华勤技术 20250827 2025 年上半年研发费用 29.6 亿人民币，同比增长 30%，过去三年累 计研发投入 148 亿人民币。设立 x lab 作为前沿技术研发机构，启动人 形机器人核心技术研究。港股上市融资将用于研发投入、制造产能扩张、 全球化战略及一般营运资金。 公司入股晶合集成 6%的股份，看好其发展潜力及双方业务的战略协同 可能性。2025 年上半年毛利率为 7.7%，同比有所下降，但整体毛利额 增长显著，达到 64.3 亿元，同比增长 40%。 华勤技术在智能终端业务方面的表现如何？ 华勤技术在智能终端业务中，包括智能手机和智能穿戴产品。作为行业龙头企 业，公司保持了较高的市场占有率和长期客户合作基础。随着 ODM 渗透率的 提升，市场规模仍有增长空间。2025 年上半年，公司智能手机产品收入同比 实现翻倍增长；穿戴类产品收入同比增长超过 110%。在安卓 TWS 耳机出货 量方面，公司排名行业第一；在安卓智能手表出货量方面，公司排名行业第二。 目前穿戴类产品已覆盖所有现有手机品牌客户，并助力其全球化销售。同时， 音频类产品如 TWS 耳机、头戴式耳机、开放式耳机等均实现了全站出货。 高性 ...

文/瑞财经 李姗姗 销售过于集中，导致立讯精密毛利率承压。为了摆脱对苹果依赖的现状，立讯精密也在寻求汽车、通信 与数据、医疗领域的多元化布局，近年来收购动作频频。 为了转型大举收并购，立讯精密负债增加。截至2025年3月末，公司尚存在95.3亿元短债缺口。 此次叩响港交所大门，立讯精密寻求国际资本加持，为其全球化布局与业务多元化注入新动力。 然而，亮眼的业绩背后，是客户高度集中的潜在隐患。2024年，立讯精密来自最大客户的收入占总收入 的比重高达70.7%。尽管招股书中未披露具体客户名称，但结合其业务构成及过往财报，市场普遍认为 其最大客户为苹果公司。 立讯精密早在2010年就已成功登陆深交所，在苹果供应链上最重要的三家中国公司中，立讯精密是最后 一个宣布赴港上市的，歌尔股份（002241.SZ）和蓝思科技（300433.SZ）早已递表。 从业绩上看，立讯精密近年来增长稳健，2024年收入已接近2700亿元，净利润超过145亿元。 公司产品已渗透全球消费电子市场，以2024年销量计，全球平均每两部智能手机、每三部智能可穿戴设 备中，就有一部使用立讯精密的产品。 从19岁辍学到富士康流水线上打工，到成为3000 ...

