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]

Summary of the Conference Call for 瑞声科技 (AAC Technologies) Company Overview - **Company**: AAC Technologies - **Industry**: Consumer Electronics, Optical Components, Acoustic Systems, and AI Technologies Key Financial Performance - **Revenue**: 134.7 billion RMB in H1 2025, up 18.4% YoY [2][3] - **Net Profit**: 8.76 billion RMB, up 63.1% YoY, driven by improved optical business profitability and growth in precision components [2][3] - **Non-recurring Income**: From PSS acquisition, not expected to impact H2 financial performance [11] Business Segments Performance Consumer Electronics - **Revenue**: 115.8 billion RMB, with electromagnetic drive and precision components growing by 27.4% and optical business by 19.7% YoY [2][5] - **Gross Margin**: Optical business gross margin improved significantly, with plastic lens margins up over 10 percentage points [2][5] Automotive Acoustics - **Revenue**: 17.4 billion RMB, up 14.2% YoY, with a gross margin of 23.9% [2][6] - **New Developments**: Acquisition of 河北初光, expanding product lines to include smart microphones and e-call microphones [6] Optical Business - **Revenue**: 26.5 billion RMB, up 19.7% YoY, with significant increases in shipment volume and unit price [2][7] - **Gross Margin**: Overall optical gross margin at 10.2%, improved by 5.5 percentage points YoY [2][8] Electromagnetic Drive and Precision Components - **Revenue**: 46.3 billion RMB, up 27.4% YoY, driven by linear motors and innovative side keys [3][9] - **New Product Launch**: Introduction of Super Slim Engine, the thinnest x-axis linear motor in the mobile phone sector [9] Sensors and Semiconductors - **Revenue**: 6.08 billion RMB, up 56.2% YoY, primarily due to high signal-to-noise ratio microphones shipped to overseas clients [3][10] Strategic Initiatives and Future Outlook - **AI and New Technologies**: The company is actively investing in AI-related fields, including robotics and sensors, with expectations for significant opportunities in 2026-2027 [3][15] - **Growth in Cooling Solutions**: Anticipated threefold growth in cooling business from 3.2 billion RMB to over 12 billion RMB in 2025 [3][20] - **Long-term AI Device Development**: Focus on AI devices and AR/VR equipment, with expectations for new market opportunities [15][29] Market Trends and Competitive Position - **Optical Lens Demand**: Strong demand for wave-speed hybrid lenses, with expected shipments of 10-15 million units in 2025 [17] - **Acoustic Business Trends**: Seasonal fluctuations expected, but overall growth anticipated with new product launches [18][30] - **High-End Cooling Market**: Rapid expansion expected in the cooling market, with a shift towards active cooling solutions [21][46] Conclusion - **Overall Growth Confidence**: The company maintains a positive outlook for H2 2025, with revenue growth expected to remain robust and gross margins stabilizing or improving [12][43] - **Strategic Acquisitions**: The PSS acquisition is expected to enhance the automotive business and overall performance [38][41] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segment developments, strategic initiatives, and market outlook for AAC Technologies.

Group 1: Company Listings and Performance - Both Lens Technology and Peak Innovation successfully listed on the Hong Kong Stock Exchange, adding to the A+H market segment [1] - On their first trading day, Lens Technology's stock closed up 9.13%, while Peak Innovation's stock rose by 16.02% [1] - Lens Technology's A-shares traded at a premium of 25.49% over H-shares, and Peak Innovation's A-shares had a premium of 43.04% over H-shares on the first day of trading [1] Group 2: Fundraising and Investor Interest - Lens Technology's global offering consisted of 262 million shares at an issue price of HKD 18.18 per share, raising a total of HKD 4.768 billion [1] - The IPO of Lens Technology received significant interest, with a subscription rate of 462.76 times for the public offering and 16.68 times for the international offering [1] - Peak Innovation raised a total of HKD 2.259 billion with an issue price of HKD 120.5 per share, attracting cornerstone investors such as Taikang Life and Huaxia Fund [2] Group 3: Company Profiles and Market Position - Lens Technology is a leading provider of precision manufacturing solutions for the consumer electronics and smart automotive industries, offering a wide range of products including glass covers and electronic components [2] - Peak Innovation specializes in the design and development of BLDC motor drive control chips, holding a 4.8% market share in China's BLDC motor control chip market, ranking sixth [3] Group 4: Market Trends and Future Outlook - The trend of A+H listings is expected to continue, with 47 new listing applications recorded in the first half of 2025, compared to only 5 for the entire year of 2024 [4] - A+H listings are anticipated to enhance the quality of assets available in the market, with an estimated additional financing scale of approximately HKD 340 billion expected if the queued companies complete their listings by mid-2025 [4]

