Sonavox has released its 1H26 results: revenue/attributable net profit (NP)/recurring NP were RMB1,424/40/39mn (+4.23/-53.07/-50.20% YoY). For 2Q26, revenue grew QoQ, but the attributable NP fell sharply QoQ, which we think was mainly impacted by downstream auto demand fluctuations, intensified industry competition, and exchange rate volatility. In 1H26, the company actively promoted project nomination conversions and overseas client expansion, with the Hefei plant achieving stage-wise profitability and losses at the Czech plant narrowing significantly YoY. Despite short-term profitability pressure, we remain upbeat on medium-to-long-term operational improvement. Maintain BUY.
1H26: Demand, competition, FX volatility weigh on profitability
Sonavox’s 1H26 revenue/attributable NP were RMB1,424/40mn (+4.23/-53.07% YoY). During the period, downstream auto market demand fluctuated and industry competition intensified, leading to modest top-line growth. Fierce price competition in the domestic auto market exerted pressure on upstream supply chains, combined with raw-material price changes, providing challenges for the overall gross margin. On the expense side, sales/R&D expenses grew by 20.71/9.52% YoY. Meanwhile, USD and EUR depreciation led to FX losses of RMB25mn, compared with FX gains of RMB41mn in 1H25, driving financial expenses up from -RMB26mn in 1H25 to RMB44mn, notably denting the net profit. On the positive side, cash collections increased in 1H26, driving the net operating cash flow up by 47.11% YoY. The Hefei plant turned profitable stage-wise, and Czech plant losses narrowed substantially YoY.
2H26: Projects advance, operational efficiency poised to improve
Sales momentum for the company’s three main product categories remained solid, continuing to advance mass production conversions of pipeline and nominated projects. The company secured new project nominations from automakers such as NIO and Geely, as well as multiple vehicle models featuring smart cockpits from leading domestic brands. Overseas, newly developed client YAMAHA commenced mass production deliveries for domestic matching models, while order expectations from Mercedes-Benz and various Volkswagen brands remain favorable. Looking to 2H26, the company is poised to advance new project conversions and overseas client expansion while boosting operational efficiency through smart manufacturing upgrades, supply chain optimization, and lean production. The Hefei plant turned profitable stage-wise in 1H26, and Czech plant losses narrowed significantly YoY. Separately, the company advances R&D in premium acoustic products, diamond tweeters, novel diaphragm materials, digital speakers, and MEMS speakers, which we expect to further enrich its high-margin product matrix.
Earnings forecasts and valuation
Considering weaker-than-expected downstream auto demand and top-line growth, alongside gross margin impacts from industry competition and cost pressure, plus 1H26 FX loss drags, we lower our 2026/2027/2028 revenue forecasts by 8.8/7.3/5.3% to RMB3,251/3,792/4,344mn (previous: RMB3,564/4,093/4,585mn) and cut our attributable NP forecasts by 20.1/16.1/11.4% to RMB200/283/320mn (previous: RMB250/337/362mn). Reflecting the company’s product and tech competitiveness in automotive acoustics, we value the stock at 20.6x 2026E PE, a 20% premium over its peers' average of 17.1x on Wind consensus (previous: 19.0x), for our target price of RMB24.89 (previous: RMB34.67, based on 22.8x 2026E PE). We remain optimistic about room for growth driven by automotive acoustic upgrades, premium product expansion, and the ongoing overseas push. Maintain BUY.
Risks: weaker downstream auto consumption than we expect; slower overseas expansion and client project execution than we expect.

