Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's performance in the second half of 2023 exceeded expectations, with a revenue of 11.2 billion RMB, showing a year-on-year stability and a quarter-on-quarter growth of 21.5%. The guidance for 2024 indicates a revenue growth of 20%-30% and a gross margin exceeding 20% [1]. - The optical segment is expected to see significant profit improvement, with a revenue of 1.9 billion RMB in 2023H2, reflecting a year-on-year growth of 36% and a quarter-on-quarter growth of 5%. The gross loss margin narrowed to 9.2% [1]. - The acoustic business is benefiting from upgrades and collaborations in the automotive sector, with a revenue of 4.18 billion RMB in 2023H2, a year-on-year decline of 11.5% but a quarter-on-quarter increase of 25.7% [1]. - The precision structural components segment saw over 30% year-on-year growth, with metal frame revenue increasing by 34% [1]. Financial Summary - The company reported a total revenue of 20,625 million RMB in 2022, with a slight decline to 20,419 million RMB in 2023, but is expected to rebound to 26,172 million RMB in 2024, reflecting a year-on-year growth of 28.2% [2][7]. - The net profit attributable to the parent company was 821 million RMB in 2022, decreasing to 740 million RMB in 2023, but projected to rise significantly to 1,418 million RMB in 2024, marking a growth rate of 91.5% [2][7]. - The earnings per share (EPS) for 2023 is reported at 0.62 RMB, with projections of 1.18 RMB for 2024 [2][8]. Segment Performance - The acoustic products segment generated revenue of 7.5 billion RMB in 2023, with a forecasted increase to 11.2 billion RMB in 2024, representing a growth of 49.5% [11]. - The optical products segment is expected to grow from 3.6 billion RMB in 2023 to 4.17 billion RMB in 2024, with a year-on-year growth of 15% [11]. - The precision components segment is projected to continue its growth trajectory, with significant contributions from new product launches [1].

深度报告 买入 AI 推动手机升规升配，收购 PSS 加速车载进展 瑞声科技（2018.HK） 2024-3-28星期四 投资要点 目标价： 30.1  全球手机行业：需求已逐步触底，AI端侧应用有望推动行业复苏 现 价： 24.85 全球上一轮手机出货高峰在 2016 年，距今已有 7年，换机需求不断增强。 预计升幅: 21.2% 根据Canalys数据，2023年第四季度，全球智能手机市场同比增长8%至3.192 亿台，显现出企稳复苏的信号。AI 大模型的应用带来新的用户体验，有望 推动全球手机需求回升。IDC 预计 2024 年全球新一代 AI 手机的出货量 重要数据 将达到 1.7 亿部，约占智能手机整体出货量的 15%。 日期 2024.3.270  AI端侧大模型带动对手机硬件的全面升级需求 收盘价（港元） 24.856 端侧大模型需要更强的系统级芯片（SoC）和存储空间，同时对散热效率提 总股本（亿股） 11.991 出更高要求。AI带来全新的交互体验，对声音的输入和输出带来更高要求。 总市值（亿港元） 2969 AI在光学的创新应用，将推动高端光学器件的渗透率提升。 净资产（亿港元） 24 ...

Investment Rating - The report maintains a "Buy" rating for the company, raising the target price to HKD 28.8, indicating a potential upside of 19% from the current price of HKD 24.2 [1][2][12]. Core Insights - The company is expected to see revenue and profit growth in 2024, driven by a recovery in the smartphone industry and increased demand from major clients. The original business is projected to grow by 10%-15%, with gross margins recovering to 20% or higher [1][9]. - The consolidation of the PSS business is anticipated to provide a significant revenue increment of approximately 15% in 2024, along with a gross margin exceeding 20% [1][9]. - The optical business is expected to turn profitable in the second half of 2023, benefiting from reduced competition in the smartphone optical sector [1][9]. Summary by Sections Financial Performance - In 2H23, the company reported revenue of RMB 11.2 billion, a year-on-year increase of 0% and a quarter-on-quarter increase of 21%. The gross margin was 19.2%, up 1.5 percentage points year-on-year [6][7]. - The net profit for 2H23 was RMB 5.9 billion, reflecting a year-on-year increase of 25% and a quarter-on-quarter increase of 293% [6][7]. Revenue Projections - For 2024, the company is projected to achieve revenue of RMB 25.5 billion, representing a growth of 25% compared to 2023 [10][12]. - The gross profit is expected to reach RMB 5.2 billion, with a gross margin of 20.6% [10][12]. Valuation - The report employs a sum-of-the-parts valuation method, assigning price-to-earnings ratios of 22.0x for acoustic products, 20.0x for electromagnetic transmission and precision components, 18.0x for optical products, and 20.0x for micro-electromechanical systems [2][12]. - The target price of HKD 28.8 is derived from these valuations, indicating a potential upside of 19% [2][12].

