25H2 受益于新机超广角及潜望光学创新，苹果手机、可穿戴、智能家居等光学升级与份额提升驱动公 司未来新一轮高成长。公司后摄新业务将为25H2 业绩继续带来强劲支撑，25H2 iPhone 17 新机有望迎 来潜望升级和超广角下沉，且公司份额望环比进一步提升，收入增长无忧。盈利能力方面，随着新机起 量和下半年稼动率提升，预计利润率有望环比进一步提升。未来几年苹果光学仍有玻塑混合、可变光 圈、潜望新方案等诸多看点，同时AI将赋能TWS、眼镜、智能家居等产品光学升级，苹果摄像模组市 场规模将高达200+亿美金。公司已深度参与大客户26-27 年TWS、折叠机、眼镜等重要新品光学创新， 且未来有望进一步切入手机主摄市场并持续提升市场份额，综合为公司带来长线数倍业绩弹性。 积极布局AR/VR、机器人等新业务，打开长线成长空间。1）AR/VR：公司积极参与苹果创新，布局核 心光学元件如MicroLED 显示技术及相关元件；2）机器人：公司凭借在光学摄像头模组、激光雷达等 高精度光学感知产品领域的积累，布局机器人新业务，已与国内头部客户形成合作。 维持"强烈推荐"投资评级。考虑未来几年苹果手机、可穿戴光学升级与份额提升将 ...

Core Insights - The global personal smart audio device market is projected to reach 455 million units in 2024, marking an 11.2% year-on-year growth, with significant contributions from China and emerging markets [1] - Major brands are adopting differentiation strategies, with ecosystem players like Apple enhancing their competitive edge through deep hardware-software integration [1][3] - Emerging brands are gaining market attention through precise market positioning and innovative product offerings tailored to local consumer needs [2] Market Trends - The market is witnessing a shift towards enhancing overall user experience rather than merely adding single functionalities [6] - Cross-brand collaborations are expected to increase, contributing to the development of a broader ecosystem [6] - The integration of AI technologies is redefining the functionalities of personal smart audio devices, focusing on user behavior analysis and specific scenario solutions [3][4] Regional Performance - The Greater China region leads with a 22% growth rate, followed by the Asia-Pacific region at 19%, Europe, the Middle East, and Africa at 10%, and Latin America at 7% [2] - The TWS (True Wireless Stereo) segment is also experiencing growth, with Apple, Samsung, and Xiaomi being key players [7] Future Projections - The global personal smart audio device shipment is expected to reach 500 million units by 2025, with a cautious optimistic outlook on market growth [4] - Companies must develop comprehensive competitive strategies that encompass technology development and ecosystem partnerships to leverage AI advantages effectively [4]