Group 1 - Apple concept stocks are mostly active, with notable increases in share prices: High伟电子 up 5.27% to HKD 33.94, 瑞声科技 up 3.62% to HKD 43.5, 比亚迪电子 up 3.55% to HKD 42.56, and 蓝思科技 up 2.73% to HKD 27.08 [1] - Analyst 郭明錤 from 天风国际证券 revealed that Apple plans to launch its first foldable iPhone in 2026 and a foldable iPad in 2028 [1] - The consumer electronics sector is entering a new product release season, with 华为 set to hold a launch event for its new 三折叠屏手机 [1] Group 2 - Apple has officially announced its 2025 fall launch event scheduled for September 10 at 1 AM Beijing time, where new products including iPhone, Apple Watch, and AirPods will be unveiled [1] - 国盛证券 indicates that the long-term growth logic of the consumer electronics sector remains solid, with clear trends in AI innovation and the potential acceleration of device replacement cycles driven by AI applications [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 瑞聲科技控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02018 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | 本月底法定/ ...

Core Insights - AAC Technologies (2018.HK) reported a record high revenue of RMB 13.32 billion for the first half of 2025, representing an 18.4% year-on-year growth [1] - Net profit surged by 63.1% to RMB 876 million, driven by improved profitability in the optical business and rapid growth in precision components [1] - The acoustic business showed steady growth with a revenue of RMB 3.52 billion, a 1.8% increase year-on-year, and a gross margin of 27.2% [1] Revenue and Profitability - The company achieved a record revenue of RMB 13.32 billion in the first half of 2025, marking an 18.4% increase compared to the previous year [1] - Net profit increased significantly by 63.1% to RMB 876 million, attributed to the enhanced profitability of the optical business and the rapid growth of precision components [1] Acoustic Business Performance - The acoustic segment generated revenue of RMB 3.52 billion, reflecting a 1.8% year-on-year growth, with an expected increase in gross margin due to the launch of more mid-to-high-end projects in the second half of the year [1] - The company introduced innovative acoustic products, including the industry-first Master-level coaxial symmetrical dual speaker, which was featured in the Redmi K80 Supreme Edition, enhancing bass and high-frequency details [1] Product Innovation - AAC Technologies launched several innovative acoustic products, including the industry's thinnest speaker at only 1.4mm thick, used in the OPPO Find N5 [1] - The company continues to integrate advanced hardware design, intelligent algorithms, and professional tuning services to meet the complex acoustic application needs of smart devices [2] Future Outlook - The management indicated that the acoustic gross margin is expected to steadily improve in the second half of the year, maintaining a level not lower than the previous year's 30.2% [2]

Core Viewpoint - The narrative surrounding AAC Technologies (瑞声科技) is shifting from being labeled as a "cyclical acoustic stock" to a new logic driven by technological premium and diversified growth, as evidenced by a net profit increase of over 60% year-on-year in the first half of the year [1][2]. Financial Performance - The company reported a revenue of 13.32 billion yuan in the first half, representing an 18.4% year-on-year growth, and a net profit of 876 million yuan, which surged by 63.1% [2][3]. - The revenue growth was primarily driven by product structure upgrades and a slower expense growth rate compared to revenue growth [2]. - The company has a solid financial cushion with 7.75 billion yuan in cash, a net debt ratio of 4.7%, and an operating cash inflow of 2.89 billion yuan [2]. Business Engines Transformation - The business model is evolving from a "single engine" to a "three-engine" approach, indicating a significant transformation in operations [4]. First Engine - Optical - The optical business is experiencing continuous profit improvement, with revenue reaching 2.65 billion yuan in the first half and a gross margin increase of 5.5 percentage points to 10.2% [3][5]. - The company is expected to ship over 10 million WLG (glass-plastic hybrid lens) units this year, with a projected 50% increase in shipments next year [5]. Second Engine - AI Hardware - The AI hardware segment is driving exponential demand growth, with the VC thermal plate entering flagship models of global top clients [6][7]. - The market for MEMS microphones is expected to grow significantly due to AI voice interaction needs, with revenue from this segment reaching 608 million yuan, a year-on-year increase of 56.2% [3][6]. Third Engine - Automotive Acoustics - The automotive acoustic segment is transitioning to a system-level solution provider, with high-end electric vehicles using up to 20 microphones per vehicle [8]. - The company has secured orders from various new energy vehicle brands, indicating a strong market presence [8]. Market Expectations - There is a discrepancy in market expectations, as the company is still valued based on traditional acoustic metrics, while it has transitioned to a diversified perception ecosystem platform [9]. - Short-term catalysts for valuation re-evaluation include further improvements in optical profitability, rapid growth in high-value segments, and sustained growth in automotive speaker business [10][11]. Long-term Outlook - The company is well-positioned for long-term growth, with expectations of significant increases in single-unit value across various segments, including robotics and automotive [11]. - As the market begins to recognize AAC Technologies as a technology platform focused on perception ecosystems rather than merely a mobile component supplier, the potential for a "Davis Double" effect may emerge [11].