M N 25 Mar 2024 CMB International Global Markets | Equity Research | Company Update AAC Tech (2018 HK) Solid outlook for PSS merger & optics margin recovery; Maintain HOLD on fair valuation Target Price HK$22.44 AAC reported FY23 revenue of RMB20.4bn (-1.0% YoY) and net income of RMB740mn (-9.9% YoY), above consensus estimates mainly due to exchange (Previous TP HK$14.04) gains and other income. FY23 GPM came in at 16.9%, largely in line, and 2H23 Up/Downside (10.2%) GPM recovered to 19.2% (+1.4ppts YoY/+5. ...

Core Viewpoint - The company expects a revenue increase of 10-15% in 2024, with a gross margin recovery to over 20% [2][3] Revenue and Profitability - The overall revenue for 2024 is projected to rise by 10-15%, supported by a more diversified product mix and a robust product portfolio [3] - The precision components segment is anticipated to continue its rapid growth, with metal frame revenue increasing by 34.3% year-on-year in 2023 [3] - The company reported a significant increase in revenue from heat dissipation products, which grew by over 100% year-on-year [3] Business Segments - The acquisition of Premium Sound Solutions (PSS) is expected to contribute 3-3.5 billion RMB in revenue and approximately 200 million RMB in net profit [2][3] - The acoustic division is projected to achieve a gross margin of 25-30% in 2024, while the electromagnetic transmission and precision components segments are expected to maintain a gross margin of 20-25% [2] - The optical business is also expected to stabilize and improve in 2024, with an increase in the shipment ratio of high-end products [2] Cash Flow and Financial Health - The company reported an operating cash inflow of 4.63 billion RMB, a 6% increase year-on-year, marking a five-year high [3] - Free cash flow reached 3.81 billion RMB, the highest level since the company went public [3] - The company maintains a low net debt-to-equity ratio of 5.1%, indicating a strong financial position to support future strategic initiatives [3]

Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of RMB 20.42 billion, a slight decrease of 1.0% compared to RMB 20.63 billion in 2022[4]. - The company's net profit for 2023 was RMB 740 million, down 9.9% from RMB 821 million in the previous year, with a net profit margin of 3.6%[4][11]. - Gross profit for 2023 was RMB 3.45 billion, down 8.6% from RMB 3.78 billion in 2022, with the gross margin decreasing from 18.3% in 2022 to 16.9% in 2023[26]. - Basic earnings per share decreased to RMB 0.63 in 2023 from RMB 0.69 in 2022, reflecting a 8.7% drop[65]. - The company reported a profit attributable to owners of RMB 740 million in 2023, a decline of 9.9% from RMB 821 million in 2022, mainly due to lower gross profit[33]. Revenue Breakdown - Revenue from acoustic products decreased to RMB 7,498,965,000 in 2023 from RMB 8,868,384,000 in 2022, representing a decline of 15.4%[88]. - The group’s revenue for the optical business in 2023 was RMB 3.63 billion, reflecting a year-on-year growth of 12.7%[16]. - The group’s revenue for the electromagnetic transmission segment for the full year 2023 was RMB 8.25 billion, a year-on-year increase of 13.3%[18]. - Revenue from electromagnetic transmission and precision components increased to RMB 8,245,314,000 in 2023, up 13.3% from RMB 7,278,046,000 in 2022[88]. - In 2023, the optical business achieved revenue of RMB 1.86 billion in the second half, a year-on-year increase of 36.0% and a quarter-on-quarter increase of 4.8%[16]. Cash Flow and Liquidity - Operating cash flow reached RMB 4.63 billion, marking a five-year high, while free cash flow hit a record RMB 3.81 billion[7][12]. - Cash flow from operating activities was RMB 4,632.5 million in 2023, an increase from RMB 4,372.0 million in 2022[37]. - As of December 31, 2023, the company had cash and cash equivalents totaling RMB 6,824.5 million, a decrease from RMB 7,155.0 million in 2022, with 65.2% held in USD[44]. - The company recorded a net cash outflow of approximately RMB 3,170.6 million from financing activities, compared to RMB 1,438.7 million in 2022, primarily due to repayment of bank loans amounting to RMB 5,200.7 million[43]. Expenses and Cost Management - Administrative expenses decreased by 5.6% to RMB 978 million in 2023 from RMB 1,036 million in 2022, primarily due to reduced equity incentive plan expenses[28]. - Research and development expenses rose by 1.8% to RMB 1,573 million in 2023, driven by increased R&D activities for automotive and AR/VR new businesses[30]. - The total employee costs decreased from RMB 5,125,482 thousand in 2022 to RMB 4,574,064 thousand in 2023, a reduction of about 10.7%[95]. Inventory and Receivables - The inventory turnover days improved from 109 days at the end of 2022 to 80 days at the end of 2023, indicating better inventory management[12]. - As of December 31, 2023, trade receivables increased by RMB 1.08 billion to RMB 5.36 billion, with turnover days rising to 86 days[38]. - Trade and other receivables increased from RMB 5,531,160 thousand in 2022 to RMB 6,653,431 thousand in 2023, an increase of about 20.2%[69]. Dividends and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.10 per share for the fiscal year 2023, maintaining the same payout ratio of 15% as in 2022[12]. - The company proposed a final dividend of HKD 0.10 per share for 2023, down from HKD 0.12 per share in 2022, pending shareholder approval[105]. Strategic Initiatives and Acquisitions - The acquisition of Premium Sound Solutions (PSS) is expected to strengthen the company's offerings in the automotive audio system market[8]. - The group completed the acquisition of Acoustics Solutions International B.V. on February 9, 2024, marking a strategic move to diversify into the automotive sector and enhance audio solution offerings[23]. - The company aims to strengthen its market position in the smartphone industry and explore opportunities in mid-to-high-end models and emerging categories through continuous technological innovation[24]. Risk Management and Compliance - The company has implemented a corporate risk management framework to effectively identify, assess, mitigate, and monitor key strategic, market, financial, operational, and compliance risks[189]. - The company has implemented a trade compliance management system to address ongoing global trade tensions and potential regulatory impacts[59]. - The company is focused on managing liquidity and interest rate risks by maintaining a balanced RMB/USD borrowing portfolio[57]. Sustainability and Innovation - The company achieved a renewable energy generation of over 33.4 million kWh in 2023, an increase of over 66% compared to 2022, through the installation of a large solar photovoltaic system[193]. - The company was recognized as one of the "Top 100 Global Innovative Companies" in 2023 by an international intellectual property firm, highlighting its commitment to technological innovation[193]. - The company is committed to continuous investment in research and development to maintain its competitive edge and enhance user experience[55]. Shareholder Equity and Capital Structure - The total number of ordinary shares issued and fully paid as of December 31, 2023, was 1,198,500,000, down from 1,203,250,000 in 2022[154]. - The company raised a total of RMB 1,150,000,000 from four independent strategic investors, diluting its equity in Chenrui Optical from 100% to 90.42%[142]. - The company confirmed a contingent liability for capital repayment with a premium, due to contractual obligations, which is presented under non-current liabilities[143]. Financial Instruments and Investments - The fair value of financial liabilities measured at fair value through profit or loss includes a cross-currency swap contract valued at RMB 2,869,000[183]. - The company has recognized a gain of RMB 1,033,000 in other comprehensive income related to equity instruments classified as fair value through other comprehensive income[182]. - The fair value of listed unsecured bonds is RMB 4,889,467,000 as of December 31, 2023, compared to RMB 4,971,698,000 in the previous year[183].