Core Viewpoint - Lens Technology Co., Ltd. is advancing its H-share issuance and plans to list on the Hong Kong Stock Exchange, aiming to raise approximately HKD 45.90 billion through the issuance of 262 million shares priced between HKD 17.38 and HKD 18.18 [1][2]. Group 1: H-Share Issuance Details - The company submitted its listing application to the Hong Kong Stock Exchange on March 31 and received approval from the listing committee on June 20 [2]. - The estimated net proceeds from the H-share issuance will be used for various purposes, including 48% for expanding product and service offerings, 28% for overseas business expansion, 14% for enhancing vertical integration in smart manufacturing, and 10% for working capital and other general corporate purposes [2]. Group 2: Investor Participation - Several cornerstone investors, including GreenBetter (a subsidiary of Xiaomi), UBS AM Singapore, and Oaktree, have committed to subscribe to shares at the IPO price, with a total subscription amounting to approximately USD 191 million (around HKD 1.49 billion) [3]. Group 3: Company Background and Business Scope - Established in 1993, Lens Technology became a certified supplier for Apple in 2007, producing touch screen glass for the first-generation iPhone, which significantly boosted its performance [3]. - The company has expanded its client base to include major manufacturers like Samsung and Xiaomi, and it was listed on the Shenzhen Stock Exchange in 2015 [3]. - Lens Technology provides a wide range of products in the consumer electronics sector, including protective glass, metal frames, and touch display modules, as well as assembly services [5]. Group 4: Recent Performance and Market Trends - The company has seen continuous revenue growth due to the recovery in the consumer electronics market, with projected revenues of CNY 466.99 billion, CNY 544.91 billion, and CNY 698.97 billion for the years 2022 to 2024, respectively [6]. - Correspondingly, the net profit attributable to shareholders is expected to rise from CNY 24.48 billion in 2022 to CNY 36.24 billion in 2024 [6].

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for three companies, including Lens Technology, regarding their overseas listing applications [1] - Lens Technology, listed on the Shenzhen Stock Exchange since March 18, 2015, has a current stock price of 21.15 yuan per share, with a market capitalization of approximately 105.4 billion yuan as of May 7, 2025 [3] - The company submitted its prospectus for a Hong Kong Stock Exchange listing on March 31, 2025, aiming to raise funds to expand its product and service offerings, particularly in the smart automotive sector [3][7] Group 2 - Lens Technology was founded in December 2006 and is headquartered in Changsha, Hunan Province, with a registered capital of approximately 500 million yuan [3] - The company has established itself as a leading provider of precision manufacturing solutions across the entire smart terminal industry chain, focusing on consumer electronics and smart automotive applications [5][7] - In 2022, 2023, and 2024, Lens Technology reported revenues of approximately 466.99 billion yuan, 544.91 billion yuan, and 698.97 billion yuan, respectively, with net profits of about 25.20 billion yuan, 30.42 billion yuan, and 36.77 billion yuan [7] Group 3 - The company has a high customer concentration, with its top five customers accounting for approximately 83.3%, 83.1%, and 81.1% of total revenue in the respective years [7] - Lens Technology is often referred to as a "leading player in the Apple supply chain," indicating its significant reliance on major clients like Apple Inc. [8] - The company has highlighted risks associated with its dependence on key customers, noting that any changes in purchasing behavior or product specifications could adversely affect its business and financial performance [8]

导 语：智能手机市场逐渐趋于饱和，竞争加剧，公司需要不断推出创新产品和解决方案来维持 增长。 据蓝思科技在港交所递交的招股书内容，此次公司拟在香港联合交易所主板上市，独家保荐人为中 信证券 。此次发行股份的具体数量、融资规模等细节暂未完全确定，不过从招股书透露的信息来 看，此次上市意义重大，有望为公司的发展注入新的活力。 从财务状况来看，公司在业绩记录期内表现亮眼。2022 年、2023 年及 2024 年，公司分别录得收入 人民币 466.99 亿元、人民币 544.91 亿元及人民币 698.97 亿元，2023 年及 2024 年分别同比增长 16.7% 及 28.3%。 蓝思科技的主营业务是提供智能终端全产业链一站式精密制造解决方案，涵盖消费电子、智能汽车 以及新兴智能终端等领域。 在消费电子板块，公司为智能手机、电脑、智能穿戴设备等提供防护玻璃、金属中框、触控显示模 组等产品，是全球首款智能手机防护玻璃核心供应商，在全球消费电子精密结构件及模组综合解决 方案行业中排名领先。 在智能汽车领域，围绕智能驾驶舱研发及生产多样化产品，如中控屏、仪表盘等车载电子玻璃及组 件，还是全球首款高端智能汽车中控屏交互 ...

