自2月10日以来公司已连续15日进行回购，合计回购261.20万股，累计回购金额1.22亿港元。 其间该股 累计下跌2.61%。 今年以来该股累计进行35次回购，合计回购680.95万股，累计回购金额2.76亿港元。（数据宝） 证券时报•数据宝统计，瑞声科技在港交所公告显示，2月28日以每股44.250港元至47.250港元的价格回 购52.60万股，回购金额达2369.96万港元。该股当日收盘价44.800港元，下跌6.67%，全天成交额8.63亿 港元。 瑞声科技回购明细 ...

Investment Rating - The report maintains a "Buy" rating for AAC Tech, with a target price raised to HK$53.48, corresponding to a P/E ratio of 25.2 times FY25 earnings [1][4][19]. Core Insights - AAC Tech is expected to see a significant net profit increase of 130-145% year-on-year for FY24, reaching between RMB 17 billion and 18.2 billion, driven by the recovery in the global smartphone market and product upgrades across various segments [1][2]. - The company is projected to benefit from trends such as AI and foldable smartphones, as well as new orders in automotive audio systems from major clients like Xiaomi and Huawei [1][3][4]. - The report anticipates a revenue growth of over 10% in FY25, with a gross profit margin (GPM) target of 22-25% [3][4]. Summary by Sections Financial Performance - FY22 revenue was RMB 20.625 billion, with a 16.7% year-on-year growth, while FY23 revenue slightly declined by 1% to RMB 20.419 billion. For FY24, revenue is expected to increase by 35.2% to RMB 27.613 billion, followed by FY25 and FY26 with projected revenues of RMB 31.383 billion and RMB 34.183 billion respectively [5][23]. - Net profit for FY22 was RMB 821.3 million, which decreased by 37.6% year-on-year. In FY24, net profit is expected to rebound significantly to RMB 1.776 billion, with further growth to RMB 2.273 billion in FY25 and RMB 2.751 billion in FY26 [5][23]. Earnings Estimates - The report revises FY24-26 earnings per share (EPS) estimates upward by 1-4%, reflecting improvements in optical, acoustic, and MEMS sectors [1][19]. - The new EPS estimates for FY24, FY25, and FY26 are RMB 1.51, RMB 1.93, and RMB 2.34 respectively, with corresponding P/E ratios of 28.9, 22.6, and 18.7 [5][19]. Market Position and Catalysts - AAC Tech is positioned to capitalize on the launch of AI and foldable smartphones, new AI smart glasses, and automotive audio orders, which are expected to drive future growth [1][4][19]. - The report highlights the importance of product upgrades in various segments, including acoustic, MEMS, thermal management, and optical, as key growth drivers [1][3][4].

Investment Rating - The report maintains a "BUY" rating for AAC Tech, with a target price raised to HK$53.48, implying a 14.9% upside from the current price of HK$46.55 [1][3][15]. Core Insights - AAC Tech is expected to experience significant earnings growth of 130-145% YoY for FY24, driven by a recovery in the global smartphone market, specification upgrades across various segments, and improved operational efficiency [1][8]. - The company is projected to benefit from trends in AI and foldable phones, as well as new product launches such as AI smart glasses and auto acoustics orders [1][8]. - The report anticipates continued earnings growth of 28% and 21% for FY25 and FY26, respectively, supported by a favorable product mix and margin improvements [1][8]. Financial Summary - Revenue is expected to grow from RMB 20,419 million in FY23 to RMB 27,613 million in FY24, representing a 35.2% YoY increase [2][21]. - Net profit is projected to rise from RMB 740.4 million in FY23 to RMB 1,776.3 million in FY24, reflecting a 139.9% YoY growth [2][21]. - The report revises FY24-26E EPS forecasts upward by 1-4% due to anticipated specification upgrades and margin improvements [1][9][15]. Revenue Breakdown - For FY24, revenue from acoustics is expected to be RMB 8,680 million, while PSS (Power Supply Solutions) is projected at RMB 3,125 million [13]. - The revenue mix indicates that acoustics will account for approximately 31% of total revenue in FY25, with PSS contributing around 11% [13]. Valuation - The new target price of HK$53.48 is based on a sum-of-the-parts (SOTP) valuation, reflecting different growth profiles across business segments [15][16]. - The target price implies a P/E ratio of 25.2x for FY25E, aligning with industry peers [15][16].

