Group 1 - Morgan Stanley has a positive outlook on AAC Technologies (02018), raising the target price from HKD 60 to HKD 65, reflecting a projected P/E ratio of 22 times for the second half of 2026 to the first half of 2027 [1] - AAC Technologies' management provided a positive gross margin outlook for the second half of the year, driven by increased production of new high-end products and ongoing improvements in the optical business [1] - The revenue outlook for the second half of the year exceeds market expectations, benefiting from significant growth in new businesses such as thermal management and automotive acoustics, as well as upgrades to existing product specifications [1] Group 2 - Management is confident that the gross margin for the full year 2025 will still show year-on-year growth or at least remain on par with 2024's 22.1%, indicating that the gross margin for the second half of 2025 will exceed 23% compared to 20.7% in the first half of 2025 [1] - It is estimated that the mass production of new tactile motors for smartphones in the second half of the year will enhance the product mix, with gross margins expected to return to above 30% levels [1]

Core Viewpoint - Morgan Stanley has a positive outlook on AAC Technologies (02018), raising the target price from HKD 60 to HKD 65, reflecting a projected P/E ratio of 22 times for the period from the second half of 2026 to the first half of 2027, while maintaining an "Overweight" rating [1] Group 1: Financial Performance - AAC Technologies' management provided a positive outlook for the gross margin in the second half of the year, driven by the production increase of new high-end products and ongoing improvements in the optical business [1] - The revenue outlook for the second half of the year exceeds market expectations, benefiting from significant growth in new businesses, including thermal management and automotive acoustics, as well as upgrades to existing product specifications [1] - The management is confident that the gross margin for the full year 2025 will still show year-on-year growth or at least remain on par with 22.1% from 2024, indicating that the gross margin in the second half of 2025 will exceed 23%, compared to 20.7% in the first half of 2025 [1] Group 2: Product Development - The anticipated mass production of new tactile motors for smartphones in the second half of the year is expected to enhance the product mix, with gross margins projected to return to above 30% levels [1]

Core Viewpoint - Morgan Stanley's report indicates that AAC Technologies' management provided a positive outlook for gross margins in the second half of the year, driven by increased production of new high-end products and ongoing improvements in the optical business [1] Revenue Outlook - The revenue outlook for the second half of the year exceeds market expectations, benefiting from significant growth in new businesses, including thermal management and automotive acoustics, as well as upgrades to existing product specifications [1] Long-term Opportunities - The company maintains a solid outlook and holds a positive view on long-term opportunities in artificial intelligence, robotics, and automotive sectors, leading to an increase in the target price from HKD 60 to HKD 65 while maintaining a "Buy" rating [1]

Core Viewpoint - Morgan Stanley's report indicates that AAC Technologies' management provided a positive outlook for gross margins in the second half of the year, driven by increased production of new high-end products and ongoing improvements in the optical business [1] Revenue Outlook - The revenue outlook for the second half of the year exceeds market expectations, benefiting from significant growth in new businesses, including thermal management and automotive acoustics, as well as upgrades to existing product specifications [1] Long-term Opportunities - The company maintains a solid outlook and holds a positive view on long-term opportunities in artificial intelligence, robotics, and automotive sectors, leading to an increase in the target price from HKD 60 to HKD 65 while maintaining a "Buy" rating [1]

Core Viewpoint - Goldman Sachs remains optimistic about AAC Technologies (02018), expecting improvements in the scale and mix of its optical business, as well as long-term opportunities in automotive, artificial intelligence/AR glasses, and robotics to enhance profitability [1] Financial Projections - Goldman Sachs maintains a "Buy" rating and raises the target price from HKD 62 to HKD 63.6 [1] - Earnings forecasts for AAC Technologies for 2025 to 2027 have been increased by 14%, 3%, and 4% respectively, while revenue forecasts have been adjusted up by 1%, 1%, and 3% to reflect the performance in the first half of this year [1] Business Performance - The optical business of AAC Technologies saw a growth in gross margin in the first half of the year, with expectations for the gross margin to recover to 23.6% in the second half [1] - Factors driving this recovery include an improvement in mobile lens gross margin to over 30% in the second half, a rebound in acoustic business gross margin due to mass production of mid-to-high-end projects, and diversification into automotive acoustics and cooling businesses with higher profit margins [1]

