Investment Rating - The report upgrades the investment rating to "Buy" [1] Core Views - The company's performance in the first half of 2024 exceeded market expectations, with significant improvements in gross margin and net profit [1] - The optical business has turned profitable, driven by product structure optimization and upgrades in optical specifications [1] - The company anticipates a continued increase in acoustic gross margin, aiming for 35% by the end of the year [1] Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 11.247 billion RMB, exceeding market expectations by approximately 9.4% and showing a year-on-year increase of 257.3% [1] - Net profit for the same period was 5.37 billion RMB, with a gross margin of 21.5%, up 7.4 percentage points year-on-year [1] - The acoustic business revenue reached 3.460 billion RMB, reflecting a year-on-year increase of 34.6% [1] Business Segments - The acoustic segment is experiencing steady growth, with a significant increase in shipments of high-end acoustic products, driven by a recovery in the smartphone market and improved operational efficiency [1] - The optical segment's revenue was 2.21 billion RMB, up 24.9% year-on-year, with a gross margin of 4.7%, an increase of 21.7 percentage points [1] - The precision structural components and electromagnetic drive segments also showed growth, with revenue of 3.658 billion RMB, a year-on-year increase of 1.1% and a gross margin of 22.9% [1] Future Outlook - The company has raised its net profit forecasts for 2024 and 2025 by 16% and 41% respectively, now projecting net profits of 15.25 billion RMB and 22.02 billion RMB [1] - The report introduces a new net profit forecast for 2026 at 25.08 billion RMB, indicating a strong growth trajectory across all business segments [1]
瑞声科技：2024年中报点评：24H1业绩超预期，光学业务毛利率转正