晨星：维持瑞声科技（02018）55港元估值，2027年AI业务将迎放量

智通财经07-30

智通财经APP获悉，7月27日，晨星（MORNINGSTAR）发布行业研报，给予瑞声科技（02018）55.00港元公允价值估值，看好公司消费电子基本盘稳健，数据中心、智能眼镜等新业务逐步兑现，当前股价具备显著配置价值。报告指出，市场已充分消化2027至2028年智能手机出货持续下行、无复苏行情的悲观预期，却大幅低估了瑞声科技多元化业务布局带来的增长潜力，因此公司当前股价具备投资吸引力。报告认为，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohunote.com/m/news/2655849945?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-07-30 10:26","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2655849945","market":"us","top_or_hot":-1,"title":"晨星：维持瑞声科技（02018）55港元估值，2027年AI业务将迎放量","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，7月27日，晨星（MORNINGSTAR）发布行业研报，给予瑞声科技（02018）55.00港元公允价值估值，看好公司消费电子基本盘稳健，数据中心、智能眼镜等新业务逐步兑现，当前股价具备显著配置价值。报告指出，市场已充分消化2027至2028年智能手机出货持续下行、无复苏行情的悲观预期，却大幅低估了瑞声科技多元化业务布局带来的增长潜力，因此公司当前股价具备投资吸引力。报告认为，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1473919.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>晨星：维持瑞声科技（02018）55港元估值，2027年AI业务将迎放量</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n晨星：维持瑞声科技（02018）55港元估值，2027年AI业务将迎放量\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-30 10:26 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1473919.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，7月27日，晨星（MORNINGSTAR）发布行业研报，给予瑞声科技（02018）55.00港元公允价值估值，看好公司消费电子基本盘稳健，数据中心、智能眼镜等新业务逐步兑现，当前股价具备显著配置价值。报告指出，市场已充分消化2027至2028年智能手机出货持续下行、无复苏行情的悲观预期，却大幅低估了瑞声科技多元化业务布局带来的增长潜力，因此公司当前股价具备投资吸引力。报告认为，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1473919.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AIPO","symbol_name":"Defiance AI and Power Infrastructure ETF","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1473919.html","article_id":"2655849945","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2655849945","pubTimestamp":1785378394,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，7月27日，晨星发布行业研报，给予瑞声科技55.00港元公允价值估值，看好公司消费电子基本盘稳健，数据中心、智能眼镜等新业务逐步兑现，当前股价具备显著配置价值。报告认为，瑞声科技估值持续承压，主因公司一些AI新业务暂还未形成实质性营收贡献。综合媒体及机构研报，瑞声科技AI业务已形成“算力+终端”双线布局。算力端，瑞声科技已跻身AI液冷散热第一梯队。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"AIPO":"Defiance AI and Power Infrastructure ETF","02018":"瑞声科技","SG9999014674.SGD":"Nikko AM All China Equity A SGD","BK1607":"新IT概念","AGIX":"通用人工智能 ETF-AGIX","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","BK1504":"苹果概念","BK1500":"做空集合股","VTHR":"Vanguard Russell 3000 ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","ARTY":"ISHARES FUTURE AI & TECH ETF","BK1167":"电子制造服务","SG9999006597.SGD":"United China-India Dynamic Growth SGD","BK1608":"元宇宙概念","EWH":"香港ETF-iShares MSCI"},"translate_title":"Morningstar: Maintaining AAC Technology's (02018) HK$55 valuation, AI business will welcome heavy volume in 2027","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CHAT":1.5,"02018":1.5,"QTOC":1.5,"ARTY":1.5,"VTHR":1.5,"EWH":1.5,"AGIX":1.5,"AIPO":1.5},"content_text":"智通财经APP获悉，7月27日，晨星（MORNINGSTAR）发布行业研报，给予瑞声科技（02018）55.00港元公允价值估值，看好公司消费电子基本盘稳健，数据中心、智能眼镜等新业务逐步兑现，当前股价具备显著配置价值。报告指出，市场已充分消化2027至2028年智能手机出货持续下行、无复苏行情的悲观预期，却大幅低估了瑞声科技多元化业务布局带来的增长潜力，因此公司当前股价具备投资吸引力。报告认为，瑞声科技估值持续承压，主因公司一些AI新业务暂还未形成实质性营收贡献。预计2027年瑞声科技数据中心业务将迎来放量，公司相关产品将完成资质认证并进入试产阶段；若苹果推出智能眼镜产品，也将为公司带来额外业绩增量。此外，从长期来看，待存储芯片价格回归常态后，晨星认为今年手机终端上调的售价不会完全回落，如苹果、三星折叠机等高端机型尤为明显。终端提价为搭载更高规格零部件（散热模组等）预留盈利空间，直接利好瑞声科技。综合媒体及机构研报，瑞声科技AI业务已形成“算力+终端”双线布局。算力端，瑞声科技已跻身AI液冷散热第一梯队。其核心产品2.2MW/2.6MW 集中式液冷CDU，已在上半年量产并全球批量交付，覆盖AI数据中心、高性能计算等核心场景。AI终端方面，瑞银等多家机构指出瑞声科技VC（均热板）技术将有望延伸至折叠屏iPhone等产品线，散热业务2026年将实现翻倍增长，未来几年将逐步渗透至 iPhone/iPad/MacBook 全系列。此外，其AI声学器件、MEMS传感器、XR光波导、触觉执行器等产品，已导入三星、Meta、谷歌等全球头部智能终端，伴随AI手机、眼镜等终端品类加速普及，需求弹性持续放大。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2655849945","isCrawlerRequest":true}