Core Viewpoint - The acquisition of a 53.74% stake in Chuguang Automotive by AAC Technologies marks a new chapter in the development of automotive perception technology, enhancing the company's capabilities in the smart automotive sector [1][2]. Group 1: Acquisition Details - AAC Technologies, through its wholly-owned subsidiary, signed an agreement to acquire a 53.74% stake in Hebei Chuguang Automotive Components Co., Ltd. for RMB 288 million [1]. - Following the acquisition, Chuguang Automotive will become an indirect non-wholly-owned subsidiary of AAC Technologies, with the founding team continuing to manage operations [1]. - Chuguang Automotive, established in 2016, specializes in the design, production, and sales of automotive electronic components, holding over 30 patents and various certifications [1]. Group 2: Market Position and Collaboration - Chuguang Automotive holds a 55% market share in the domestic market for automotive digital microphones and over 26% globally [2]. - The acquisition signifies a deep integration of technological advantages and industrial resources between AAC Technologies and Chuguang Automotive, aimed at advancing the automotive intelligence industry [2]. Group 3: Technological Synergy - The collaboration aims to create a closed-loop ecosystem of "perception-processing-output" in automotive acoustics, enhancing user experience through improved microphone technology [3]. - AAC Technologies plans to leverage its global resource network to accelerate the commercialization of Chuguang Automotive's technologies and expand its market reach [3]. - The partnership will focus on the latest trends in the smart automotive industry, optimizing acoustic technology solutions and setting new standards for sound perception in next-generation smart cockpits [3]. Group 4: Financial Projections - The company is projected to achieve revenues of RMB 31.146 billion, RMB 34.950 billion, and RMB 39.202 billion for the years 2025, 2026, and 2027, respectively, with net profits of RMB 2.441 billion, RMB 2.943 billion, and RMB 3.486 billion [4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 18x, 15x, and 12x for the years 2025 to 2027 [4].

研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 公司基本情况 | 最新收盘价（港币） | 39.40 | | --- | --- | | 总股本/流通股本（亿股）11.99 / 11.75 | | | 总市值/流通市值（亿港 | 430 / 422 | | 币） | | | 52 周内最高/最低价 | 54.80 / 24.40 | | 资产负债率(%) | 50.50% | | 市盈率 | 24.69 | | 第一大股东 | Sapphire Hill Holdings | | | Limited | 瑞声科技(2018.HK) 携手初光，构建"感知-处理-输出"闭环生态 ⚫ 投资要点 收购初光 53.74%股权，开启车载感知技术发展新篇章。2025 年 3 月 28 日，瑞声科技间接全资附属公司瑞声（中国）投资集团有限公 司（瑞声投资）与河北初光汽车部件有限公司（初光汽车）、袁长作先 生及郑现杰先生（合称创始人）签署《股权转让及增资协议》，以人民 币 2.88 亿元收 ...

如今，不仅是小米这样的手机厂商，手机行业的头部供应商也在扎堆转战汽车圈。 6月10日，手机声学巨头瑞声科技(02018.HK)与河北初光汽车部件有限公司（下称"初光汽车"）举行了战略合作暨控股收购签约仪式，双方计划未来联合 研发下一代车载声学系统级解决方案。 初光汽车是车载麦克风细分领域的头部企业，该公司位于石家庄高新区，主营产品包括车载模拟麦克风、数字麦克风、RNC传感器、USB充电模块等，其 中车载数字麦克风产品国内市场占有率55%，全球市场占有率26%以上，供货客户包括吉利、奇瑞、理想、小鹏等新能源车企。 对于瑞声科技而言，这次交易是继此前入主比利时车载扬声器公司Premium Sound Solutions（PSS）后，其在汽车产业链上的又一次重要布局。 成立于1996年的瑞声科技，从做闹钟蜂鸣器起家，后来进入手机行业，涉足智能手机声学设备，并成为苹果、三星、华为、小米、OPPO、vivo等手机厂 商的供应商。 2018年后，随着消费电子市场增长放缓，瑞声科技开始寻找新的增长点。2024年2月，瑞声科技完成对PSS 80%股权的收购。PSS是一家拥有50年历史的比 利时企业，客户包括奥迪、宝马、奔驰、 ...