Core Viewpoint - Apple Inc. is set to hold a major fall product launch event on September 9, where the iPhone 17 series is expected to be unveiled, leading to a positive market reaction for Apple-related stocks [1] Group 1: Stock Performance - Lens Technology (300433) saw an increase of 11.02%, trading at 28.82 HKD [1] - GoerTek (01415) rose by 2.46%, reaching 34.2 HKD [1] - AAC Technologies (02018) experienced a 1.72% increase, priced at 46.02 HKD [1] - FIH Mobile (02038) gained 1.73%, with a price of 15.25 HKD [1] Group 2: Strategic Developments - Apple is in discussions with Google to enhance Siri, indicating a dual approach of external collaboration and in-house development to accelerate AI advancements, with potential outcomes exceeding expectations by 2026 [1] - Citic Securities noted that the current valuations of A/H share companies in the Apple supply chain are relatively low, anticipating a recovery in sentiment due to the resolution of short-term negative factors [1] - Apple announced an additional investment commitment of 100 billion USD in the U.S., bringing its total investment over the next four years to 600 billion USD, which is expected to expedite its investment pace in the U.S. and secure exemptions from punitive tariffs on iPhone assembly in India [1]

Core Viewpoint - 瑞声科技 reported a revenue of 13.3 billion yuan for 1H25, reflecting an 18% year-over-year increase, with a net profit of 880 million yuan, up 63% year-over-year [1][2] Group 1: Financial Performance - The company achieved a revenue of 35.2 billion yuan in the acoustic segment, a 2% year-over-year increase, with a gross margin of 27.2%, down 2.7 percentage points [1] - The optical segment generated a revenue of 26.5 billion yuan, a 20% year-over-year increase, with a gross margin of 10.2%, up 5.5 percentage points [1] - The motor and precision components segment reported a revenue of 46.3 billion yuan, a 27% year-over-year increase, with a gross margin of 22.9%, remaining stable [1] Group 2: Future Outlook - The company is expected to leverage opportunities in the automotive, XR glasses, and robotics sectors, potentially creating new growth drivers [2] - In the automotive sector, partnerships and acquisitions are anticipated to enhance the company's competitive edge, with significant revenue and market share growth expected in the next 2-3 years [2] - For XR glasses, the company has made breakthroughs with major clients, leading to anticipated rapid revenue growth from this segment [2] - The robotics segment is expected to see product layout advancements, particularly in high-value areas, with potential for quick scaling in customer adoption [2] Group 3: Valuation and Ratings - The net profit forecasts for 2025, 2026, and 2027 have been adjusted downwards by 1%, 5%, and 4% to 2.28 billion, 2.65 billion, and 2.92 billion yuan respectively [1][2] - The target price has been revised to 60.30 HKD, maintaining a "buy" rating, with a target PE of 25.0x for 2026 [2]

Core Insights - 瑞声科技 reported a record revenue of RMB 13.32 billion for the first half of 2025, representing an 18.4% year-on-year increase, with net profit rising 63.1% to RMB 876 million [1] - The company expects to maintain a high growth rate in revenue for the second half of the year, not lower than the first half's growth rate, with a full-year gross margin expected to be no less than 22.1% from the previous year [1] - The AI upgrade trend is anticipated to drive significant growth in multiple business segments, including cooling and MEMS microphones, with revenue from the cooling segment expected to exceed RMB 1.2 billion, tripling compared to 2024 [6] Financial Performance - The acoustic business generated revenue of RMB 3.52 billion in the first half of 2025, with a gross margin of 27.2%, a decrease of 2.7 percentage points year-on-year [3] - The company aims to maintain the full-year acoustic gross margin at no less than 30.2%, supported by improved operational efficiency and large-scale production in the second half [3] - The optical business revenue reached RMB 2.65 billion, growing 19.7% year-on-year, with expectations for the gross margin to exceed 30% for the full year [4] Product Development - 瑞声科技 launched innovative acoustic products, including the SLS master-level and coaxial speakers, with over 17 million units shipped in the first half, a nearly 40% increase year-on-year [3] - The company’s unique WLG technology is expected to see over 10 million units shipped this year, with a projected growth of over 50% next year [4] - The introduction of high-performance, high-density products is anticipated to enhance market opportunities, particularly in the context of foldable devices [6] Market Expansion - The automotive segment has become a significant growth area, contributing over 13% to total revenue, with a revenue of RMB 1.74 billion in the first half of 2025, a 14.2% increase year-on-year [7][8] - The company has established itself as a TIER1 supplier in the automotive sector, with successful projects in Europe and China [7] - Future plans include expanding from component supply to branded system products, aiming to provide diversified solutions in the acoustic, optical, and electronic sectors [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 60.30 [4][6][14] Core Views - The company reported a revenue of HKD 13.3 billion for 1H25, representing an 18% year-over-year increase, with a gross margin of 20.7%, down 0.8 percentage points year-over-year [1][2] - The net profit attributable to shareholders for 1H25 was HKD 880 million, a 63% increase year-over-year [1] - The report indicates a downward adjustment in net profit forecasts for 2025, 2026, and 2027 by 1%, 5%, and 4% respectively, due to lower-than-expected gross margin improvements in the MEMS microphone business [1][4] Revenue and Profitability - The revenue breakdown for 1H25 includes: - Acoustic segment: HKD 3.52 billion, up 2% year-over-year, with a gross margin of 27.2%, down 2.7 percentage points [2] - Optical segment: HKD 2.65 billion, up 20% year-over-year, with a gross margin of 10.2%, up 5.5 percentage points [2] - Motor and precision components: HKD 4.63 billion, up 27% year-over-year, with a gross margin of 22.9%, roughly flat year-over-year [2] Future Growth Opportunities - The company is expected to benefit from growth in new intelligent terminals such as automotive, XR glasses, and robotics, with significant breakthroughs anticipated in the next 2-3 years [3][4] - Collaborations with PSS and acquisitions in the automotive sector are expected to enhance the company's competitive position in vehicle acoustics [3] - The report highlights the potential for rapid revenue growth from XR customers due to successful product placements [3] Valuation Metrics - The target price of HKD 60.30 corresponds to a 2026 target PE of 25.0x, which is a premium compared to the average of comparable companies at 20.6x [4][14] - The report suggests that the current valuation of 18.0x for the 2026 forecast PE is attractive [14]

