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 ...

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]

部分港股午后跳水！ 今日盘中，港股瑞声科技直线跳水，跌幅一度超过14%。舜宇光学科技、丘钛科技、比亚迪电子等苹果概念股也纷纷跟跌。 当日午间，瑞声科技发布未经审核的中期业绩报告。上半年，公司的营收同比增长18.4%；毛利率为20.7%，同比下降0.8个百分点；净利润（股东应占 溢利）为8.76亿元（人民币，下同），同比增长63.1%。 此前，曾有投行预计，瑞声科技上半年的营收及净利润将分别同比增长24%、66%。 瑞声科技股价大跌 8月21日午后，在港股市场上，瑞声科技股价突然大跳水，盘中跌幅一度超过14%，最低触及43.06港元/股。其他苹果概念股也跟随下跌，舜宇光学科技 盘中一度跌近5%，比亚迪电子、丘钛科技一度跌超3%。 截至港股收盘，瑞声科技跌幅仍超过13%，市值缩水至524亿港元；舜宇光学科技、丘钛科技、比亚迪电子分别下跌3.65%、2.66%、2.16%。 21日午间，瑞声科技发布的中期业绩报告显示，公司上半年实现营收133.18亿元，同比增长18.4%；毛利率由2024年上半年的21.5%下降至2025年上半 年的20.7%。公司毛利率下降主要是由产品组合变化所带动。 上半年，公司股东应占溢利同 ...