里昂:Open AI合作帶來增長動力,瑞聲科技(02018.HK)"高確信度跑贏大市"
里昂發表的研究報告顯示,近日OpenAI正在開發自家AI設備,其正與內地一家主要iPhone組裝商合作生產該設備,同時還在與中國產業鏈企業洽談零部件供應事宜。
該行渠道消息透露,OpenAI也正在和瑞聲科技、藍思科技商討零部件供應相關問題。該行指出,有關設備很可能命名爲AI Pin,採用可穿戴徽章形式,具備聲音、文字、照片及視頻功能,並且配備AI處理能力。
鑑於OpenAI的設備團隊核心成員均來自蘋果公司,其選擇與蘋果供應鏈企業合作是合理的。該行預計這些舉措能爲內地現有的蘋果供應鏈企業帶來新的增長動力,目前給予瑞聲科技目標價60.5港元及"高度確信跑贏大市"評級,給予藍思科技目標價33.7港元及"跑贏大市"評級。
據媒體消息,今年8月份,瑞聲科技在新加坡發佈了2025年中期業績報告。集團上半年收入爲人民幣133.2億元,同比增長18.4%,再創新高。
近年來瑞聲科技顯著受益於AI行業的發展,多個業務分部實現快速增長。由於AI手機對語音交互功能提出了更高需求,MEMS麥克風業務率先受益,預計2025年收入相比2024年增幅超過50%。
此外,由於AI手機的算力更高,功耗更大,對散熱性能需求也越來越高,將直接推動瑞聲科技散熱業務的高速增長。目前瑞聲科技已拿到海外高端客戶訂單,預計下半年順利量產。2025年散熱產品線的整體收入規模,將比2024年至少翻3倍。
據悉,最新發布的iphone 17 Pro/Pro Max系列史上首次採用VC均熱板,以大幅提高散熱性能。瑞聲科技爲其核心供應商。機構研究認爲,未來隨着AI手機對散熱性能需求的提高,以及蘋果產品策略的調整,普通版iPhone未來也有望搭載VC均熱板,將直接推動瑞聲科技散熱業務的高速增長。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.