Group 1 - Goldman Sachs is optimistic about AAC Technologies' profitability, expecting its operating profit margin to gradually increase from 7% in 2024 to 10% by 2027 [1] - Goldman Sachs maintains a "Buy" rating on AAC Technologies and has raised its target price from HKD 47 to HKD 48, citing benefits from increased smartphone lens shipments, improved product mix, expansion in the automotive acoustics market, and enhanced sound quality for high-end smartphones [2]

Summary of Key Points Core Viewpoint - The stock of AAC Technologies Holdings Inc. closed at HKD 36.250, experiencing a decline of 3.33% with a total trading volume of HKD 149 million on the day [1]. Stock Performance - The stock has cumulatively decreased by 1.36% during the observed period [2]. Share Buyback Details - AAC Technologies announced a share buyback on January 2, purchasing 314,000 shares at prices ranging from HKD 36.050 to HKD 37.650, totaling HKD 11.5184 million [3]. - Since December 17, 2024, the company has conducted buybacks for 10 consecutive days, acquiring a total of 2.4445 million shares with an aggregate buyback amount of HKD 91.0215 million [4].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 45 per share, indicating a potential upside of 21.1% from the current price of HKD 37.2 [4][20]. Core Insights - The company's total revenue for H1 2024 reached RMB 11.25 billion, representing a year-on-year growth of 22.0%, with a gross margin of 21.5%, an increase of 7.4 percentage points compared to the previous year [7][33]. - The significant improvement in gross margin is attributed to the recovery in the smartphone market, product mix enhancements from acoustic, optical, and precision structural components, and operational efficiency gains [7][33]. - The acquisition of Premium Sound Solutions (PSS) has strengthened the company's automotive acoustic business, with substantial contributions from both domestic and international markets [11][33]. Financial Summary - Revenue projections for 2024 to 2026 are RMB 26.45 billion (+29.1%), RMB 29.93 billion (+13.2%), and RMB 33.86 billion (+13.1%) respectively [20][34]. - The net profit forecasts for the same period are RMB 1.69 billion (+128.6%), RMB 2.16 billion (+27.9%), and RMB 2.54 billion (+17.5%) respectively [20][34]. - The average net profit growth rate for the next two years is estimated at 23% [20][34]. Business Performance - The PSS-related business generated revenue of RMB 1.52 billion in H1 2024, with a gross margin of 25.0%, indicating that the automotive business is becoming a new growth engine for the company [13][33]. - The optical business achieved revenue of RMB 2.21 billion in H1 2024, a year-on-year increase of 24.9%, with significant improvements in gross margin [15][34]. - The company has successfully upgraded its optical technology, with a notable increase in the shipment of high-end plastic lenses [15][34].

Group 1 - The core viewpoint indicates that the acoustic upgrade trend and the increase in the penetration rate of AAC's master-level speakers are contributing to a slowdown in industry competition since the second half of 2023 [1] - The company is expected to improve its product structure and yield, leading to a reduction in optical losses, alongside the expansion of new business segments such as hinges, cooling, and laptop shells, as well as accelerated acquisition of PSS to enhance its automotive acoustic business [1] - Projected net profits for AAC from 2024 to 2026 are estimated at 1.67 billion, 2.17 billion, and 2.57 billion respectively, with year-on-year growth rates of 125.9%, 29.5%, and 18.7% [1] Group 2 - The company is experiencing a turning point in performance, with improvements in gross margins across all product lines [2] - Future benefits are anticipated from the AI smartphone trend, which is expected to drive hardware innovation upgrades [2] - The initial coverage has assigned a "buy" rating for the company [2]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected strong performance relative to the market [7][245]. Core Insights - The company is experiencing a turning point in performance, with profit improvements exceeding expectations due to trends in acoustic upgrades, enhanced penetration of high-end speakers, and a slowdown in industry competition since H2 2023 [7][8]. - The company is expected to benefit from the AI smartphone trend, which will drive hardware innovation across multiple product lines [9]. Financial Forecast - The projected net profits for 2024, 2025, and 2026 are 1.67 billion, 2.17 billion, and 2.57 billion RMB respectively, with corresponding year-on-year growth rates of 125.9%, 29.5%, and 18.7% [7][221]. - The expected earnings per share (EPS) for the same years are 1.40, 1.81, and 2.15 RMB, with the current stock price of 37.05 HKD corresponding to price-to-earnings (P/E) ratios of 24.9, 19.3, and 16.2, slightly below the average of comparable companies [7][245]. Business Segments Acoustic Business - The acoustic segment is benefiting from the upgrade of mid-to-high-end Android speakers, with significant improvements in average selling price (ASP) and gross margins [8][9]. - The acquisition of PSS, a leading global provider of high-end automotive sound systems, is expected to open a second growth curve for the company [8][123]. Optical Business - The optical segment has seen a significant recovery in gross margins due to improved product structure and yield rates, with expectations for further improvements in 2024 [8][107]. - The company anticipates that the gross margin for plastic lenses will exceed 25% in H2 2024, driven by the increasing penetration of glass-plastic hybrid lenses [8][137]. Electromagnetic Transmission and Precision Structural Components - The company is expanding its precision structural components business, which includes hinges, heat dissipation solutions, and laptop casings, contributing to revenue growth [151][202]. - The electromagnetic transmission segment is expected to see significant growth due to the increasing demand for linear motors and the penetration of high-end models [189][240]. MEMS Microphone Business - The MEMS microphone market is projected to grow at a compound annual growth rate (CAGR) of 5% from 2023 to 2029, with the company positioned to benefit from the rising demand for high signal-to-noise ratio microphones in AI smartphones [43][125]. Market Trends - The global smartphone market is expected to see a significant increase in AI smartphone shipments, with a projected CAGR of 78.4% from 2024 to 2028 [184][207]. - The automotive acoustic system market is anticipated to exceed 90 billion RMB by 2025, driven by the increasing penetration of electric vehicles [99][123].

