当投资者仍在博弈消费电子板块的周期拐点时，瑞声科技(02018.HK)似乎带来了新的叙事。 日前，公司发布了上半年业绩公告，净利润同比增长超过60%。而从更多的财务数据与运营数据来看，其身上旧叙事中的"声学周期股"标签， 正在被技术溢价与多元增长的新逻辑解构。 据管理层最新指引，2025年瑞声科技全年营收增速将超过18%，毛利不低于2024年的22.1%。这意味着瑞声科技在保持较高盈利水准的同时， 今年营收规模将大幅上涨至322亿，再创历史新高。 一、真正的焦点在于：旧叙事正在被新信号打破。 上半年集团收入133.2亿元，同比增长18.4%；净利润8.76亿元，同比飙升63.1%，利润跑出"加速度"。剪刀差主要源于产品结构升级和费用增 速低于收入增速。其中，光学、电磁传动与精密结构件、车载声学三大业务合计贡献收入增量约16.5亿元，占总增量的约80%，且高价值产品 占比持续提升。同时，三费增速仍低于营收增速，规模效应持续释放。 另一方面，瑞声科技已为长期主义铺就厚实的财务安全垫： 77.5亿元账面现金、4.7%净负债率、28.9亿元经营性现金净流入，显示公司在消费电子恢复周期中格外从容。更值得玩味的是，公司在 ...

此外，全球独家的WLG镜头今年出货量将超过1000万个，预计明年继续增长50%。随着未来量产规模的提升，毛利率 有望超过塑胶镜头，实现里程碑式的突破。 全年声学毛利率不低于去年30.2%水平 财报显示，今年上半年瑞声科技声学业务毛利率为27.2%，同比下降了2.7个百分点。实现收入35.2亿元，同比增长 1.8%。 郭丹表示，作为公司的传统主营业务之一，声学毛利率的小幅波动，主要是因为上半年有较多新品项目导入。而随着 下半年运营效率逐步提升，产品进入大规模量产阶段，声学毛利率将稳健提升，公司全年声学毛利率将保持不低于去 年全年30.2%的水平。 2025年上半年，瑞声科技推出了一系列创新型声学产品，其中SLS大师级和同轴扬声器继续引领中高端市场，上半年 出货超过1700万只，同比增长近40%。推出了行业首个大师级同轴对称双扬声器，以及行业最薄扬声器，其单体厚度 仅1.4MM。 智通财经APP获悉，8月21日，瑞声科技（02018）在新加坡发布2025年中期业绩报告，集团上半年收入为人民币133.2 亿元，同比增长18.4%，再创新高。净利润同比大幅提升63.1%至8.76亿元，。 瑞声科技CFO郭丹在访谈时表 ...

港股通 证券研究报告 瑞声科技 (2018 HK) 声学毛利率承压，光学毛利率改善 | | | 2025 年 8 月 25 日│中国香港 电子元件 瑞声科技公布 1H25 财报：实现收入 133 亿元（yoy：+18%），毛利率 20.7% （yoy：-0.8pp，主要受益于消费电子声学、PSS 汽车声学以及 MEMS 麦克 风业务毛利率下滑影响），归母净利 8.8 亿元（yoy：+63%）。考虑到 MEMS 麦克风业务的毛利率改善低于我们预期，我们将 2025/2026/2027 年归母净 利预测下调 1%/5%/4%至 22.8/26.5/29.2 亿元（前值：23.2/28.0/30.5 亿元）。 同时，考虑公司在汽车、XR 眼镜以及机器人等高景气新型智能终端的定点 陆续落地，我们给予公司 2026 年目标 PE 25.0x，目标价 60.30 港币，维持 "买入"评级。 1H25：声学毛利率短期承压，光学毛利率持续改善 公司 1H25 实现营收 133 元（yoy：+18%），其中：1）声学：实现收入 35.2 亿元（yoy:+2%），毛利率 27.2%（yoy：-2.7pp，主要受产品结构变化的 影 ...

