智通财经APP获悉，国元国际发布研报称，维持瑞声科技(02018)"买入"评级，目标价55.56港元，瑞声 科技收购AR衍射光波导技术领军企业Dispelix，以深化其在"AI+感知"领域的布局，推动技术在智能手 机、可穿戴设备等领域的应用，此外公司在光学产品方面取得突破，WLG技术的进步使玻塑混合镜头 在旗舰机型中实现更优性能与更小体积。 国元国际主要观点如下： 收购Dispelix，深化在"AI+感知"领域的核心布局 其中，1G6PWLG玻塑混合镜头比传统光学镜头展现出更卓越的光学性能，包括更大的光圈、更高的解 析度、更薄的镜头厚度等优势。而超聚光棱镜依托公司WLG一体成型技术制造，进光量提升30%，可 以提升潜望长焦在光线复杂环境下的拍摄效果，并突破结构限制，使模组体积缩小10%，进行实现压缩 手机厚度。 在全球"AI+终端"加速演进的背景下，AI功能正从软件走向软硬一体的体验革新。公司基于多年在声 学、触感、光学等多维感知技术上的深耕，深化在"AI+感知"领域的核心布局，持续为行业提供性能更 强、响应更快、更加贴近人类感知模式的底层能力。我们认为公司未来有望围绕"AI+感知"构建智能终 端新范式，在智 ...

Core Insights - The acquisition of Dispelix by AAC Technologies marks a significant move to enhance its XR capabilities, focusing on transparent waveguide technology for AR devices [1][4] - The deal has garnered positive attention from industry leaders, indicating strong interest and support for the transaction [3] Group 1: Strategic Implications - The acquisition is a key step for AAC Technologies in the XR field, as it collaborates with top mobile ecosystem builders to develop next-generation XR reference design hardware platforms [4][5] - The announcement hints at potential partnerships with major players like Meta, Apple, and Google, which are pivotal in the XR ecosystem [4][5] Group 2: Business Synergies - Prior to the acquisition, AAC Technologies had established capabilities in acoustic, haptic, and optical modules, and the addition of Dispelix fills a critical gap in AR waveguide technology [6] - The integration of XR capabilities is expected to synergize with AAC's existing business, leveraging its supply chain resources and manufacturing expertise to accelerate XR commercialization [6][7] Group 3: Growth Strategy - The acquisition aligns with AAC Technologies' strategic focus on building core technology platforms and achieving cross-domain technology reuse, which has been a consistent theme in its growth strategy [7] - Previous acquisitions have successfully expanded AAC's capabilities across various sectors, indicating a replicable growth model for future ventures into emerging fields [7] Group 4: Market Potential - The global XR investment is projected to grow from $15.22 billion in 2024 to $39.7 billion by 2029, with a compound annual growth rate of 21.1%, highlighting significant growth potential in the industry [8]

Market Overview - The main board saw significant gains with notable performers including Rongji Software (+10.05%), Langchao Software (+10.02%), and Dawi Co. (+10.01%) [1] - The ChiNext board led the gains with Liantech (+14.48%), Saiwei Electronics (+10.16%), and Sichuang Medical (+7.78%) [1] - The Sci-Tech Innovation board also showed strong performance with Tengjing Technology (+8.88%), Yingfang Software (+7.98%), and Guangyun Technology (+4.68%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+1.57%) and SW Electronic Chemicals III (+0.58%) [1] Domestic News - Aibang announced the acquisition of shares and other equity securities of Dispelix Oy, a leader in AR diffraction optical waveguide technology, to enhance global market leadership [1] - Suteng Juchuang secured exclusive orders exceeding 500,000 units for high-performance digital laser radar from a North American EV manufacturer and multiple models from a major European automotive company [1] - Jingdong Fang responded to disputes with Samsung Display regarding intellectual property, indicating a resolution and plans to withdraw related investigations [1] - Xiaomi's Lu Weibing mentioned a supply agreement for 2026 to mitigate rising storage prices, potentially through price increases and product upgrades [1] Company Announcements - Neusoft Group received a notification from a major domestic automotive manufacturer to supply smart cockpit domain controllers, with an estimated total supply amount of 4.2 billion RMB over a lifecycle of approximately 6 years [2] - Junyi Digital disclosed a voluntary investment announcement, increasing its stake in Guanghong Precision to 60% with a total investment of 120 million RMB [2] - Fuguang Co. announced a share buyback plan with a minimum investment of 80 million RMB and a maximum of 150 million RMB within 6 months [2] - Huahai Qingke's major shareholder plans to reduce holdings of up to 3,534,051 shares, representing 1% of total equity, due to personal financial needs [2] International News - STMicroelectronics launched the STM32V8, a new high-performance microcontroller designed for demanding industrial applications, produced using advanced 18nm technology [3] - Microsoft introduced the Azure Cobalt 200, optimized for common customer workloads, with broader deployment expected in 2026 [3] - Nvidia and Microsoft announced a potential investment of up to 15 billion USD in Anthropic, a competitor to OpenAI, with commitments for significant computing power purchases [3] - Wolfspeed unveiled two new 1200V silicon carbide power module series for electric vehicle traction inverters, aiming to set new industry standards for performance and reliability [3]

