Yingtong Communications is expected to enhance its market competitiveness and core technological capabilities, potentially amplifying its long-term investment value in the capital market [5]

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company is expected to achieve steady growth in its performance for 2024 and the first half of 2025, with a solid layout in three core business segments: consumer electronics, automotive, and communication & data centers. The growth is supported by both organic and external development strategies, enhancing competitive strength for sustainable growth [3][8]. Financial Summary - The company’s projected revenue for 2024 is RMB 268.8 billion, representing a year-on-year growth of 15.9%. The net profit attributable to the parent company is expected to reach RMB 13.4 billion, up 22.0% year-on-year [7][8]. - For the first quarter of 2025, the company anticipates a revenue of RMB 61.79 billion, a 17.9% increase year-on-year, and a net profit of RMB 3.04 billion, reflecting a 23.2% growth [8]. - The earnings per share (EPS) for 2025 is projected at RMB 2.34, with corresponding price-to-earnings ratios of 13.2x for 2025, 11.1x for 2026, and 9.2x for 2027 [5][7]. Business Segments Performance - In the consumer electronics segment, revenue is expected to reach RMB 224.09 billion, growing by 13.65% year-on-year, accounting for 83.4% of total revenue [8]. - The automotive segment shows significant growth, with a revenue increase of 48.7% year-on-year, reaching RMB 13.76 billion, representing 5.1% of total revenue [8]. - The communication and precision components segment is projected to grow by 26.3% year-on-year, with revenue of RMB 18.36 billion, accounting for 6.8% of total revenue [8]. Valuation Metrics - The company’s estimated EBITDA for 2025 is RMB 28.41 billion, with a growth rate of 33.5% [7][8]. - The projected net profit for 2025 is RMB 16.99 billion, with a growth rate of 27.1% [7][8]. - The company maintains a strong financial position with a projected return on equity (ROE) of 20.1% for 2025 [14].