金吾财讯 | 招银国际近期拜访了位于深圳的瑞声科技(02018)公司管理层，总体而言，该机构对瑞声科技的业务前景和 2025 年的营收增长持更加乐观看法，这主要得益于以下因素：1）光学业务：塑料镜头（6P/7P）和 HCM（光学防抖/潜望镜）规格升级，以及 2025 年下半年 WLG 旗舰订单的斩获；2）精密机械：AI 手机中VC的采用以及海外/中国客户铰链订单的赢取；3）电磁驱动：触觉升级和机器人订单的获取；4）汽车声学：在海外 OEM 和中国电动汽车品牌（如理想、小米、吉利等）中份额的增加，以及产品组合的扩大（扬声器、麦克风、算法）。此外，该机构预计声学升级（顶级 SLS/组合）和光学业务中高端产品（6P+/WLG）占比的提升将推动利润率在 2025/2026 年实现扩张。维持“买入”评级及基于SOTP估值法的目标价58.78港元。
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