Core Viewpoint - CICC maintains a positive outlook on AAC Technologies (02018), projecting net profit for 2025/2026 at 2.456/2.866 billion yuan, with current stock price corresponding to P/E ratios of 20.3x/17.1x for 2025/2026, and a target price of HKD 61.0, indicating a potential upside of 34.5% from the current price [1] Group 1 - The company's 1H25 earnings met both CICC's and market expectations, with revenue increasing by 18% year-on-year to 13.318 billion yuan and net profit rising by 63% to 876 million yuan [2] - The significant profit growth is attributed to the continuous improvement in the optical business, driven by high-end strategies and lean operations, with optical revenue growing by 20% to 2.65 billion yuan and gross margin increasing by 5.5 percentage points to 10.2% [2][3] - The electromagnetic transmission and precision components business experienced rapid growth, with revenue increasing by 27% to 4.63 billion yuan while maintaining stable gross margins [2] Group 2 - The optical business saw a dual increase in revenue and profitability, with 1H25 optical revenue growing by 20% to 2.65 billion yuan and gross margin reaching 10.2%, marking a continuous quarterly increase [3] - In the plastic lens segment, the shipment proportion of 6P and above exceeded 18%, with stable shipments of 7P, leading to a gross margin increase of over 10 percentage points [3] - The company achieved breakthroughs in high-end flagship models for Android, indicating a positive outlook for revenue and profit growth in the second half of 2025 [3] Group 3 - The company is leveraging AI to enhance hardware upgrades, with the electromagnetic transmission and precision components revenue growing by 27% to 4.63 billion yuan, driven by innovative applications in collaboration with overseas clients [4] - The demand for high-performance MEMS microphones due to AI voice interaction has led to a 56% year-on-year increase in sensor and semiconductor revenue to 610 million yuan, with expectations for continued performance release in the second half [4] - The company is well-positioned to benefit from the trend of ultra-thin designs in speaker products and is expected to see rapid growth in VC cooling technology in flagship models [4] Group 4 - AAC Technologies has a strong technical foundation in acoustic systems, optical systems, and precision components, and is expected to replicate its manufacturing and design capabilities from smartphones to emerging fields, creating diverse business growth engines [5]

Core Viewpoint - 瑞声科技 reported strong financial performance in the first half of 2025, with revenue reaching RMB 13.32 billion, a year-on-year increase of 18.4%, and net profit rising significantly by 63.1% to RMB 876 million. The company expects continued high growth in the second half of the year, driven by advancements in AI and various business segments [1][6]. Financial Performance - The company's revenue for the first half of 2025 was RMB 13.32 billion, marking an 18.4% increase year-on-year [1]. - Net profit surged by 63.1% to RMB 876 million [1]. - The acoustic business generated revenue of RMB 3.52 billion, with a year-on-year growth of 1.8%, and the gross margin for this segment was 27.2%, down 2.7 percentage points [3]. - The optical business revenue reached RMB 2.65 billion, reflecting a 19.7% increase year-on-year, with expectations for the gross margin to exceed 30% for the full year [4]. Business Segments - The company anticipates that multiple business segments will benefit from the AI trend, particularly the MEMS microphone segment, which is expected to see revenue growth of over 50% in 2025 compared to 2024 [6]. - The thermal management segment is projected to exceed RMB 1.2 billion in revenue in 2025, representing at least a threefold increase from 2024 [6]. - The automotive business has grown to account for over 13% of total revenue, with first-half revenue of RMB 1.74 billion, a 14.2% increase year-on-year, and a gross margin of 23.9% [7]. Product Innovations - The company launched several innovative acoustic products in the first half of 2025, including the SLS master-level and coaxial speakers, with shipments exceeding 17 million units, a nearly 40% increase year-on-year [3]. - The unique WLG lens technology is expected to see shipments exceed 10 million units this year, with a projected growth of over 50% next year [4]. Strategic Outlook - The company aims to maintain a gross margin for the acoustic business at or above last year's level of 30.2% [3]. - The management has successfully controlled R&D, sales, and administrative expenses, contributing to the company's robust performance and ability to seize market opportunities [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The company is expected to experience a profit inflection point, with a strategic focus on robotics and XR fields supporting a higher valuation premium [4][5] - The company's revenue for H1 2025 was 13.3 billion, showing an 18% year-on-year growth, which is in line with expectations [5] - The gross margin for H1 2025 was 20.7%, a decline of 0.8 percentage points year-on-year, primarily due to lower margins in the acoustic and MEMS businesses [5] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 have been revised down from 24/30/35 billion to 23/27/30 billion, corresponding to year-on-year growth rates of 26%/18%/12% [4][5] - The company expects to achieve a net profit of 2.27 billion in 2025, with a gross margin improvement to 21.9% [7] - The projected P/E ratios for 2025-2027 are 21.2, 18.0, and 16.1 respectively, indicating a potential for valuation expansion [7]