　　事件：公司发布2026年半年度报告：1）2026H1实现营收14.24亿元，同比+4.23%；归母净利润0.40亿元，同比-53.07%；扣非归母净利润0.39亿元，同比-50.20%；2）2026Q2实现营收7.37亿元，同比+0.90%，环比+7.24%；归母净利润0.15亿元，同比-73.07%，环比-36.35%；扣非归母净利润0.14亿元，同比-74.34%，环比-44.00%。
　　2026Q2营收平稳盈利承压明显。1）收入端：2026Q2营收7.37亿元，同比+0.90%，环比+7.24%。公司主要客户中，2026Q2蔚来销量同比+49.64%，环比+8.97%，驱动公司收入平稳增长；2）利润端：2026Q2归母净利润0.15亿元，同比-73.07%，环比-36.35%；扣非归母净利润0.14亿元，同比-74.34%，环比-44.00%。2026Q2毛利率为21.15%，同比+1.20pct，环比-0.99pct；归母净利率为2.10%，同比-5.77pct，环比-1.44pct。盈利同比承压主要系汇兑损益变动所致；3）费用端：2026Q2销售/管理/研发/财务费用率分别为1.56%/6.65%/6.29%/2.87%，同比分别+0.35/-0.04/+0.89/+5.92pct，环比分别+0.77/-0.52/-0.45/-0.51pct。财务费用率同比大幅提升，主要系美元、欧元汇率下降致汇兑损失增加所致。
　　新项目定点持续突破客户矩阵不断扩容。2026H1公司新获得多家知名汽车制造厂商的新项目定点信，包括蔚来、吉利等表现强劲的头部品牌以及配套H品牌智能座舱的多款品牌车型，在客户覆盖率较高的基础上持续深化合作、积极增加储备项目并加快已定点项目的量产转化。海外客户方面，新开发的YAMAHA客户开始实现国内配套车型产品的量产交货；欧洲市场，奔驰及大众旗下各品牌订单预期良好，公司持续从国内外市场中寻找增长动能。
　　高端声学方案持续升级新品类培育增长曲线。公司钻石高音产品已实现量产交付，提升单车产品配套收入上限，展现了公司在车载声学领域卓越的工程技术能力。搭载先进LC控制技术的车载流媒体后视镜完成产品开发，开始向关键潜在客户推介；数字扬声器、MEMS扬声器等新型音频产品技术持续推进开发验证。公司将车载声学解决方案延伸至具身智能产品声音交互领域，开展嵌入式机器人智能语音交互声学处理关键技术研发，布局多通道降噪、回声消除、声源定位、多说话人分离等算法模块。
　　投资建议：公司是自主车载扬声器龙头，持续受益电动智能趋势及采购体系变化。我们预计公司2026-2028年营收32.05/35.43/39.30亿元，归母净利润1.29/1.79/2.29亿元，对应EPS为0.78/1.09/1.39元，对应2026年8月28日20.98元/股收盘价，PE分别为27/19/15倍，维持“推荐”评级。
　　风险提示：行业景气度不及预期；客户拓展不及预期；原材料价格波动等。

　　上声电子发布2026年半年报，1H26实现营业收入14.24亿元（yoy+4.23%），归母净利润0.40亿元（yoy-53.07%），扣非归母净利润0.39亿元（yoy-50.20%）。2Q26单季度收入环比增长，但归母净利润环比明显下降，我们认为主要受到下游整车市场需求波动、行业竞争加剧以及汇率波动等因素影响。公司上半年积极推进新项目定点转化与海外客户拓展，合肥工厂实现阶段性扭亏、捷克工厂亏损规模同比大幅缩窄。虽然短期盈利能力承压，我们仍看好公司中长期经营改善空间，维持“买入”评级。
　　1H26回顾：需求及竞争压力叠加汇率扰动，盈利能力短期承压
　　1H26公司实现营业收入14.24亿元，同比增长4.23%；归母净利润0.40亿元，同比下降53.07%。报告期内，下游整车市场需求波动、行业竞争加剧，公司收入端增长相对温和；国内整车市场价格竞争激烈，上游供应链承压，叠加原材料价格变化影响，公司整体毛利率面临挑战。费用端，销售费用同比增长20.71%，研发费用同比增长9.52%。同时，美元、欧元汇率下降带来汇兑损失0.25亿元，而去年同期为汇兑收益0.41亿元，推动财务费用由去年同期的-0.26亿元增至0.44亿元，对利润形成较大拖累。积极因素方面，公司上半年回款增加，经营活动现金流净额同比增长47.11%，合肥工厂实现阶段性扭亏，捷克工厂亏损规模同比大幅缩窄。
　　2H26展望：项目转化持续推进，经营效率有望改善
　　公司三大主力产品销售势头稳健，持续推进储备项目及已定点项目的量产转化，新获得蔚来、吉利等汽车制造厂商以及配备国产头部品牌智能座舱的多款车型项目定点；海外方面，新开发的YAMAHA客户已开始实现国内配套车型产品量产交货，奔驰及大众旗下各品牌订单预期良好。展望2H26，公司有望继续推进新项目转化及海外客户拓展，同时通过智能制造升级、供应链优化及精益生产提升运营效率。上半年合肥工厂已实现阶段性扭亏，捷克工厂亏损规模同比大幅缩窄。公司同时持续推进高端车载声学产品、钻石高音、新型振膜材料以及数字扬声器、MEMS扬声器等产品技术开发，有望进一步丰富高毛利产品矩阵。
　　盈利预测与估值
　　考虑到下游汽车市场需求及收入增长弱于此前预期、行业竞争及成本压力对毛利率形成影响，同时上半年汇兑损失拖累盈利，我们下调公司26/27/28E营业收入预测至32.51/37.92/43.44亿元（前值35.64/40.93/45.85亿元，分别下调8.8%/7.3%/5.3%），下调归母净利润预测至2.00/2.83/3.20亿元（前值2.50/3.37/3.62亿元，分别下调20.1%/16.1%/11.4%）。采用可比公司估值法，可比公司2026E平均为17.1xPE（前值19.0xPE），考虑公司在车载声学领域的产品及技术竞争力，我们给予公司20%估值溢价，对应2026E20.6xPE，目标价24.89元（前值34.67元，对应2026E22.8xPE）。我们长期看好公司受益汽车声学系统升级、高端产品矩阵拓展及海外业务持续推进带来的成长空间，维持“买入”评级。
　　风险提示：下游汽车消费不及预期，海外市场拓展及客户项目落地不及预期。