Core Viewpoint - 瑞声科技 reported strong financial performance in the first half of 2025, with revenue reaching RMB 13.32 billion, a year-on-year increase of 18.4%, and net profit rising significantly by 63.1% to RMB 876 million. The company expects continued high growth in the second half of the year, driven by advancements in AI and various business segments [1][6]. Financial Performance - The company's revenue for the first half of 2025 was RMB 13.32 billion, marking an 18.4% increase year-on-year [1]. - Net profit surged by 63.1% to RMB 876 million [1]. - The acoustic business generated revenue of RMB 3.52 billion, with a year-on-year growth of 1.8%, and the gross margin for this segment was 27.2%, down 2.7 percentage points [3]. - The optical business revenue reached RMB 2.65 billion, reflecting a 19.7% increase year-on-year, with expectations for the gross margin to exceed 30% for the full year [4]. Business Segments - The company anticipates that multiple business segments will benefit from the AI trend, particularly the MEMS microphone segment, which is expected to see revenue growth of over 50% in 2025 compared to 2024 [6]. - The thermal management segment is projected to exceed RMB 1.2 billion in revenue in 2025, representing at least a threefold increase from 2024 [6]. - The automotive business has grown to account for over 13% of total revenue, with first-half revenue of RMB 1.74 billion, a 14.2% increase year-on-year, and a gross margin of 23.9% [7]. Product Innovations - The company launched several innovative acoustic products in the first half of 2025, including the SLS master-level and coaxial speakers, with shipments exceeding 17 million units, a nearly 40% increase year-on-year [3]. - The unique WLG lens technology is expected to see shipments exceed 10 million units this year, with a projected growth of over 50% next year [4]. Strategic Outlook - The company aims to maintain a gross margin for the acoustic business at or above last year's level of 30.2% [3]. - The management has successfully controlled R&D, sales, and administrative expenses, contributing to the company's robust performance and ability to seize market opportunities [8].

Core Viewpoint - 瑞声科技 reported a strong performance in the first half of 2025, with revenue of 13.32 billion yuan, an 18.4% year-on-year increase, and net profit rising 63.1% to 876 million yuan, driven by improvements in optical business profitability and rapid growth in precision components [1] Financial Performance - Revenue for the first half of 2025 was 13.32 billion yuan, up 18.4% year-on-year - Net profit increased by 63.1% to 876 million yuan - Operating cash flow was 2.89 billion yuan, a 9.1% increase year-on-year - As of June 30, 2025, the net debt-to-equity ratio was 4.7%, with cash on hand of 7.75 billion yuan [1] Business Segments - Revenue breakdown by segment: - Acoustics: 3.52 billion yuan (up 1.8%) - Optics: 2.65 billion yuan (up 19.7%) - Electromagnetic transmission and precision components: 4.63 billion yuan (up 27.4%) - Sensors and semiconductors: 608 million yuan (up 56.2%) [1][2] Growth Expectations - Management expects growth in the second half of 2025 to remain at or above 18.4% - Anticipated doubling of MEMS microphone revenue driven by increased demand for high-end products and AI-driven voice interaction [3] - Optical business expected to reach a scale of millions with a growth rate exceeding 50% next year [3] - Sales of thermal products projected to exceed 300 million yuan in 2024, with a threefold increase expected in sales this year [3] Margin Improvement Initiatives - The company aims to enhance gross margins in the second half of the year, with new acoustic products entering mass production [4] - Optical business has achieved over 30% gross margin, with expectations for improvement as production scales up [4] - Thermal products are expected to have a gross margin above the overall group level due to high technical barriers [4] Strategic Expansion - The company is exploring growth opportunities in the automotive sector, AR, and robotics [5][6] - Acquired 80% of Premium Sound Solutions to access high-quality customer resources and technology in the automotive speaker market [7] - Revenue from automotive products reached 1.74 billion yuan, a 14.2% increase year-on-year [7] - Collaboration with Hebei Chuguang Automotive Parts Co. to develop next-generation automotive acoustic systems [7] - Engaging with major AR OEMs and humanoid robot manufacturers for project discussions and technology development [8]