Core Viewpoint - Goldman Sachs remains optimistic about AAC Technologies (02018), expecting improvements in the scale and mix of its optical business, as well as long-term opportunities in automotive, AI/AR glasses, and robotics, which will further enhance profitability [1] Financial Forecasts - Goldman Sachs maintains a "Buy" rating and raises the target price from HKD 62 to HKD 63.6 [1] - Earnings forecasts for AAC Technologies for 2025 to 2027 have been increased by 14%, 3%, and 4% respectively, while revenue forecasts have been adjusted up by 1%, 1%, and 3% to reflect the performance in the first half of this year [1] Business Performance - The gross margin of AAC Technologies' optical business has increased in the first half of the year, with expectations for the second half gross margin to recover to 23.6% [1] - Factors driving this improvement include a recovery in mobile lens gross margin to over 30% in the second half, a rebound in acoustic business gross margin due to mass production of mid-to-high-end projects, and diversification into automotive acoustics and cooling businesses with higher profit margins [1]

Core Insights - The Apple-related stocks in Hong Kong have seen a rise, with notable increases in companies such as AAC Technologies up over 4% and BYD Electronics up 2.5% [1] - Bank of America has indicated that the inventory for the iPhone 17 series is expected to exceed 90 million units in the second half of 2025, remaining consistent with last year's forecast of 90-95 million units [1] - Concerns regarding a year-on-year decline in inventory of 5%-10% have diminished due to easing tariff pressures on Apple products [1] - The Apple supply chain is entering a significant upgrade cycle for 2025-2026, with attention on new model inventory, specification upgrades, and stock performance [1] Company Performance - AAC Technologies: Latest price at 45.580, with a rise of 4.25% [1] - BYD Electronics: Latest price at 38.160, with a rise of 2.53% [1] - Sunny Optical Technology: Latest price at 81.100, with a rise of 2.33% [1] - Hon Teng Technology: Latest price at 5.020, with a rise of 2.03% [1] - Tongda Group: Latest price at 0.116, with a rise of 1.75% [1] - Lens Technology: Latest price at 23.980, with a rise of 1.44% [1] - Q Tech: Latest price at 15.100, with a rise of 0.80% [1] - East Joy Long Holdings: Latest price at 2.630, with a rise of 0.77% [1]

Summary of AAC (2018.HK) Earnings Call Company Overview - **Company**: AAC Technologies Holdings Inc. (2018.HK) - **Industry**: Technology, specifically focusing on optics and acoustics for consumer electronics and automotive applications Key Points from the Earnings Call Financial Performance - **1H25 Performance**: - Optical gross margin (GM) increased while blended GM decreased to 20.7% [5] - Revenue growth of 18% year-over-year (YoY) expected to continue into 2H25 [5] - **2H25 Outlook**: - Projected GM recovery to 23.6% driven by: 1. Improvement in handset lens GM to over 30% due to better product mix [1] 2. Recovery in acoustics GM from mass production of mid-/high-end projects [1] 3. Diversification into automotive acoustics and cooling business with higher margins [1] Revenue and Margin Expectations - **Revenue Projections**: - 2025E revenue revised up by 1% to RMB 32,157 million [6] - Expected revenue growth of 14% in net income for 2025E [6] - **Gross Margin Changes**: - 2025E GM revised down by 0.7 percentage points due to lower-than-expected acoustics GM in 1H25 [6] - Long-term GM improvement anticipated from handset lens business upgrades [6] Business Segments and Growth Drivers - **Handset Lens Business**: - Handset lens GM increased to 30% in 1H25, contributing to optics GM improvement [5] - Management expects further long-term improvements from specification upgrades [5] - **Automotive Acoustics**: - This segment accounted for 13% of total revenues in 1H25, with positive revenue contributions expected [5] - Recent design wins from domestic OEM clients for flagship SUV models highlighted [5] - **AI/AR Glasses**: - Management is optimistic about opportunities in AI/AR smart glasses, emphasizing a one-stop solution for acoustics and display systems [5] Valuation and Price Target - **Target Price**: Revised up to HK$63.6 from HK$62.0, based on a 24.7x target 2026E P/E [9] - **Investment Rating**: Maintained as "Buy" due to expected profitability improvements and long-term growth opportunities [1][9] Risks and Challenges - **Key Risks**: 1. Rapid expansion of low-margin camera modules [15] 2. Increased competition in handset lenses and camera modules [15] 3. Weaker-than-expected smartphone demand post-COVID-19 [15] 4. Strategic shifts towards more modules/assembly business [15] Additional Insights - **Management's Confidence**: Management remains positive about revenue growth and margin recovery, supported by product mix improvements and diversification strategies [5] - **Long-term Opportunities**: The company is exploring growth avenues in automotive, AI/AR glasses, and robotics, indicating a strategic shift towards higher-margin segments [1][5] This summary encapsulates the key insights from the earnings call, focusing on financial performance, growth drivers, valuation, and associated risks.

