一个值得关注的趋势是：中国车企在高端市场积极增加扬声器配置数量。蔚来、极氪和比亚迪（002594）等多家中国汽车品牌厂商都已推出配备超过20个扬 声器的车型，包括蔚来ET7、极氪01以及比亚迪腾势D9。尽管高端车型的扬声器数量如此之多，但中国汽车品牌厂商正发力推出配备较少扬声器的更具性价 比的电动汽车车型，从而减少了市场的平均最大扬声器数量。 根据Counterpoint最新发布的《全球乘用车音响系统追踪报告》，目前全球乘用车音响系统市场由Harman和Bose主导，两家厂商合计贡献近60%的总销售 额。在前十大供应商中，AAC Technologies是唯一上榜的中国企业。尽管该市场传统上由Harman、Bose、Sony和Dynaudio等美国、日本和欧洲企业主导，但 随着中国汽车品牌厂商在全球范围内的影响力不断扩大，Sonavox、WANOS、Nobo Automotive和ADS Audio等中国企业正在迅速崛起。 为了提升供应链控制力并打造更具差异化的产品体验，小鹏、零跑和吉利等中国车企已经开始自主研发车载音响系，并与生态合作伙伴展开深度协作。 除了在扬声器数量上的比拼，汽车品牌厂商对软件定义音频功 ...

以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . 全球乘用车音响系统供应商销售份额对比 2025年Q1 vs 2024年Q1 来源： Counterpoint Research《全球乘用车音响系统追踪报告》，2025年Q1 一个值得关注的趋势是：中国车企在高端市场积极增加扬声器配置数量。蔚来、极氪和比亚迪等多 家 中国汽车品牌厂商 都已推出配备超过20个扬声器的车型，包括蔚来ET7、极氪01以及比亚迪腾势 D9。尽管高端车型的扬声器数量如此之多，但 中国汽车品牌厂商 正发力推出配备较少扬声器的更 具性价比的电动汽车车型，从而减少了市场的平均最大扬声器数量。 除了在扬声器数量上的比拼， 汽车品牌厂商 对软件定义音频功能的不断增加，也正深刻改变车载音 响系统市场的竞争格局。得益于OTA远程升级能力， 汽车品牌厂商 为用户提供个性化音频体验。特 斯拉Model 3、蔚来ET7、凯迪拉克Optiq以及Lucid Air等多款车型均支持OTA更新，能够持续提升用 户体验并随着迭代引入新功能。空间音频和沉浸式音频技术在高端车型的普及深化为用户带来360度 的 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][9]. Core Insights - The demand for audio and acoustic products is rapidly increasing, with product iterations and usage scenarios expanding beyond traditional home and entertainment settings into education, hospitality, healthcare, sports, and finance, which is expected to drive market demand and consumption upgrades [4]. - The integration of AI with hardware is leading to a surge in innovative smart hardware products, such as smart speakers and AI glasses, with the company leveraging its expertise in audio technology to secure new projects and orders from major clients [5]. - The automotive audio system is undergoing significant upgrades, with the number of speakers per vehicle doubling from 4-8 to 20-30, enhancing the value of in-car audio systems [6]. - The global market for small soft-pack lithium-ion batteries is experiencing a resurgence, with an expected shipment of 5.96 billion units in 2024, driven by innovations in consumer electronics [7]. Financial Projections - The company is projected to achieve revenues of 102.4 billion, 130.7 billion, and 165.2 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 2.4 billion, 3.3 billion, and 4.5 billion yuan for the same years [9][11]. - The revenue growth rates are forecasted at 33.17% for 2024, 29.63% for 2025, 27.60% for 2026, and 26.43% for 2027 [11]. - The company's earnings per share (EPS) are expected to be 0.45 yuan in 2024, increasing to 0.81 yuan by 2027 [11]. Company Overview - The latest closing price of the company's stock is 15.54 yuan, with a total market capitalization of 8.7 billion yuan [3]. - The company has a debt-to-asset ratio of 54.9% and a price-to-earnings (P/E) ratio of 33.78 [3]. - The largest shareholder is Shenzhen Zhidu Guoguang Investment Development Co., Ltd. [3].