Core Insights - The company is experiencing significant growth in its acoustic and optical businesses, driven by market recovery and improved product offerings. Group 1: Acoustic Business - The acoustic business achieved revenue of RMB 3.46 billion in the first half of 2024, representing a year-on-year growth of 4.1%, primarily due to the recovery of the global smartphone market and increased shipment volumes [6] - The collaboration between PSS and the company is yielding positive results, with the automotive acoustic business showing continuous breakthroughs [7] - The high-end acoustic platform is being continuously integrated into key models, enhancing the product mix of the company [4] Group 2: Optical Business - The optical business generated revenue of RMB 2.21 billion in the first half of 2024, marking a substantial year-on-year increase of 24.9% [11] - The demand recovery in the smartphone optical industry, coupled with the company's increased market share in the mid-to-high-end segment, has significantly boosted optical business growth [2] Group 3: Electromagnetic Transmission and Precision Components - The electromagnetic transmission and precision components segment reported combined revenue of RMB 3.66 billion in the first half of 2024, reflecting a year-on-year growth of 1.1% [13] - The gross margin of the electromagnetic transmission business has significantly improved, benefiting from the company's high-performance linear motors and enhanced product mix [3] - The company is continuously optimizing the product structure of precision components, with high-end motor products seeing sustained growth [8] Group 4: MEMS Microphones - The MEMS microphone segment for smartphones has significant potential, especially with the rise of AI technologies [9] - The top three manufacturers of smartphone MEMS microphones have shipped over 7 billion units to date [12] Group 5: PSS Business Performance - The PSS-related business reported revenue of RMB 1.52 billion, with a gross margin of 25.0% [10]

Investment Rating - The report gives a "Buy" rating for the company, with expected PE ratios of 24x, 18x, and 15x for 2024, 2025, and 2026 respectively [7][10] Core Views - The company's acoustic business achieved revenue of RMB 3.46 billion in H1 2024, up 4.1% YoY, with gross margin improving by 4.4 percentage points to 29.9% [2] - The optical business saw significant growth, with revenue increasing 24.9% YoY to RMB 2.21 billion in H1 2024, and gross margin improving by 21.7 percentage points to 4.7% [2] - The company's MEMS microphone business continues to lead the industry, with high-value products accounting for over 60% of Android shipments, up 15 percentage points YoY [11] - The PSS automotive and consumer acoustic business achieved revenue of RMB 1.52 billion with a gross margin of 25.0%, showing increasing synergies with the group [2] Financial Performance - Revenue is expected to grow from RMB 26.03 billion in 2024 to RMB 33.00 billion in 2026, with net profit attributable to shareholders increasing from RMB 1.71 billion to RMB 2.70 billion [7][33] - EPS is projected to rise from RMB 1.43 in 2024 to RMB 2.25 in 2026, with P/E ratios declining from 23.87x to 15.12x over the same period [33] - Gross margin is forecast to improve from 21.55% in 2024 to 22.49% in 2026, driven by product mix optimization and cost control [30] Business Segments Acoustic Business - SLS master-level speakers maintained rapid growth, with shipments exceeding 12 million units, up nearly 200% YoY [2] - The innovative Combo series of acoustic and electromagnetic products shipped close to 4.5 million units [2] - The company launched industry-leading thin speakers for foldable devices, gaining major share in multiple customers' foldable models [2] Optical Business - 6P lens shipments maintained over 15% of total plastic lens shipments, with 1G6P hybrid lens shipments reaching 1.4 million units, up nearly 40% YoY [29] - The company's WLG process received positive feedback from smartphone manufacturers for its efficiency and precision [29] - Optical module revenue grew 29% YoY in H1 2024, driven by both volume and price improvements [29] MEMS Microphone Business - The company has shipped over 7 billion MEMS microphones, maintaining its position as a top-three global manufacturer [11] - High-value MEMS microphone products accounted for over 60% of Android shipments, up 15 percentage points YoY [11] - The company is well-positioned to benefit from AI-driven demand for advanced voice interaction technologies [11] Automotive and Consumer Acoustic Business - PSS products cover a wide range of high-performance automotive speakers, with the company expanding its presence among global top-tier automakers [2] - The business is expected to benefit from the rapid growth of the new energy vehicle market, with domestic NEV sales up 32% YoY in H1 2024 [2] Electromagnetic and Precision Components - Revenue from this segment reached RMB 3.66 billion in H1 2024, with gross margin improving by 3.6 percentage points to 22.9% [29] - High-end motor products and optimized product structure contributed to margin improvement [29] - The company shipped nearly 500,000 hinge products in H1 2024, with innovative foldable screen hinge solutions setting industry benchmarks [29]