机构：光大证券 研究员：付天姿/王贇 业绩：1）营收同比上升：25H1 营收133.18 亿元（人民币，下同），同比+18.4%。 光学产品结构升级，25H1 毛利率同比提升：25H1 光学业务收入26.48 亿元，同比+19.7%；毛利率为 10.2%，同比+5.5pct。智能手机光学行业持续升级，塑胶镜头高端化进展顺利，光学模组量价齐升。 1）塑胶镜头：6P 镜头25H1出货占比超18%，高规格7P 项目稳定出货。2）光学模组：25H1 收入同比 大幅增长20%；32M 像素以上的模组占比在34.0%以上，同比提升超3pct。 2）毛利率略微下降：25H1 毛利率20.7%，同比-0.8pct，系产品结构变化： OIS 模组销售额超过8 亿人民币，同比增长近150%。3）WLG 持续突破，获得多家主流客户主摄及棱镜 定点。 精密结构件业务、光学业务和传感器及半导体业务的收入增长显著。3）净利润同比上升：25H1 归母净 利润8.76 亿元，同比+63.1%；若剔除其他收益2.57亿元（24H1 亏损3,300 万元），25H1 净利润为6.19 亿元，其他收益主要由收购PSS（Premium Sound ...

2025 年 8 月 22 日 公司研究 25H1 声学毛利率承压，H2 有望回升；散热、WLG 有望持续强劲增长 ——瑞声科技（2018.HK）2025H1 业绩点评 要点 业绩：1）营收同比上升：25H1 营收 133.18 亿元（人民币，下同），同比+18.4%。 2）毛利率略微下降：25H1 毛利率 20.7%，同比-0.8pct，系产品结构变化： 精密结构件业务、光学业务和传感器及半导体业务的收入增长显著。3）净利 润同比上升：25H1 归母净利润 8.76 亿元，同比+63.1%；若剔除其他收益 2.57 亿元（24H1 亏损 3,300 万元），25H1 净利润为 6.19 亿元，其他收益主要由 收购 PSS（Premium Sound Solution）带来的一次性公允价值重估贡献。 声学毛利率同比下降，主要受新品量产爬坡影响：25H1 声学业务收入 35.23 亿元，同比+1.8%；毛利率为 27.2%，同比-2.7pct，主要受新品量产爬坡影 响。公司预计伴随下半年更多高端产品爬坡，声学毛利率有望稳步提升。中高 端声学产品出货量大幅增加，公司 SLS 大师级扬声器出货量同比增长超 40%。 ...

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].