Core Viewpoint - The article discusses the significant drop in the stock price of AAC Technologies, which fell over 14% following the release of its interim financial results, despite showing revenue growth and improved net profit [1][3][4]. Financial Performance - AAC Technologies reported a revenue of 13.318 billion RMB for the first half of 2025, representing an 18.4% year-on-year increase [6]. - The company's net profit attributable to shareholders was 876 million RMB, reflecting a 63.1% increase compared to the previous year [6]. - The gross margin decreased to 20.7%, down 0.8 percentage points year-on-year, primarily due to changes in product mix [6]. Business Segments - The acoustic business generated revenue of 3.52 billion RMB, a 1.8% increase year-on-year, with a gross margin of 27.2%, down 2.7 percentage points [7]. - The optical business achieved revenue of 2.65 billion RMB, growing 19.7% year-on-year, with a gross margin of 10.2%, up 5.5 percentage points [8]. - The electromagnetic transmission and precision components segment saw a revenue increase of 27.4% to 4.63 billion RMB, maintaining a gross margin of 22.9% [8]. - The sensor and semiconductor business reported revenue of 608 million RMB, a 56.2% increase, but with a gross margin of 12.1%, down 4.3 percentage points [9]. Market Reactions and Analyst Ratings - Following the earnings report, the stock price of AAC Technologies experienced a significant decline, with a market capitalization dropping to 52.4 billion HKD [4]. - Prior to the drop, the stock had risen 26% from August 1 to August 20, with a market cap exceeding 60 billion HKD [11]. - Analysts from Bank of America upgraded the stock rating from "Neutral" to "Buy," raising the target price from 44 HKD to 57 HKD, citing improving fundamentals [11]. - CMB International also raised its target price from 58.78 HKD to 63.54 HKD, maintaining a "Buy" rating, reflecting expectations of growth in optical and precision components [11][12].

Core Viewpoint - The company plans to acquire 100% equity of Mia Precision and Changhong Industrial for approximately 9.5 billion RMB, which are leaders in the precision metal structure component industry, with projected revenue of about HKD 9.11 billion in 2024 [1] Group 1: Acquisition Significance - The acquisition is expected to enhance the company's core competitiveness through product complementarity and profit expansion, leveraging the target's leading technology in precision metal components [2] - The acquisition will deepen collaboration with major clients and support the company's zero-sum synergy strategy, enhancing product lines and profitability [2] - Strengthening technical advantages in precision structure components is crucial for the company's vertical integration capabilities, driving innovation in AI smart hardware [2] Group 2: AI Hardware Opportunities - The company is building an AI industry ecosystem, with expectations for increased shipment volumes and optimized product structures, particularly in AI smart glasses and TWS earphones [2] - The company aims to diversify its smart hardware offerings, which will enhance gross margins through a variety of customer and product types [2] - Plans to spin off its subsidiary Goer Micro for a Hong Kong listing will strengthen its position in the microelectronics field, particularly in MEMS microphones and advanced packaging processes [2] Group 3: Profit Forecast and Investment Rating - Without considering the acquisition, the company forecasts net profits of 3.26 billion, 4.12 billion, and 5.04 billion RMB for 2025-2027, with corresponding PE ratios of 26, 20, and 17 times [3] - Successful completion of the acquisition is expected to significantly boost future profits, maintaining a "strong buy" rating [3]

Core Viewpoint - AAC Technologies has officially entered the automotive acoustic industry through the acquisition of a controlling stake in Hebei Chuguang Automotive Parts Co., signaling a shift in smart cockpit perception from "visible" to "audible" [1] Group 1: Acquisition Details - AAC Technologies acquired 53.74% of Hebei Chuguang for 288 million RMB, making it an indirect subsidiary, ensuring business continuity for the founding team [1] - The acquisition is seen as a strategic move to enhance AAC's capabilities in the automotive sector, particularly in the context of evolving smart cockpit technologies [2] Group 2: Industry Implications - The automotive acoustic sector, previously undervalued, is becoming a critical component in human-machine interaction as smart cockpits evolve beyond simple screen-based interfaces [1][3] - The acquisition allows AAC Technologies to leverage its extensive experience in consumer electronics to fill a gap in the automotive supply chain, particularly in digital microphones where Hebei Chuguang holds over 50% market share in China [2] Group 3: Future Developments - Post-acquisition, AAC Technologies plans to collaborate with Hebei Chuguang on acoustic system development, vehicle adaptation, and international market expansion [3] - The integration of AAC's algorithm optimization capabilities into Hebei Chuguang's existing platform aims to create new automotive-grade products and comprehensive acoustic solutions for OEMs [3][4] Group 4: Market Context - As the technology benefits in consumer electronics diminish, the smart automotive sector is emerging as a new growth axis, prompting many tech companies to explore cross-industry opportunities [4] - The partnership between AAC Technologies and Hebei Chuguang may serve as a replicable model for building acoustic system capabilities within the domestic smart automotive supply chain [4]

