Core Viewpoint - 瑞声科技 is positioning itself as a global leader in perception experience solutions, showcasing advancements in technology and product offerings across five major sectors: acoustics, electromagnetic transmission, optics, sensors, and automotive [1][2]. Group 1: Product Innovations - In the acoustics sector, 瑞声科技 presented a new generation of high-energy density speakers and innovative coaxial speaker 2.0, enhancing low-frequency performance by 2.5dB and achieving a diaphragm extension of 1.0mm [1]. - The company showcased self-developed micro-motor solutions in electromagnetic transmission, including a customized ultra-vibration motor for vivo X300 Pro, with steady and transient vibration increases of 30% and 68% respectively [1][2]. - In optics, 瑞声科技 achieved breakthroughs in WLG technology, improving yield and capacity, with flagship models already utilizing its glass-plastic hybrid lens [1][2]. Group 2: Market Dynamics - The growth outlook for 瑞声科技 is driven by both traditional business upgrades and new emerging sectors, with North American client hardware upgrades being a key factor for stable revenue growth [2][3]. - The North American market is experiencing a hardware upgrade cycle, with iPhone 17 series sales exceeding expectations, leading to increased orders for core components from 瑞声科技 [2]. - The company is positioned as a core supplier for the iPhone 17 Pro series VC cooling solutions, with expectations for further penetration in the upcoming 18 series [2]. Group 3: AI Hardware Opportunities - The AI hardware wave is opening new avenues, with OpenAI collaborating with Lixun Precision to develop consumer-grade AI edge devices, which aligns with 瑞声科技's technological capabilities in voice recognition and low-power motors [3]. - 瑞声科技 is actively positioning itself in the AI edge device market, collaborating with major brands to develop acoustic and optical modules for AI glasses, currently in the product validation stage [3]. Group 4: Financial Projections - 瑞声科技 maintains net profit forecasts for 2025-2027 at 2.406 billion, 3.081 billion, and 3.459 billion RMB, respectively, supported by improving profitability in the optics business and the growth of diverse applications in automotive and robotics [4].

2025 年 10 月 31 日 公司研究 平台型公司迎双轮驱动，北美大客户升级与 AI 硬件新周期共振 ——瑞声科技（2018.HK）感知技术峰会点评 买入 (维持) | 总股本(亿股) | 11.99 | | --- | --- | | 总市值(亿港元)： | 478.92 | | 一年最低/最高(港元) | 28.3-54.8 | | 近 3 月换手率（%）： | 67.3% | 当前价：39.96 港元 股价相对走势 作者 分析师：付天姿 CFA，FRM 执业证书编号：S0930517040002 021-52523692 futz@ebscn.com | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -10.5 | -6.1 | -2.1 | | 绝对 | -12.6 | 0.0 | 26.9 | 资料来源：Wind 分析师：王贇 执业证书编号：S0930522120001 021-52523862 yunwang@ebscn.com 市场数据 24H1 业绩超预期，光学业务毛利率转 正——瑞声科技（2018.H ...