Suzhou Sonavox Electronics(Sonavox)reported 2025 and 1Q26 results.In 2025,the company generated full-year revenue of RMB3.02bn(+8.89%YoY),slightly below our previous forecast of RMB3.23bn,while attributable net profit reached RMB183mn(-22.35%YoY),also below our previous forecast of RMB233mn.In 1Q26,revenue reached RMB687mn(+8.05%YoY),and attributable net profit was RMB24mn(-10.99%YoY).The slight miss on 2025 revenue was mainly due to the suspension of auto trade-in and replacement subsidies at the end of 2025.Profitability remained under pressure mainly because the Hefei plant is still in the early stage of ramp-up,and revenue has not yet fully covered equipment depreciation,plant depreciation,and labor costs,weighing on overall gross margin.Looking ahead to 2026,we expect the company's high-end in-car audio systems,amplifiers,and AI panoramic sound products to continue ramping up,driving higher value per vehicle,while capacity expansion at the Czech and Mexico plants should further broaden overseas growth potential.We remain positive on the company as abeneficiary of the intelligent cockpit upgrade trend and maintain BUY.
2025:global expansion coupled with premiumization traction
In 2025,the company recorded revenue of about RMB3.02bn(+8.89%YoY),maintaining steady top-line growth.Attributable net profit fell 22.35%YoY,dragging down net margin,mainly due to depreciation and labor cost pressure during the early production stage of the Hefei plant,compounded by industry price competition,which also weighed on gross margin,even as the company continued to upgrade its business mix.The company maintained high-intensity R&D and continued to promote cutting-edge technologies such as AI panoramic in-car audio systems,zoned sound fields,active noise cancellation,and AVAS sound simulation.Related demo vehicles have already been delivered to multiple automakers and recognized by customers.Its diamond diaphragm tweeters are commercially deliverable,further enriching the premium product portfolio.On the market side,the company secured multiple new designated projects from globally renowned automakers and entered into cooperation with aleading Japanese audio company,further improving its overseas customer footprint.At the same time,the company completed development of its streaming rearview mirror product and actively developed new business initiatives in non-automotive premium audio and embodied-intelligence acoustic interaction,pushing its transformation from atraditional in-car speaker supplier toward acomprehensive acoustic solutions vendor.
