Core Viewpoint - 瑞声科技 has achieved significant growth in 2024, with revenue reaching 27.33 billion RMB and a net profit of 1.797 billion RMB, marking a year-on-year increase of 142.7% [1][3] Group 1: Optical Business - The optical segment experienced a remarkable turnaround in 2024, with revenue increasing by 37.9% and gross margin rising by 19.5 percentage points, becoming a key driver of profit [4] - The growth is attributed to the rising shipment proportion of high-end 6P lenses and the global exclusive WLG (wafer-level glass) technology, which has significantly improved yield and capacity [4] - WLG glass-plastic hybrid lens shipments are expected to exceed 10 million units in 2025, representing a substantial increase compared to the previous year, with major clients adopting this technology [4] Group 2: Acoustic and Precision Components - 瑞声科技's acoustic business continues to grow, with revenue of 8.21 billion RMB in 2024, a year-on-year increase of 9.5% [5] - The electromagnetic drive and precision components segment saw a revenue increase of 31.3% to 6.07 billion RMB, with a quarter-on-quarter rise of 67% [5] - The company has become a leading supplier of metal structural components for mid-to-high-end models in the Android market, holding about half of the market share in the Android thermal management sector [5] Group 3: Automotive Sector - 瑞声科技 has successfully extended its system integration capabilities from mobile phones to the automotive sector, with automotive revenue reaching 3.52 billion RMB and a gross margin of 24.8% in 2024 [6] - The company has formed strategic partnerships, enhancing its market share in the global automotive sector and receiving high recognition for its integrated hardware and software solutions [6] - The company’s products are widely used by both traditional and new automotive brands, including Xiaomi and Li Auto, with significant production capacity and rapid delivery [6] Group 4: AI Glasses and Robotics - 瑞声科技 is leveraging its perception technology to enter the AI glasses and robotics markets, establishing a unique competitive edge [8] - In the AI glasses sector, the company has developed a full-stack technology loop, becoming a major supplier for leading AR/AI glasses manufacturers [9] - The company is transitioning from a component supplier to a system-level perception solution provider in the robotics field, focusing on humanoid robots and achieving key technological breakthroughs [10][11] Conclusion - 瑞声科技 has transformed from a single-technology component supplier to a system integrator of perception experience technology, marking a significant evolution in its business model [12]
净利大增142.7%：从技术生态构建到跨领域复用，看瑞声科技(02018.HK)底层增长逻辑