机构持仓方面，截止2025年3月31日，上声电子十大流通股东中，易方达新丝路混合（001373）位居第 六大流通股东，持股76.72万股，为新进股东。南方科创板3年定开混合（506000）位居第七大流通股 东，持股76.25万股，相比上期减少48.51万股。中欧价值发现混合A（166005）、中欧潜力价值灵活配 置混合A（001810）、中欧成长优选混合A（166020）、南方高端装备混合A（202027）退出十大流通 股东之列。 资料显示，苏州上声电子股份有限公司位于江苏省苏州市相城区元和街道科技园中创路333号，成立日 期1992年6月27日，上市日期2021年4月19日，公司主营业务涉及声学产品、系统方案及相关算法的研发 设计。主营业务收入构成为：车载扬声器73.84%，车载功放19.23%，AVAS4.35%，其他(补充)2.58%。 截至3月31日，上声电子股东户数7071.00，较上期增加4.22%；人均流通股23030股，较上期减少 4.04%。2025年1月-3月，上声电子实现营业收入6.36亿元，同比增长6.40%；归母净利润2732.55万元， 同比减少53.27%。 分红方面，上声电子A ...

Core Viewpoint - AAC Technologies has completed the acquisition of the second batch of shares in Premium Sound Solutions (PSS), making PSS an indirect wholly-owned subsidiary of AAC Technologies [1] Group 1: Acquisition and Market Impact - AAC Technologies acquired 80% of PSS in February last year, leading to a steady increase in its global automotive market share and the establishment of a vertically integrated solution encompassing speakers, amplifiers, algorithms, and tuning services [3] - The automotive acoustics business of AAC Technologies has seen rapid growth, with revenue reaching 3.52 billion yuan and a gross margin of 24.8% [3] - PSS's automotive speakers have captured significant market share among top-tier automotive manufacturers in Europe and the US, and after the acquisition, AAC Technologies has successfully supplied to domestic new energy vehicle companies such as Li Auto, Xiaomi, Geely, and XPeng [3] Group 2: Ratings and Market Position - Moody's has upgraded the rating outlook for AAC Technologies from "stable" to "positive," citing the ongoing synergy effects from the acquisition of PSS and improvements in the company's diversified business structure [3] - CLSA's latest research report indicates that AAC Technologies is the sole supplier of the Xiaomi SU7 smart cockpit speakers, and the Xiaomi YU7 series smart cockpit speakers are co-developed with AAC Technologies, with all units supplied by AAC Technologies [3] Group 3: PSS Company Profile - PSS, headquartered in Belgium, is a well-established European automotive acoustics company with 50 years of history and a diversified global manufacturing layout [4] - PSS serves mainstream automotive brands, including Audi, BMW, Mercedes-Benz, Land Rover, and Buick, with a global market share of 15%-20%, and a higher proportion in the mid-to-high-end market [4]

Event Overview - The company disclosed its 2024 annual report and Q1 2025 report, achieving revenue of 2.776 billion yuan in 2024, a year-on-year increase of 19.32%, and a net profit attributable to shareholders of 235 million yuan, a year-on-year increase of 47.92% [2] - For Q1 2025, revenue was 636 million yuan, a year-on-year increase of 6.40% but a quarter-on-quarter decrease of 18.62%, with a net profit of 27 million yuan, a year-on-year decrease of 53.27% and a quarter-on-quarter decrease of 40.03% [2] Revenue Growth and Profit Pressure - Revenue growth was supported by the steady growth of the domestic and international automotive markets, with key product sales maintaining robust growth [3] - In 2024, the revenue from car speakers, amplifiers, and AVAS business increased by 10.84%, 47.97%, and 40.10% respectively [3] - Profitability faced short-term pressure due to several factors, including initial operational costs of the Hefei factory, overall product price reductions, losses from the Czech factory, and reduced government subsidies [3] Product Performance - In 2024, speaker revenue was 2.050 billion yuan, accounting for 73.84% of total revenue, while amplifier revenue was 534 million yuan, accounting for 19.23% [4] - The company maintained high R&D investment to consolidate its advantages in car audio systems and develop emerging automotive electronics and acoustic application software [4] Capacity Expansion - The company is actively expanding overseas production capacity, particularly in Mexico and the Czech Republic, to enhance competitiveness [5] - The Hefei factory, completed in 2024, is currently ramping up production capacity, which will improve the company's manufacturing capabilities and better meet customer and market demands [5] Future Projections - The company is expected to achieve revenues of 3.256 billion yuan, 3.844 billion yuan, and 4.373 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 246 million yuan, 413 million yuan, and 559 million yuan [6][8] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.51 yuan, 2.53 yuan, and 3.43 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 11, and 8 [6][8]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 26.90 CNY per share [5]. Core Views - The company achieved a revenue of 2.776 billion CNY in 2024, representing a year-on-year growth of 19.32%. The net profit attributable to shareholders was 235 million CNY, up 47.92% year-on-year [1][2]. - The revenue for Q1 2025 was 636 million CNY, showing a year-on-year increase of 6.40% but a quarter-on-quarter decrease of 18.62%. The net profit for Q1 2025 was 27 million CNY, down 53.27% year-on-year and 40.03% quarter-on-quarter [1][2]. - The company is experiencing short-term profit pressure due to several factors, including initial operational challenges at the Hefei factory, overall product price reductions, losses from the Czech factory, and reduced government subsidies [2][3]. Revenue and Profit Analysis - The revenue from the automotive speaker, amplifier, and AVAS businesses in 2024 was 2.050 billion CNY (+10.84%), 534 million CNY (+47.97%), and 121 million CNY (+40.10%) respectively, indicating stable growth in major product sales [2][3]. - The gross profit margin for Q4 2024 was 22.13%, down 3.35 percentage points year-on-year, while the gross profit margin for Q1 2025 was 20.62%, down 3.47 percentage points year-on-year [2][3]. Future Projections - The company is expected to benefit from the electric and intelligent automotive trends, with projected revenues of 3.256 billion CNY, 3.844 billion CNY, and 4.373 billion CNY for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is projected to be 246 million CNY, 413 million CNY, and 559 million CNY for the same years [5][6]. - The report forecasts an EPS of 1.51 CNY, 2.53 CNY, and 3.43 CNY for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 11, and 8 [5][6].