金吾财讯 | 中邮证券研报指,瑞声科技(02018)披露2024年年报,公司2024年实现营收273.3亿元,同比增长33.8%;实现毛利率为22.1% ,同比提升5.2个百分点,实现归母净利润18.0亿元,同比增长142.7%。该行指,公司产品线持续改善产品结构,盈利能力大幅提升;中高端声学市场份额稳步攀升,声学产品结构优化成效显着;车载板块协同效应显现,成为第二增长极;光学模组业务市场份额提升显着,塑胶镜头高端化进展顺利;电磁传动及精密结构件等业务收入增长强劲;传感器及半导体业务战略调整,持续布局更高端麦克风产品.该行预计公司2025/2026/2027年分别实现收入309/349/394亿元,实现归母净利润分别为23/28/33亿元,当前股价对应2025-2027年PE分别为25倍、20倍、17倍,维持“买入”评级。
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