公司利润率相比友商已具备明显优势，为后续竞争掌握主动权 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件: 公司发布1H25业绩，1)营收：1H25实现营收 13.60 亿美元，同比大幅增长 132%，主要受益于低基数下iPhone 后摄超广角&长焦量产+iPad后摄份额提升。2)毛利率：1H25毛利率11.4%，虽然为淡季但基本与2H24旺季的 11.5%毛利率水平持平，体现出价格压力环境有所改善。3)费用：1H25销售费用率同比-0.1pct，研发及管理费 用率同比-4.7pct，但研发及管理费用规模同比增长20.5%至0.7亿美元，主要为2026-2027新项目提前投入研发费 用。4)净利润：1H25实现归母净利润0.67亿美元，同比增长320%，对应净利率5.0 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for 1H25, driven by increased production of iPhone camera modules and iPad camera share gains [1][2]. Group 1: Financial Performance - Revenue for 1H25 reached $1.36 billion, a substantial increase of 132% year-on-year, primarily due to low base effects and increased production of iPhone rear camera modules [1]. - Gross margin for 1H25 was 11.4%, remaining stable compared to the 11.5% gross margin in 2H24, indicating an improvement in pricing pressure [1]. - Net profit for 1H25 was $67 million, a year-on-year increase of 320%, resulting in a net profit margin of 5.0%, up from 2.7% in 1H24, reflecting a clear recovery in profitability [1]. Group 2: Competitive Positioning - The company has a significant advantage in profit margins compared to competitors, particularly LG Innotech, whose gross margins have been declining, with figures of approximately 7.9%, 7.2%, and 5.0% for 2023, 2024, and 1H25 respectively [2]. - In contrast, the company reported gross margins of 13.8%, 11.7%, and 11.4% for the same periods, highlighting superior product yield management and cost optimization capabilities [2]. Group 3: Future Outlook - In 2H25, the company is expected to benefit from the sales peak of iPhone products, with anticipated upgrades in camera technology for the iPhone 17 Pro series, including an increase in the telephoto camera resolution from 12MP to 48MP [3]. - The company is also expected to enhance its market share in the rear ultra-wide and telephoto camera segments due to its leading yield and automation capabilities [3]. - Looking towards 2026 and beyond, the company plans to enter the foldable iPhone camera module market and aims to become a core supplier for various wearable devices for Apple [4]. - The company is also exploring opportunities in the robotics and smart driving sectors, leveraging its optical packaging technology [4]. Group 4: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 to $190 million, $230 million, and $340 million, reflecting a downward revision of 6%, 12%, and 9% respectively, due to increased R&D investments [4]. - Despite the adjustments, the company maintains a positive outlook on its market share growth in the CCM sector and the expansion into diverse product categories, sustaining a "buy" rating [4].

证券研究报告·公司点评报告·电子 歌尔股份（002241） 多轮投资加速 AR 量产，歌尔股份 AR 赛道 全面布局 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：产业发展不及预期，竞争格局恶化等。 2025 年 08 月 24 日 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 股价走势 -11% -5% 1% 7% 13% 19% 25% 31% 37% 43% 49% 2024/8/26 2024/12/24 2025/4/23 2025/8/21 歌尔股份 沪深300 市场数据 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 98,574 | 100,954 | 100,222 | 117,011 | 132,631 | | 同比（%） | (6.03) | 2.41 | (0.73) | 16.75 | 13.35 | ...

2025 年 8 月 24 日 公司研究 1H25 业绩高速增长, CCM 份额提升+多元 IoT 新品拓展值得期待 —— 高伟电子（1415.HK）1H25 业绩点评 要点 公司利润率相比友商已具备明显优势，为后续竞争掌握主动权。近年来，竞 争友商韩国 LG Innotech 的利润水平明显低于高伟电子，且持续降低—— 2023/2024 年/1H25LG Innotech 光学解决方案业务（摄像头模组占该部门营 收 80%以上）毛利率分别近似为 7.9%/7.2%/5.0%，相比之下，高伟电子 2023/2024 年/1H25 毛利率分别为 13.8/11.7%/11.4%，这背后凸显出高伟电 子对于产品良率管控与全链条成本优化能力更强，而 LG Innotech 较低且持 续下滑的利润率水平，使其在后续订单获取中难以通过大幅降价的竞争策略与 高伟电子形成有效抗衡。因此我们判断，高伟电子在 CCM 环节份额持续提升 的趋势有望延续。 2H25 将迎来 iPhone 光学升级+公司份额提升。展望 2H25，公司有望受益于 大客户苹果销售旺季的产品出货放量；此外，我们判断：1) 9M25 即将发布的 iPho ...