Core Insights - The company reported a revenue increase of 18.4% year-on-year for H1 2025, reaching 13.318 billion RMB [1] - The gross margin slightly decreased to 20.7%, down 0.8 percentage points, attributed to changes in product mix [1] - Net profit surged by 63.1% year-on-year to 876 million RMB, with adjusted net profit at 619 million RMB after excluding other income [1] Revenue Breakdown - Acoustic business revenue grew by 1.8% year-on-year to 3.523 billion RMB, with a gross margin of 27.2%, down 2.7 percentage points due to new product ramp-up [1] - Automotive acoustic revenue increased by 14.2% year-on-year to 1.738 billion RMB, with a gross margin of 23.9%, down 1.1 percentage points [2] - Optical business revenue rose by 19.7% year-on-year to 2.648 billion RMB, with a gross margin of 10.2%, up 5.5 percentage points [2] - Electromagnetic transmission and precision structural components revenue increased by 27.4% year-on-year to 4.634 billion RMB, with a gross margin of 22.9%, down 0.1 percentage points [3] - Sensor and semiconductor revenue surged by 56.2% year-on-year to 608 million RMB, with a gross margin of 12.1%, down 4.3 percentage points [3] Product Innovations and Developments - The company launched the industry's thinnest speaker at 1.4mm and introduced a master-level coaxial symmetrical dual speaker [1] - A full-stack automotive acoustic system was showcased at the Shanghai Auto Show, featuring high-performance speakers and self-developed amplifiers [2] - The company made a strategic acquisition of Hebei Chuguang, enhancing its automotive acoustic system solutions [2] Profitability and Forecast - The company adjusted its 2025 net profit forecast down by 5% to 2.406 billion RMB due to unexpected declines in acoustic gross margins [3] - The net profit forecasts for 2026 and 2027 were raised by 3% and 4% respectively, reflecting improvements in optical business profitability and growth potential in automotive and robotics sectors [3]

Core Viewpoint - Zhongyin International's report indicates that AAC Technologies (02018) experienced an 18% year-on-year revenue growth to 13 billion RMB, with a gross margin of 20.7% and a significant net profit increase of 62% to 871 million RMB. The management's optimistic guidance for the second half of the year exceeds market expectations, anticipating a strong quarterly rebound in gross margin due to the launch of several high-end projects and a substantial recovery in operational leverage [1] Group 1 - The target price for AAC Technologies has been slightly raised from 62.6 HKD to 62.9 HKD, maintaining a price-to-earnings ratio of 22 times for the 2026 forecast, with a "Buy" rating upheld [1] - The company is expected to benefit from its leading position in acoustic and haptic technology, as well as successful advancements in optical and precision structural components over the years [1] - The integration of AAC Technologies' capabilities across optical, acoustic, and structural components is projected to facilitate rapid expansion in emerging markets such as automotive, XR, and robotics [1]

该行表示，因公司下半年指引及其在声学与触感领域的技术领先地位保持乐观看法，同时瑞声科技在光 学及精密结构件领域的多年拓展也取得有成效的进展。该行预计，随着瑞声科技完成光学、声学与结构 件的全平台能力整合，将有利于其在汽车、XR及机械人等新兴市场的快速拓展。 智通财经APP获悉，中银国际发布研报称，瑞声科技(02018)上半年收入同比增长18%至130亿元人民 币，毛利率20.7%，净利润同比大幅增长62%至8.71亿元人民币。管理层对下半年的乐观指引超市场预 期，预计随着多个高端项目投产及下半年营运杠杆大幅回升，毛利率将实现强劲按季反弹。该行将瑞声 科技目标价由62.6港元小幅上调至62.9港元，对应2026年预测市盈率22倍不变，维持"买入"评级，看好 AI赋能设备与多元化驱动长期增长。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The company's revenue for H1 2025 reached 13.318 billion RMB, representing an 18.4% year-on-year increase [1]. - The gross margin slightly decreased to 20.7%, down 0.8 percentage points year-on-year, primarily due to changes in product mix [1]. - Net profit for H1 2025 increased by 63.1% year-on-year to 876 million RMB, with adjusted net profit at 619 million RMB after excluding other income [1]. - The acoustic business revenue grew by 1.8% year-on-year, with a gross margin of 27.2%, down 2.7 percentage points, but is expected to improve in H2 2025 [1]. - The optical business saw a revenue increase of 19.7% year-on-year, with a gross margin improvement of 5.5 percentage points to 10.2% [2]. - The electromagnetic drive and precision structural components business revenue grew by 27.4% year-on-year, with a gross margin of 22.9% [3]. - The sensor and semiconductor business revenue surged by 56.2% year-on-year, driven by significant overseas shipments of high signal-to-noise ratio microphones [3]. Summary by Sections Revenue and Profitability - H1 2025 revenue was 13.318 billion RMB, up 18.4% year-on-year [1] - H1 2025 net profit was 876 million RMB, a 63.1% increase year-on-year [1] - Adjusted net profit, excluding other income, was 619 million RMB [1] Acoustic Business - Acoustic business revenue reached 3.523 billion RMB, with a gross margin of 27.2%, down 2.7 percentage points [1] - High-end acoustic product shipments increased significantly, with SLS master-level speaker shipments up over 40% year-on-year [1] Optical Business - Optical business revenue was 2.648 billion RMB, with a gross margin of 10.2%, up 5.5 percentage points [2] - The proportion of high-specification 7P lens shipments stabilized, and OIS module sales exceeded 800 million RMB, growing nearly 150% year-on-year [2] Electromagnetic and Structural Components - Revenue from electromagnetic drive and precision structural components was 4.634 billion RMB, up 27.4% year-on-year [3] - The company maintained stable supply in high-end models and foldable devices [3] Sensor and Semiconductor - Revenue from the sensor and semiconductor business was 608 million RMB, a 56.2% increase year-on-year [3] - The gross margin for this segment was 12.1%, down 4.3 percentage points due to product mix changes [3] Profit Forecast and Valuation - The net profit forecast for 2025 was adjusted down by 5% to 2.406 billion RMB due to unexpected declines in acoustic gross margins [3] - Future profit forecasts for 2026 and 2027 were raised by 3% and 4% respectively, reflecting ongoing improvements in the optical business [3]

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]