Group 1 - The company's operating profit for H1 2025 is below expectations, leading to a downward revision of net profit forecasts for 2025-2027 from 24/30/35 billion to 23/27/30 billion, with corresponding year-on-year growth rates of 26%/18%/12% [1] - The company's revenue for H1 2025 is 13.3 billion, a year-on-year increase of 18%, which is in line with expectations; however, the gross margin is 20.7%, down 0.8 percentage points, primarily due to lower-than-expected margins in the acoustic and MEMS businesses [1] - The company achieved a net profit of 0.88 billion for H1 2025, a year-on-year increase of 63%, mainly due to one-time gains from the acquisition of PSS offsetting the impact of lower gross margins [1] Group 2 - The company projects an overall gross margin improvement for 2025 compared to 2024, expecting to achieve a net profit of 2.3 billion [2] - The company anticipates that the acoustic gross margin will recover to no less than 30.2% in 2025, driven by new project shipments [2] - The company expects revenue growth of 18%-20% for structural components, with a gross margin of 18%-22%, and a revenue growth of 15%-20% for motors, with a gross margin exceeding 30% [2]

Core Viewpoint - 瑞声科技在2025年上半年实现了显著的收入和利润增长，主要得益于光学业务的持续改善和电磁传动及精密结构件业务的快速增长 [1] Financial Performance - 2025年上半年收入同比增长18%至133.18亿元，归母净利润同比增长63%至8.76亿元，符合市场预期 [1] - 光学业务收入同比增长20%至26.5亿元，毛利率同比提升5.5个百分点至10.2% [1] - 电磁传动及精密结构件业务收入同比增长27%至46.3亿元，毛利率保持稳定 [1] Development Trends - 高端产品持续放量，光学业务收入和盈利能力双升，塑胶镜头和光学模组的收入和利润有望维持增长 [1] - 塑胶镜头方面，6P及以上出货量占比超18%，7P稳定出货，带动毛利率同比增幅超10个百分点 [1] - 光学模组方面，32MP以上出货量占比同比提升3个百分点至34%，OIS销售额同比增长近150% [1] Product Innovation and Growth - AI赋能端侧硬件升级，马达、声学和散热产品有望接力增长，电磁传动与精密结构件收入同比增长27%至46.3亿元 [2] - 声学方面，AI语音交互对MEMS麦克风的性能提出更高要求，传感器及半导体收入同比增长56%至6.1亿元 [2] - 散热方面，基于VC散热技术的领先优势，预计下半年客户旗舰机上快速放量 [2] Long-term Growth Potential - 瑞声在声学系统、光学系统、精密加工件等产品上具有深厚技术储备，预计将其制造和设计能力复用至新兴领域，打造多元化业务增长引擎 [2] Profit Forecast and Valuation - 维持2025/2026年归母净利润预测为24.56/28.66亿元，当前股价对应25/26年P/E为20.3倍/17.1倍 [2] - 维持跑赢行业评级和61.0港元目标价，对应25/26年P/E为27.3倍/23.0倍，较当前股价有34.5%涨幅 [2]