Earnings forecast and valuation
Given that the recovery in auto market consumption in 1Q26 was weaker than expected,we slightly lower our 2026E/2027E revenue forecasts to RMB3.56bn/RMB4.09bn,from our previous RMB3.75bn/RMB4.28bn,representing cuts of-4.9%/-4.4%,respectively,and we forecast 2028 revenue of RMB4.59bn.We also lower our 2026E/2027E attributable net profit forecasts to RMB250mn/RMB337mn,from our previous RMB302mn/RMB356mn,representing revisions of-17.2%/-5.4%,respectively,and forecast 2028 attributable net profit of RMB362mn.Peers are trading at 19.0x 2026 PE.We assign a20%valuation premium,corresponding to 22.8x 2026 PE(previously 23.5x 2026 PE with no valuation premium).The higher premium this time mainly reflects the company's achievement of full-stack in-house automotive acoustics R&D capability and breakthroughs in core AI panoramic sound technology,with planned commercialization in 2026.Our target price is RMB34.67(previously RMB43.49).Maintain BUY.
Risks:Downstream auto consumption falls short of our expectations,and rollout of new products and new businesses is weaker than we expected.

　　1季度毛利率逆市同比回升，净利润受汇兑拖累。公司2025年营业收入30.23亿元，同比增长8.9%；归母净利润1.83亿元，同比下降22.4%；扣非归母净利润1.60亿元，同比下降15.3%。4季度营业收入8.88亿元，同环比分别增长13.6%/15.5%；归母净利润0.48亿元，同比增长4.6%，环比下降4.9%；扣非归母净利润0.34亿元，同环比分别下降18.9%/29.4%，2025年净利润下滑主要受合肥工厂亏损及毛利率下降影响。公司拟向股东派发现金股利每10股3.5元。2026年1季度营业收入6.87亿元，同比增长8.1%；归母净利润0.24亿元，同比下降11.0%；扣非归母净利润0.25亿元，同比增长5.2%。1季度毛利率22.1%，同比提升1.5个百分点；1季度公司非利息相关的财务费用同比增加2687万元，预计主要系汇兑影响；据公司公告，公司将开展外汇套期保值业务，预计后续汇率波动对公司利润的不利影响将边际减弱。
　　扬声器市占率继续提升，以新技术、新领域开拓新增长曲线。2025年公司车载扬声器在全球乘用车及轻型商用车市场占有率达16.1%，同比提升0.9个百分点，成功开拓日本YAMAHA新客户，未来有望间接拓展日韩品牌配套业务，为公司进一步开拓全球市场、夯实主业发展提供新动能。公司持续加大研发投入，2026年4月公司在北京车展发布60扬声器全景声架构、AI全景声算法、四区私密音频、隐藏式面声源等全链路自研车载音响技术，定义智慧出行听觉新体验，新技术有望巩固公司在高端智能座舱声学解决方案领域的领先地位，有助于公司在智能座舱升级发展过程中持续获取配套机会、提升单车配套价值。公司配备钻石振膜的高音扬声器达到可交付状态，进一步丰富公司高端产品矩阵，为公司进军高端豪华车市场奠定基础。未来公司将进一步拓宽非汽车类高端音响业务，此外公司与戴盟机器人科技公司展开技术交流，推进AI声学产品在具身领域的落地应用，开拓新增长曲线。
