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%。 ...

【重大事项】 阿里巴巴-W(09988)拟分拆斑马并在香港联交所主板独立上市 万国黄金集团(03939)拟折让约7.00%先旧后新配售2250万股 净筹约7.22亿港元 博雅互动(00434)拟折让约8.19%配售最多6351万股配售股份 净筹约4.36亿港元 元征科技(02488)拟开展设备资产化及相关RWA应用的战略布局 亿仕登控股(01656)收购PT Funda 51%股权，以加强其在印尼的水电领域能力 中国石油化工股份(00386)拟斥资5亿-10亿元回购A股股份 欧康维视生物-B(01477)：OT-301的第二项III期临床试验达到主要终点 小鹏汽车-W(09868)获控股股东何小鹏增持310万股A类普通股 【经营业绩】 友邦保险(01299)发布中期业绩 业务价值同比上升14%至28.38亿美元 拟派发中期息每股49港仙 快手-W(01024)发布第二季度业绩 权益持有人应占溢利49.22亿元 同比增加23.7% 多个关键运营指标和 财务数据创历史新高 延续健康增长势头 哔哩哔哩-W(09626)发布第二季度业绩 股东应占净利润2.19亿元 同比扭亏为盈 中国电力(02380)发布中期业绩,股 ...

集团积极把握智能座舱中声学系统升级的契机，持续导入新客户以及新车型，实现收入人民币17.4亿 元，同比增长14.2%，进一步发挥集团与PSS的协同效应。2025年上半年，集团定点国内某新能源品牌 的旗舰SUV项目，其中包含32个扬声器、40通道功放、算法以及调音服务，打造超豪华车载声学体验。 集团的全栈车载声学系统亮相上海车展，高性能扬声器、自研功放以及包括AI音乐分轨在内等的创新 算法悉数展出，为客户打造全面的驾乘声学体验。2025年上半年，集团宣布收购河北初光汽车部件有限 公司，其主要产品组合涵盖智能麦克风、E-call麦克风以及RNC传感器，其中智能麦克风已实现主要车 型全覆盖，进一步强化集团在车载声学系统解决方案的布局。 得益于智能手机市场光学规格持续提升带来的结构性机遇，光学业务延续了迅猛的增长态势，收入达人 民币26.5亿元，同比增长19.7%。塑胶镜头以及光学模组出货量同比均有增长并且ASP持续提升。毛利 率为10.2%，同比改善5.5个百分点，其中塑胶镜头毛利率同比改善幅度超过10个百分点，集团高端化策 略以及精益运营成效显著。 2025年上半年，集团凭借声学技术底蕴，市场份额得到进一步巩固和 ...

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].