Guoyuan International: Maintaining Ruisheng Technology's (02018) “Buy” Rating and Continuously Building Perception Capabilities in the AI Era

Zhitong Finance App learned that Guoyuan International released a research report stating that maintaining Ruisheng Technology's (02018) “buy” rating, with a target price of HK$55.56, Ruisheng Technology acquired Dispelix, a leading AR diffraction waveguide technology company, to deepen its layout in the field of “AI+ perception” and promote the application of technology in smart phones, wearable devices, etc. In addition, the company has made breakthroughs in optical products. Advances in WLG technology have enabled glass plastic hybrid lenses to achieve better performance and smaller size in flagship models.

Guoyuan International's main views are as follows:

Acquired Dispelix and deepened the core layout in the field of “AI+ perception”

The company has signed a final agreement to acquire shares and other equity securities of Dispelix Oy, a leader in AR diffraction waveguide technology. The deal is expected to close within the first half of 2026. Once the acquisition is completed, combining Dispelix's leading expertise in optical waveguide design and manufacturing with the company's deep experience in optics, precision manufacturing, and system-level integration can form a strong synergy effect. At the same time, the company's global layout and close partnerships with many leading smart device companies will further promote technology implementation and market expansion.

In the context of the accelerated evolution of “AI+ terminals” around the world, AI functions are moving from software to software and hardware experience innovation. Based on years of deep cultivation in multi-dimensional sensing technologies such as acoustics, touch, and optics, the company deepens its core layout in the field of “AI+ perception”, and continues to provide the industry with the underlying capabilities of stronger performance, faster response, and closer to human perception models. We believe that in the future, the company is expected to build a new paradigm of smart terminals around “AI+ perception”, continue to promote product innovation in the fields of smartphones, wearables, smart cars, etc., thereby continuously expanding its own development space.

Continued breakthroughs in optical products such as glass plastic hybrid lenses

After upgrading the manufacturing process and main equipment molds, the company's comprehensive output of WLG single molds increased 6-7 times. Judging from the application situation of flagship models, WLG technology far surpassed traditional technology in terms of yield, accuracy, and optical performance requirements, and large-scale mass production and application patterns have already opened up. The new 1G6PWLG lens, hypercondenser prism and other products and optical solutions developed by the company have been used in the latest mainstream flagship series models released by customers.

Among them, the 1G6PWLG glass plastic hybrid lens shows superior optical performance compared to traditional optical lenses, including advantages such as larger aperture, higher resolution, and thinner lens thickness. The supercondensing prism is manufactured based on the company's WLG integrated molding technology. The light intake is increased by 30%, which can improve the shooting effect of periscope telephoto in complex lighting environments, break through structural limitations, reduce the module size by 10%, and achieve compression of the phone's thickness.