　　国内外产能布局稳步扩张，预计合肥工厂盈利能力将逐步改善。国内方面，2026年4月公司完成可转债发行上市，募集资金将用于改造苏州总部生产基地现有产线并新增扬声器年产能900万个，年新增收入约1.04亿元，年新增净利润约931.64万元。海外方面，公司规划向墨西哥子公司和捷克子公司各增资1499万美元，进一步提升海外产能以加快拓展欧美市场。2025年公司合肥工厂处于运行初期，录得亏损近3790万元，预计2026年合肥工厂盈利能力将有望随着产能爬坡逐步改善。
　　预测2026-2028年EPS分别为1.34、1.64、2.02元（原2026-2027年为2.01、2.50元，新增2028年预测，调整收入、毛利率及费用率等），可比公司26年PE平均估值22倍，目标价29.48元，维持买入评级。
　　风险提示
　　车载扬声器业务配套量低于预期、车载功放业务、AVAS业务配套量低于预期、原材料价格波动风险。

　　事项：
　　公司发布2025年报及2026年一季报，2025年营收30.2亿元、同比+9%，归母净利1.83亿元、同比-22%；1Q26营收6.9亿元、同比+8%，归母净利0.24亿元、同比-11%。
　　评论：
　　2025年公司营收增长、业绩承压。2025年公司实现营收30.2亿元、同比+9%；归母净利1.83亿元、同比-22%。公司全年扬声器销量超过1亿只、同比+12%，功放、AVAS销量同比略增。盈利方面，公司2025年毛利率20.8%、同比-4.4PP，主要影响因素有：1）合肥工厂前期爬坡利用率较低、2）价格竞争加剧。其中扬声器、功放毛利率同比分别下滑约5PP、4PP。2025年合肥工厂营收2.2亿元、亏损0.38亿元；捷克工厂营收2.3亿元、亏损0.45亿元。
　　1Q26毛利率改善，但汇兑损失导致业绩依然承压。1Q26公司实现营收6.87亿元、同环比+8%/-23%，国内总量、新能源需求同环比均下滑，营收同比实现增长估计主要依靠新项目的落地；归母净利0.24亿元、同环比-11%/-49%，净利率3.3%、同环比-0.8PP/-1.9PP，扣非归母净利0.25亿元、同环比+5%/-25%，具体地：
　　1）毛利率：22.1%、同环比+1.5PP/+0.6PP，估计合肥、捷克工厂均有一定减亏；
　　2）费用率：期间费率18.1%、同环比+2.9PP/+3.5PP；重点为财务费率3.4%、同环比+4.0PP/+1.8PP，主要受到汇兑影响。
　　公司未来的增长依然在于市场扩容、ASP提升、国产替代及商业模式变革：
　　1）车载扬声器随消费升级不断增配从而推动行业扩容。上声2025年全球扬声器销量已超1亿只，市场份额超16%，国内份额第一，远期销量有望进一步增加。
　　2）高端声学系统上车，公司成为国产替代先锋、推动行业趋势。公司目前基本覆盖大部分新能源头部客户，未来客户及项目有望进一步扩大。
　　3）随产品升级，商业模式有望变化，壁垒及ROE有望提升。公司产品/业务从扬声器到声学系统，再到调音，价值量走高，商业模式从单一零件制造到系统部件制造，再到人力服务，壁垒相应变化、投资回报也有望相应变化，是当前国内汽车零部件行业少有的三段模式变化型发展企业。
　　投资建议：公司1Q26毛利率向好，但汇兑损失导致业绩依然承压。根据2025年报和2026年一季报，我们将公司2026-2027年归母净利预期由2.74亿、3.64亿元调整为2.02亿、2.40亿元，并引入2028年归母净利预期2.61亿元，对应增速+10%、+19%、+9%，对应当前PE21倍、18倍、16倍。根据公司历史估值、零部件板块当前估值，我们给予公司2026年目标PE25.5倍，目标价相应调整为31.2元。维持“推荐”评级。
　　风险提示：汽车产销不及预期，功放新项目获取不及预期，原材料、运费涨价、人民币升值等。