Group 1 - The core viewpoint indicates that the acoustic upgrade trend and the increase in the penetration rate of AAC's master-level speakers are contributing to a slowdown in industry competition since the second half of 2023 [1] - The company is expected to improve its product structure and yield, leading to a reduction in optical losses, alongside the expansion of new business segments such as hinges, cooling, and laptop shells, as well as accelerated acquisition of PSS to enhance its automotive acoustic business [1] - Projected net profits for AAC from 2024 to 2026 are estimated at 1.67 billion, 2.17 billion, and 2.57 billion respectively, with year-on-year growth rates of 125.9%, 29.5%, and 18.7% [1] Group 2 - The company is experiencing a turning point in performance, with improvements in gross margins across all product lines [2] - Future benefits are anticipated from the AI smartphone trend, which is expected to drive hardware innovation upgrades [2] - The initial coverage has assigned a "buy" rating for the company [2]
开源证券：瑞声科技业绩迎来拐点 各产品线毛利率迎来改善