Financial Performance - In Q1 2025, the company reported revenue of 135 million yuan, a year-on-year increase of 53.05% [1][2] - The net profit attributable to shareholders was 2.85 million yuan, compared to a loss of 14.45 million yuan in the same period last year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.07 million yuan, improving from a loss of 16.31 million yuan year-on-year [1][2] - The net cash flow from operating activities was 191,000 yuan, a significant improvement from a negative cash flow of 3.11 million yuan in the previous year [1][2] Annual Performance - For the year 2024, the company achieved a revenue of 506 million yuan, representing a year-on-year growth of 35.71% [2][3] - The net profit attributable to shareholders for 2024 was a loss of 35.24 million yuan, compared to a loss of 101.85 million yuan in 2023 [3][4] - The net profit after deducting non-recurring gains and losses was a loss of 35.09 million yuan, improving from a loss of 109.99 million yuan in the previous year [3][4] Historical Performance - The company reported a net profit of 12.56 million yuan in 2021, followed by losses of 55.03 million yuan in 2022 and 102 million yuan in 2023 [3][4] - The revenue for 2023 was 372.66 million yuan, a 27.34% increase from 292.65 million yuan in 2022 [4] Fundraising Activities - The company raised a total of 960 million yuan through two fundraising rounds [10] - The first public offering raised 834 million yuan, with a net amount of 732 million yuan after deducting issuance costs [8] - The company recently issued 2,294,962 shares to specific investors, raising approximately 126.2 million yuan, with a net amount of 123 million yuan after expenses [9]

Summary of Conference Call Records Industry or Company Involved - The records primarily discuss the **technology sector**, with a focus on **AI**, **robotics**, and **material science** innovations, particularly **PEEK materials** and their applications in robotics. Core Points and Arguments 1. **Market Sentiment and Trends** - The market has shown a strong upward sentiment despite fluctuations, with a notable increase in trading volume reaching **1.5 trillion** [2][9]. - The technology sector, particularly **AI** and **robotics**, remains a focal point for investors, indicating a potential for sustained growth [2][9]. 2. **Sector Performance** - **AI and Robotics**: These sectors are expected to remain active, with specific mentions of **DeepSeek** and its anticipated product launch [9][13]. - **Military and Agricultural Stocks**: These sectors experienced a surge but are noted for their uncertain sustainability [2][9]. - **Consumer Stocks**: There is a notable performance in consumer-related stocks, particularly in the **e-commerce** and **entertainment** sectors [9][17]. 3. **Investment Opportunities** - **PEEK Materials**: Highlighted as a revolutionary material in robotics, with a potential market value exceeding **100 billion** globally due to its applications in various industries, including automotive and drones [13]. - **振芯科技 (Zhenxin Technology)**: Positioned as a key player in the AI and military integration space, focusing on high-performance integrated circuits and intelligent applications [7]. - **敏芯股份 (Minxin Technology)**: Expected to benefit from the growing demand for integrated voice assistants in smart devices, with a projected market growth to **3 billion units** by **2028** [6]. 4. **Market Dynamics** - The market is experiencing a transition from speculative trading to value-based investing, with a shift in focus towards **high-quality stocks** in the technology sector [9][17]. - The **robotics sector** is highlighted for its potential breakthroughs, particularly with the mass production of **Tesla's Optimus robot**, which could significantly impact the supply chain [14]. Other Important but Possibly Overlooked Content 1. **High Purity PEEK Supply**: The company mentioned is one of the few global suppliers of high-purity PEEK, which has been certified by **Tesla**, indicating a strong market position [13]. 2. **AI in Military Applications**: The integration of AI in military technology is emphasized as a critical trend, with companies like **Palantir** setting benchmarks for growth in this area [7]. 3. **Market Volatility**: The records indicate a pattern of volatility in the market, with rapid shifts in investor sentiment and sector performance, suggesting a need for careful monitoring of market trends [2][9][17]. This summary encapsulates the key insights from the conference call records, focusing on the technology sector's dynamics, investment opportunities, and emerging trends.