Core Viewpoint - The article highlights the remarkable journey of Zhou Qunfei, the founder of Lens Technology, from a factory worker to a billionaire entrepreneur, emphasizing the company's strategic partnership with Apple and its recent move to list on the Hong Kong Stock Exchange. Group 1: Company Overview - Lens Technology, under Zhou Qunfei's leadership, went public on the A-share market in 2015 and became the richest woman in China that same year [3][9]. - The company has established itself as a core member of Apple's supply chain, contributing nearly half of its annual revenue, which reached approximately 70 billion yuan [4][10]. Group 2: Business Expansion - Lens Technology is diversifying its product offerings beyond smartphones to include smart cars, humanoid robots, AI glasses, XR headsets, and smart retail solutions, collaborating with major companies like Tesla and Alipay [4][12]. - The company has invested over 18 billion yuan in R&D since 2015, resulting in 2,249 authorized patents across various fields [13]. Group 3: Financial Performance - From 2015 to 2023, sales from Apple increased from 8.3 billion yuan to 31.5 billion yuan, maintaining a revenue contribution of over 50% [11]. - Projected revenues for Lens Technology are approximately 46.7 billion yuan, 54.5 billion yuan, and 69.9 billion yuan for 2022, 2023, and 2024, respectively, with net profits of around 2.52 billion yuan, 3.04 billion yuan, and 3.68 billion yuan [13]. Group 4: Market Trends - A significant number of A-share listed companies, including Lens Technology, are pursuing IPOs in Hong Kong to enhance their global strategy and brand image [15][16]. - The Hong Kong Stock Exchange has implemented reforms to facilitate the listing process for A-share companies, reducing approval times significantly [16].

来源丨 投中网 从打工妹到女首富，周群飞的经历堪称传奇。 将投中网设为"星标⭐"，第一时间收获最新推送 一年入账近700亿元。 整理丨 鲁智高 在她的带领下，蓝思科技已于 2015 年在 A 股上市。同年，伴随着公司股价上涨，她成为中国女首富。十年后，她又于近日带着这家公司踏上冲刺港 股之路。 与苹果公司深度绑定，最终让这家智能终端精密制造解决方案提供商成为果链核心成员，并实现飞跃式发展。一年近 700 亿元的收入，苹果就贡献了 近一半。不过风险也很明显，在宏观环境影响下，他们近期的股价受到不小的冲击。 蓝思科技也在积极寻求改变。目前，他们除了为智能手机、电脑、智能穿戴等产品提供防护玻璃、金属中框、触控显示模组等产品，还将业务拓展到智 能汽车、人形机器人、 AI 眼镜、 XR 头显及智慧零售等领域，并与支付宝、特斯拉、宁德时代、智元机器人、 Rokid 等达成合作。 顺着时代的浪潮，蓝思科技紧紧抓住了 A 股上市公司奔赴港股的机遇。 女首富，打造出超级 IPO 周群飞的传奇故事，始于上世纪八十年代末。 为了谋生，她的父亲带领全家从湖南湘乡的一个小山村来到广东。抱着改变命运的想法，周群飞在深圳大学附近找了份工作 ...

Core Viewpoint - The company has demonstrated significant growth in revenue and profitability for the year 2024, driven by improvements in product structure and operational efficiency [2][3]. Group 1: Financial Performance - The total revenue for 2024 reached 27.328 billion RMB, representing a year-on-year increase of 33.8% [2]. - The gross margin for 2024 improved to 22.1%, up by 5.2 percentage points, attributed to product structure enhancement and ongoing cost optimization [2]. - The net profit for 2024 was 1.797 billion RMB, which is close to the upper limit of the forecast range of 1.7 to 1.815 billion RMB, marking a year-on-year increase of 142.7% [2]. Group 2: Acoustic Product Optimization - The revenue from the acoustic business for 2024 was 8.21 billion RMB, an increase of 9.5% year-on-year, with a gross margin of 30.2%, up by 1.8 percentage points [3]. - The growth in revenue was primarily due to the recovery in downstream customer demand and an increase in market share among key clients [3]. - The shipment volume of mid-to-high-end acoustic products saw a significant increase, with the SLS master-level speaker shipments growing over 120% year-on-year [3]. Group 3: Strategic Acquisitions and Collaborations - The revenue from the automotive acoustic business for 2024 was 3.52 billion RMB, with a gross margin of 24.8% [4]. - Following the acquisition of PSS, the company has integrated resources to provide a comprehensive vertical solution, leading to a strong market position among top-tier automotive brands [4]. - The optical business revenue for 2024 was 5 billion RMB, reflecting a year-on-year increase of 37.9%, with a gross margin of 6.5%, up by 19.5 percentage points [4]. Group 4: Growth in Electromagnetic and Precision Components - The total revenue for the electromagnetic transmission and precision components business in 2024 was 9.71 billion RMB, a year-on-year increase of 17.8%, with a gross margin of 23.3%, up by 3.2 percentage points [5]. - The shipment volume of X-axis linear motors increased by 15.5% year-on-year, and revenue from Android motor module products grew by 36.6% [5]. - The company has also seen significant growth in the revenue from metal frames and laptop shells, with increases of nearly 24% and 53.3% year-on-year, respectively [5]. Group 5: Robotics Sector Focus - The company is strategically focusing on the robotics sector, particularly on dexterous hand system-level solutions [6][8]. - It is actively developing components such as dexterous hands, linear actuators, and hollow cup motors, aiming to create an integrated capability that includes parts, system-level modules, and software algorithms [8].