Summary of Xiaomi Group's Q2 2025 Earnings Call Company Overview - **Company**: Xiaomi Group - **Date**: Q2 2025 Earnings Call Key Points Financial Performance - Adjusted net profit reached **CNY 10.8 billion**, a **75%** year-on-year increase, marking a record high for three consecutive quarters [2][3] - Total revenue for Q2 2025 was **CNY 116 billion**, up **30.5%** year-on-year, achieving a historical high for five consecutive quarters [3] - Gross margin improved to **22.5%**, an increase of **1.8 percentage points** year-on-year [3] Smartphone Business - Global smartphone market share reached **14.7%**, ranking third globally, with the highest activation volume in mainland China [2][4] - High-end strategy showed significant results, with market share in the **CNY 4,000-6,000** price range increasing by **4.5 and 6.5 percentage points**, respectively [6] - Smartphone sales in mainland China ranked first, with high-end smartphone sales accounting for **27.6%** of total sales, up **5.5 percentage points** year-on-year [11] AIoT Business - AIoT revenue reached **CNY 38.7 billion**, a **44.7%** year-on-year increase, with a gross margin of **22.5%** [2][11] - Smart home appliances revenue grew by **66.2%**, with air conditioner shipments exceeding **5.4 million units**, a growth of over **60%** [2][8] Automotive Business - Delivered **81,302** vehicles in Q2, with over **30,000** units delivered in July alone [9][14] - The first SUV U7 series saw over **240,000** orders within 18 hours of launch [9] - Automotive gross margin stood at **26.4%** [14] User Engagement and Internet Services - Global monthly active users reached **730 million**, a **8.2%** year-on-year increase, with **185 million** in mainland China, up **12.4%** [2][14] - Internet services revenue was **CNY 9 billion**, a **10.1%** increase year-on-year, with a gross margin of **75.4%** [14] Research and Development - R&D expenditure reached **CNY 7.8 billion**, a **41.2%** year-on-year increase, with **22,641** R&D personnel, accounting for **46.2%** of total employees [14][20] - Focus areas include chips, AI, operating systems, and technology across product lines [20] Market Strategy and Future Outlook - Xiaomi aims to continue its high-end strategy and expand its global market presence, particularly in Europe by **2027** [10][28] - The company plans to maintain a focus on product structure optimization and average selling price (ASP) enhancement rather than just volume growth [27] - The overall smartphone market is expected to remain stable, with Xiaomi confident in achieving its annual shipment target of **175-180 million** units [24][26] ESG Initiatives - Xiaomi has increased its use of green electricity and solar power, significantly reducing carbon emissions [15][16] Challenges and Risks - The smartphone business faced margin pressure due to rising costs of memory and battery materials, but long-term strategies are expected to stabilize margins [12][13][17] Conclusion - Xiaomi's strong performance in Q2 2025 reflects its successful high-end strategy, robust growth in AIoT and automotive sectors, and a commitment to R&D and sustainability initiatives. The company is well-positioned for future growth despite challenges in the smartphone market.

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company is positioned as a leading ODM in the smartphone sector, with a strategic focus on expanding its product offerings and customer base, aiming to become the world's largest smartphone ODM by 2024 [4][8]. - The "1+2+X" strategy is being effectively implemented, with the company diversifying its product lines to include tablets, smart wearables, AIPC, AI glasses, and automotive electronics, which are expected to drive significant revenue growth [6][20]. - The demand for AI-enabled devices is anticipated to sustain high growth, with AI smartphones and AI glasses emerging as key growth areas, benefiting the company's market position [7][51]. Summary by Sections Company Overview - The company has over 20 years of experience in the ODM industry, evolving from IDH for feature phones to a comprehensive ODM model for various consumer electronics [6][20]. - The company has established a solid foundation in smartphone manufacturing, contributing to 78% of its revenue, while AIoT and tablets are becoming significant revenue streams [20]. Strategic Development - The "1+2+X" strategy focuses on smartphones as the core, while expanding into tablets and AIoT, with successful ventures into AIPC and AI glasses [6][20]. - The company aims for a revenue CAGR of approximately 10% and a net profit CAGR of around 20% from 2025 to 2028, reflecting confidence in its growth trajectory [29]. Market Position and Trends - The ODM industry is characterized by increasing technical barriers and a concentration of market share among leading players, with the company expected to benefit from these trends [7][8]. - The AI glasses market is projected to experience exponential growth, with the company positioned to capitalize on this trend through partnerships with major clients [62][68]. Financial Performance - The company experienced a significant revenue increase of 71% in 2024, although net profit declined by 17.21% due to rising raw material costs and intensified competition [33]. - The gross margin is expected to recover as raw material prices stabilize, with a projected gross margin of 7.45% in Q1 2025, indicating a positive trend [35]. Industry Dynamics - The ODM sector is witnessing a shift towards AI-enabled products, which are expected to drive demand and enhance the competitive landscape for leading ODM firms [51][55]. - The report highlights the importance of cost management and supply chain efficiency in maintaining profitability amid fluctuating raw material prices [78][81].

