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瑞声科技(2018.HK)2025H1业绩点评:25H1声学毛利率承压 H2有望回升;散热、WLG有望持续强劲增长
Ge Long Hui· 2025-08-23 12:00
Core Insights - The company reported a revenue increase of 18.4% year-on-year for H1 2025, reaching 13.318 billion RMB [1] - The gross margin slightly decreased to 20.7%, down 0.8 percentage points, attributed to changes in product mix [1] - Net profit surged by 63.1% year-on-year to 876 million RMB, with adjusted net profit at 619 million RMB after excluding other income [1] Revenue Breakdown - Acoustic business revenue grew by 1.8% year-on-year to 3.523 billion RMB, with a gross margin of 27.2%, down 2.7 percentage points due to new product ramp-up [1] - Automotive acoustic revenue increased by 14.2% year-on-year to 1.738 billion RMB, with a gross margin of 23.9%, down 1.1 percentage points [2] - Optical business revenue rose by 19.7% year-on-year to 2.648 billion RMB, with a gross margin of 10.2%, up 5.5 percentage points [2] - Electromagnetic transmission and precision structural components revenue increased by 27.4% year-on-year to 4.634 billion RMB, with a gross margin of 22.9%, down 0.1 percentage points [3] - Sensor and semiconductor revenue surged by 56.2% year-on-year to 608 million RMB, with a gross margin of 12.1%, down 4.3 percentage points [3] Product Innovations and Developments - The company launched the industry's thinnest speaker at 1.4mm and introduced a master-level coaxial symmetrical dual speaker [1] - A full-stack automotive acoustic system was showcased at the Shanghai Auto Show, featuring high-performance speakers and self-developed amplifiers [2] - The company made a strategic acquisition of Hebei Chuguang, enhancing its automotive acoustic system solutions [2] Profitability and Forecast - The company adjusted its 2025 net profit forecast down by 5% to 2.406 billion RMB due to unexpected declines in acoustic gross margins [3] - The net profit forecasts for 2026 and 2027 were raised by 3% and 4% respectively, reflecting improvements in optical business profitability and growth potential in automotive and robotics sectors [3]
瑞声科技(02018):25H1声学毛利率承压,H2有望回升,散热、WLG有望持续强劲增长
EBSCN· 2025-08-22 08:43
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The company's revenue for H1 2025 reached 13.318 billion RMB, representing an 18.4% year-on-year increase [1]. - The gross margin slightly decreased to 20.7%, down 0.8 percentage points year-on-year, primarily due to changes in product mix [1]. - Net profit for H1 2025 increased by 63.1% year-on-year to 876 million RMB, with adjusted net profit at 619 million RMB after excluding other income [1]. - The acoustic business revenue grew by 1.8% year-on-year, with a gross margin of 27.2%, down 2.7 percentage points, but is expected to improve in H2 2025 [1]. - The optical business saw a revenue increase of 19.7% year-on-year, with a gross margin improvement of 5.5 percentage points to 10.2% [2]. - The electromagnetic drive and precision structural components business revenue grew by 27.4% year-on-year, with a gross margin of 22.9% [3]. - The sensor and semiconductor business revenue surged by 56.2% year-on-year, driven by significant overseas shipments of high signal-to-noise ratio microphones [3]. Summary by Sections Revenue and Profitability - H1 2025 revenue was 13.318 billion RMB, up 18.4% year-on-year [1] - H1 2025 net profit was 876 million RMB, a 63.1% increase year-on-year [1] - Adjusted net profit, excluding other income, was 619 million RMB [1] Acoustic Business - Acoustic business revenue reached 3.523 billion RMB, with a gross margin of 27.2%, down 2.7 percentage points [1] - High-end acoustic product shipments increased significantly, with SLS master-level speaker shipments up over 40% year-on-year [1] Optical Business - Optical business revenue was 2.648 billion RMB, with a gross margin of 10.2%, up 5.5 percentage points [2] - The proportion of high-specification 7P lens shipments stabilized, and OIS module sales exceeded 800 million RMB, growing nearly 150% year-on-year [2] Electromagnetic and Structural Components - Revenue from electromagnetic drive and precision structural components was 4.634 billion RMB, up 27.4% year-on-year [3] - The company maintained stable supply in high-end models and foldable devices [3] Sensor and Semiconductor - Revenue from the sensor and semiconductor business was 608 million RMB, a 56.2% increase year-on-year [3] - The gross margin for this segment was 12.1%, down 4.3 percentage points due to product mix changes [3] Profit Forecast and Valuation - The net profit forecast for 2025 was adjusted down by 5% to 2.406 billion RMB due to unexpected declines in acoustic gross margins [3] - Future profit forecasts for 2026 and 2027 were raised by 3% and 4% respectively, reflecting ongoing improvements in the optical business [3]
【瑞声科技(2018.HK)】24年业绩大幅增长,25年光学盈利有望持续改善,发力车载、机器人多元化场景——2024年业绩点评
光大证券研究· 2025-03-21 08:37
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].