证券研究报告 瑞声科技 (2018 HK) 关注 AI 驱动端侧创新及 WLG 光学 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 23 日│中国香港 | 电子元件 | 目标价(港币): | 42.00 | 瑞声科技 2025 业绩：收入 318.2 亿元（yoy：+16%，低于彭博预期 4.8%）， 毛利率 22.1%（yoy 持平），归母净利 25.1 亿元（yoy：+40%，符合彭博 预期）。我们认为盈利快速增长主因：1）散热产品高增：2025 年大客户散 热收入 16.7 亿元（yoy：+411%），带动电磁传动及精密结构件收入同比增 长 21%，毛利率同比增长+1.2ppt 至 24.5%；2）光学盈利持续改善：得益 于高端产品占比提升和 WLG 玻塑混合镜头业务持续成长，光学毛利率同比 +5.0ppt 至 11.5%，其中塑胶镜头毛利率同比提升超过 10ppt；3）传感器及 半导体收入 15.7 亿元（yoy：+103%），受益于高信噪比麦克风在大客户机 型中份 ...

2026年3月19日，瑞声科技正式披露公司2025年经营业绩，全年营收、净利润均实现大幅增长。值得注 意的是，公司此前完成对比利时车载声学龙头PSS（Premium Sound Solutions）的收购，进一步完善车 载声学业务布局，为业绩增长注入新动力，这也标志着公司正式开启从底层硬件提供商向全球AI感知 交互系统领航人转变的全新发展阶段。 财务结构稳健，研发投入积极 2025年，瑞声科技经营规模持续扩大，核心经营指标表现亮眼，财务状况保持稳健，为企业转型发展奠 定坚实基础。 核心经营指标方面，全年营收突破318亿元，同比增长16.4%；毛利率维持在22.1%，盈利水平保持稳 定；净利润25.1亿元，同比大幅增长39.8%，净利率提升至7.9%，较上年增加1.3个百分点。现金流表现 优异，经营性现金流入71.8亿元，同比增长38.1%，为企业运营、研发及产能扩张提供充足资金支持。 公司国内外市场协同发展，海外市场增速显著高于国内，成为营收增长的核心驱动力。其中，中国大陆 市场收入163.16亿元，同比增长12.5%，占总营收的51.3%，仍是公司营收的重要基石；海外市场收入 154.91亿元，同比增长20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The company is expected to experience a profit inflection point, with a strategic focus on robotics and XR fields supporting a higher valuation premium [4][5] - The company's revenue for H1 2025 was 13.3 billion, showing an 18% year-on-year growth, which is in line with expectations [5] - The gross margin for H1 2025 was 20.7%, a decline of 0.8 percentage points year-on-year, primarily due to lower margins in the acoustic and MEMS businesses [5] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 have been revised down from 24/30/35 billion to 23/27/30 billion, corresponding to year-on-year growth rates of 26%/18%/12% [4][5] - The company expects to achieve a net profit of 2.27 billion in 2025, with a gross margin improvement to 21.9% [7] - The projected P/E ratios for 2025-2027 are 21.2, 18.0, and 16.1 respectively, indicating a potential for valuation expansion [7]

Core Insights - AAC Technologies reported a strong half-year performance, exceeding market expectations with a revenue of 13.32 billion yuan, a year-on-year increase of 18.4%, and a net profit of 876 million yuan, up over 60% [1][2] - The company's net profit margin improved from 4.8% in the same period last year to 6.6%, indicating a clear trend of profit recovery [1] Revenue Breakdown - The optical business continued its high growth trajectory, generating revenue of 2.65 billion yuan, a nearly 20% year-on-year increase, with a gross margin improvement to 10.2% [1] - Precision structural components and electromagnetic drive businesses also performed well, with revenue growth exceeding 27%, driven by new products like ultra-thin motors and liquid cooling heat sinks [1] - The sensor and semiconductor business saw a significant revenue increase of 56% year-on-year, driven by AI interaction demand, with high signal-to-noise ratio microphones achieving scale production [1] - The automotive acoustics segment maintained its expansion, generating revenue of 1.74 billion yuan, a 14% year-on-year increase, further enhanced by the acquisition of Hebei Chuguang for smart microphones and sensors [1] Traditional Business Performance - Traditional acoustic business remains a core segment, with revenue of 3.52 billion yuan, a year-on-year increase of 1.8%, supported by mid-to-high-end products and innovative designs [2] Financial Health - The company's financial position remains robust, with operating cash flow of 2.89 billion yuan, a 9% increase year-on-year, and cash on hand of 7.75 billion yuan, resulting in a net debt ratio of only 4.7% [2] - Capital expenditures increased significantly to 1.44 billion yuan, a 57% rise compared to the same period last year, primarily directed towards optical, automotive, and semiconductor sectors [2] Shareholder Returns - The company maintains a year-end dividend policy with a payout ratio of 15%, while not declaring an interim dividend, ensuring strong cash flow and prudent capital management to support future business development [2] Strategic Transition - AAC Technologies is undergoing a critical phase of business structure transformation, with traditional acoustic business growth slowing, while optical, structural components, and sensor businesses are rapidly expanding, creating new growth opportunities [2] - The ongoing trends of smartphone premiumization and automotive intelligence are expected to further enhance the company's profitability in optical lenses, automotive acoustics, and sensors [2]