Summary of the Conference Call for 瑞声科技 (AAC Technologies) Company Overview - **Company**: AAC Technologies - **Industry**: Consumer Electronics, Optical Components, Acoustic Systems, and AI Technologies Key Financial Performance - **Revenue**: 134.7 billion RMB in H1 2025, up 18.4% YoY [2][3] - **Net Profit**: 8.76 billion RMB, up 63.1% YoY, driven by improved optical business profitability and growth in precision components [2][3] - **Non-recurring Income**: From PSS acquisition, not expected to impact H2 financial performance [11] Business Segments Performance Consumer Electronics - **Revenue**: 115.8 billion RMB, with electromagnetic drive and precision components growing by 27.4% and optical business by 19.7% YoY [2][5] - **Gross Margin**: Optical business gross margin improved significantly, with plastic lens margins up over 10 percentage points [2][5] Automotive Acoustics - **Revenue**: 17.4 billion RMB, up 14.2% YoY, with a gross margin of 23.9% [2][6] - **New Developments**: Acquisition of 河北初光, expanding product lines to include smart microphones and e-call microphones [6] Optical Business - **Revenue**: 26.5 billion RMB, up 19.7% YoY, with significant increases in shipment volume and unit price [2][7] - **Gross Margin**: Overall optical gross margin at 10.2%, improved by 5.5 percentage points YoY [2][8] Electromagnetic Drive and Precision Components - **Revenue**: 46.3 billion RMB, up 27.4% YoY, driven by linear motors and innovative side keys [3][9] - **New Product Launch**: Introduction of Super Slim Engine, the thinnest x-axis linear motor in the mobile phone sector [9] Sensors and Semiconductors - **Revenue**: 6.08 billion RMB, up 56.2% YoY, primarily due to high signal-to-noise ratio microphones shipped to overseas clients [3][10] Strategic Initiatives and Future Outlook - **AI and New Technologies**: The company is actively investing in AI-related fields, including robotics and sensors, with expectations for significant opportunities in 2026-2027 [3][15] - **Growth in Cooling Solutions**: Anticipated threefold growth in cooling business from 3.2 billion RMB to over 12 billion RMB in 2025 [3][20] - **Long-term AI Device Development**: Focus on AI devices and AR/VR equipment, with expectations for new market opportunities [15][29] Market Trends and Competitive Position - **Optical Lens Demand**: Strong demand for wave-speed hybrid lenses, with expected shipments of 10-15 million units in 2025 [17] - **Acoustic Business Trends**: Seasonal fluctuations expected, but overall growth anticipated with new product launches [18][30] - **High-End Cooling Market**: Rapid expansion expected in the cooling market, with a shift towards active cooling solutions [21][46] Conclusion - **Overall Growth Confidence**: The company maintains a positive outlook for H2 2025, with revenue growth expected to remain robust and gross margins stabilizing or improving [12][43] - **Strategic Acquisitions**: The PSS acquisition is expected to enhance the automotive business and overall performance [38][41] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segment developments, strategic initiatives, and market outlook for AAC Technologies.

作者：欧雪 展望下半年，瑞声科技管理层持乐观态度，预计公司收入将保持快速增长，下半年收入同比增速有望不 低于上半年的18.4%。整体来看，郭丹认为，手机和车载领域将是是瑞声科技后续增长的两大稳健支 柱。 手机方面，郭丹表示，尽管全球智能手机出货量较为稳定，但高价值产品价值在提升。一方面，折叠机 超薄趋势为声学、马达结构件等带来价值提升机会；另一方面，智能手机摄像功能和AI应用带来新需 求，推动MEMS麦克风、散热等需求大大增加。 今年上半年，瑞声科技散热业务同比增长超45%至2.21亿元，产品在全球头部客户旗舰机型上快速放 量。"我们是安卓手机主要供应商，去年散热销售额3亿多，今年预计翻三倍，且增长趋势将持续多年， 应用范围也将拓展。"郭丹称。 车载方面，随着公司此前并购PSS后，今年紧接着又收购了初光汽车。报告期内，瑞声科技持续导入新 客户以及新车型，进一步发挥集团与PSS的协同效应。定点国内某新能源品牌旗舰SUV项目，包含32扬 声器、40通道功放及软件调音的音响系统，打造超豪华车载声学体验。 编辑：彭孝秋 8月21日，瑞声科技（2018.HK）在新加坡发布2025年中期业绩报告，集团上半年收入为人民币1 ...