Core Viewpoint - Citigroup's research report indicates that AAC Technologies has signed an agreement to acquire shares and other equity interests in AR diffractive waveguide technology company Dispelix Oy, with the transaction expected to be completed in the first half of 2026 [1] Group 1: Acquisition Details - The acquisition will expand AAC Technologies' product portfolio and solution capabilities in the XR field, covering areas such as acoustics, haptic feedback, micro-electromechanical systems, camera lenses and modules, structural components, and waveguide technology [1] - AAC Technologies has been collaborating with Dispelix for several years on R&D strategies, jointly developing next-generation AR devices with several leading original equipment manufacturers (OEMs) [1] Group 2: Market Positioning - The company aims to shift its focus from primarily serving domestic AR glasses clients to seizing future global opportunities in AI and AR glasses development [1] - Citigroup has set a target price of HKD 56 for AAC Technologies and maintains a "Buy" rating [1]

Core Insights - AAC Technologies has signed a final agreement to acquire shares and other equity securities of AR diffraction waveguide technology company Dispelix Oy, with the transaction expected to be completed in the first half of 2026 [1][3] Company Overview - Dispelix, headquartered in Finland, specializes in the research and provision of transparent waveguide products for enterprise and consumer AR devices, which serve as see-through displays that merge the real and virtual worlds within the user's field of view [3] Strategic Implications - The acquisition will enhance AAC Technologies' capability for large-scale delivery of high-performance AR components and accelerate the global commercialization of waveguide technology for both consumer and enterprise wearable devices [3] - Post-acquisition, Dispelix will expand and complement AAC Technologies' XR product portfolio and solution capabilities, providing more comprehensive system design, integration, and mass production support [3] - The companies have collaborated with several leading original equipment manufacturers (OEMs) to develop the next generation of AR devices and are involved in creating next-generation XR reference design hardware platforms with top mobile ecosystem builders [3]

Core Insights - The company, AAC Technologies, has signed a final agreement to acquire shares and other equity securities of the Finnish AR diffraction waveguide technology firm, Dispelix Oy [1] - The transaction is expected to be completed in the first half of 2026, after which Dispelix will become a subsidiary of AAC Technologies [1] - Both companies are collaborating with several leading original equipment manufacturers (OEMs) to develop the next generation of AR devices [1]

Core Viewpoint - The consumer electronics sector is experiencing a wave of mergers and acquisitions, with GoerTek's recent acquisitions being particularly noteworthy, totaling over 10 billion yuan, marking the largest scale of mergers in the company's history [2][3] Mergers and Acquisitions - GoerTek announced plans to acquire Mia Precision and Changhong Industrial, followed by a loan acquisition of UK-based Plessey, and a proposed acquisition of 100% equity in Shanghai Aolai Optical [2] - The acquisition of Mia Precision and Changhong Industrial, valued at approximately 10.4 billion HKD (95 billion yuan), is significant as it marks GoerTek's first foray into the precision structural components business [2][3] Business Expansion - Post-acquisition, GoerTek aims to expand its business scale in precision components and extend its reach into emerging fields such as automotive electronics and wearable devices, thereby opening new growth avenues [3] - The acquisitions are expected to deepen GoerTek's collaboration with Apple, enhancing the company's future development value beyond the acquisition cost [3] Focus on Emerging Markets - GoerTek's smaller acquisitions also target clients like META, which remains dominant in the global AI glasses market, with META's partnership with Ray-Ban expected to yield over 1.5 million units in 2024 [5] - The acquisition of Plessey, a leading Micro-LED company, is strategically aimed at strengthening ties with META, which holds a significant market share in AR products [6] Strategic Shift - GoerTek is transitioning from being solely an Apple OEM to a diversified AI hardware manufacturer, aiming to reduce reliance on a single client and mitigate performance volatility [7][9] - The company plans to increase its R&D expenditure to 6.27% in the first half of 2025, focusing on acoustic, optical, and diversified smart hardware products [9] Technological Advancements - GoerTek has achieved breakthroughs in optical and acoustic technologies, providing advanced solutions for clients like Meta and Sony [10] - The acquisition of Plessey will enable GoerTek to control the entire supply chain from chip design to module packaging, ensuring high product yield and cost reduction [10] Global Market Position - In the first half of 2025, 84.63% of GoerTek's revenue came from overseas markets, highlighting the company's focus on regions with higher commercial maturity and consumer willingness to pay [11] - GoerTek's subsidiary, GoerTek Microelectronics, is set to go public in Hong Kong, which could serve as a bridge to overseas capital markets [12][13]