企业孵化 真实供应链支持 · 合规经营 四流合 从缺芯潮看深圳贸易困局2025年全球芯片供需仍处动态平衡阶段，但深圳中小硬件厂商却普遍陷入"有订单没芯 片"的窘境。一家智能手表创始团队曾向我吐槽："原厂交期动不动就52周，贸易商报价比股市波动还大"。 破局三原则根据行业跟踪数据，成功突围的企业往往遵循：1）建立备选供应商矩阵（至少3家以上合格供应商） 2）动态监控价格水位线（利用行业均价锚定采购阈值）3）用服务商杠杆撬动资源（专业贸易商常握有未公开的 渠道库存）。 方案推演：跨境IC采购沙盘以某TWS耳机团队为例，当其主控芯片突然被砍单时：1. 氪音创新通过东南亚渠道锁 定5K片替代型号2. 用BOM交叉替代方案降低20%关键物料成本3. 启用保税区VMI仓实现两周安全库存整个过程比 自行对接原厂节省至少45天时间。 供应链的本质是信任链当元器件成为战略物资的时代，选择合作伙伴的眼光比谈判技巧更重要。 本文出自【氪音创新 · 供应链观察】专栏，专注于为硬件创业者提供一线洞察与避坑指南。 ( 备忘录 助力中小微企业发展 企业孵化 贸易增量 让企业活过来 01) 02 四分行 真 SE # 易 合同流、资金流、 ...

Core Viewpoint - The article highlights the growth and innovation of Jiahe Intelligent Technology Co., Ltd., particularly in the AI/AR glasses sector, showcasing its strategic focus on research and development, diversification, and collaboration with financial institutions to enhance operational efficiency [2][18]. Group 1: Company Overview - Jiahe Intelligent was established in 2013 and went public on the Shenzhen Stock Exchange in 2019, evolving into a comprehensive group company centered in Songshan Lake, Dongguan [5]. - The company has diversified its product offerings to include headphones, smartwatches, smart glasses, and new energy storage products, maintaining a leading position in the audio product market [5][17]. Group 2: Research and Development - Innovation and research are central to Jiahe Intelligent's growth strategy, with an R&D team of nearly 1,000 experienced professionals and annual R&D investments exceeding 120 million yuan, accounting for over 5% of total revenue [6][14]. - The company has established partnerships with prestigious institutions such as Tsinghua University and the Chinese Academy of Sciences to enhance its technological capabilities [6]. Group 3: Market Position and Growth - Jiahe Intelligent capitalized on the TWS (True Wireless Stereo) earphone trend following Apple's launch of AirPods in 2016, leading to significant revenue growth from 832 million yuan in 2016 to 1.347 billion yuan in 2018 [10]. - The company has successfully transitioned its product line from smart audio glasses to advanced AI/AR glasses, with the latest AR translation glasses showcased at CES 2025 [12][14]. Group 4: Financial Collaboration - Jiahe Intelligent has partnered with China Merchants Bank since 2015, benefiting from efficient cross-border financial services as the company expands internationally [18]. - By 2024, China Merchants Bank had approved a credit limit of 200 million yuan for Jiahe Intelligent, supporting its business expansion and optimizing supply chain financing [20].