财联社3月1日讯（编辑 胡家荣） 今日苹果概念股再度走强，其中瑞声科技(02018.HK)、比亚迪电子(00285.HK)、高伟电子(01415.HK)分别上涨6.12%、4.90%、4.69%。 注：苹果概念股的表现 消息方面，天风国际分析师郭明錤发文称，目前仍维持Apple可能在今年WWDC前在更多国家发售Vision Pro的预测。因美国市场需求目前成长空间有限，在供应改善的情况下，有利提前全球发售时程，但实际发售时间取决于Apple修改软体以符合其他国家法规的时程。 他指出，过去一个月内，数家原先产能较小的Vision Pro供应商已扩产，从今年的50–60万台扩产到70–80万台。即便如此，此规模仍为利基产品。除了因为美国市场的早期采用者需求优于预期，Apple要求供应商扩产的另一主因为降低全球发售后的出货时间。需注意产能经常不全然等同出货量。以iPhone为例，目前每年组装产能达至2.5–3亿部，但实际出货量显著较低。 新款Vision Pro最早于明年四季度面世 郭明錤表示，目前苹果正在开发新款Vision Pro，预计在2025年第四季度到2026年第一季度量产。此新方案或可降低成本，而就最 ...

智通财经APP获悉，瑞声科技(02018)午后涨超4%，截至发稿，涨4.35%，报18.22港元，成交额2430.09万港元。 消息面上，花旗发布研究报告称，公司预计将于3月底公布业绩，相信投资者会较关注2024财年前景。该行认为，管理层对新项目及利润前景的评论，可能会成为业绩电话会议的焦点。瑞声早前完成收购Premium Sound Solutions公司的交易，预期投资者反应正面。该行维持瑞声科技“买入”评级，计及一次性影响及向好的2024年盈利前景，目标价由22港元上调至25港元。 ...

Financial Performance - The company reported a revenue of at least RMB 30,000,000,000 for the fiscal year, which is a key performance target for the incentive plan[2] - The performance targets include maintaining a recurring pre-tax profit margin not lower than the average profit margin levels of the past three years (2013, 2014, and 2015)[2] Employee Incentives - The board has waived certain general vesting conditions under the incentive plan to enhance employee motivation and morale[2]

Financial Performance - In the first half of 2023, the company's revenue was RMB 9.22 billion, a decrease of 2.0% year-on-year[12]. - The gross profit margin for the first half of 2023 was 14.1%, down 4.8 percentage points compared to the previous year[14]. - Net profit for the first half of 2023 was RMB 150.3 million, representing a significant decline of 57.1% year-on-year[12]. - Operating cash inflow for the first half of 2023 was RMB 2.05 billion, an increase of 43.1% year-on-year[15]. - Capital expenditure for the first half of 2023 was RMB 616 million, a decrease of 42.0% compared to the previous year[15]. - Gross profit for the first half of 2023 was RMB 1.30 billion, a decline of 27.2% compared to RMB 1.78 billion in the same period of 2022, leading to a gross margin decrease from 18.9% to 14.1%[41]. - The company reported a net profit attributable to shareholders of RMB 150 million for the first half of 2023, down 57.1% from RMB 350 million in the same period of 2022[48]. - The company reported a profit for the period of RMB 150,304,000 for the six months ended June 30, 2023, compared to a loss of RMB 102,826,000 in the same period of 2022[166]. Business Segments - The acoustic business achieved revenue of RMB 3.32 billion in the first half of 2023, a year-on-year decrease of 19.9%, with a gross margin of 25.5%, down 1.7 percentage points[17]. - The optical business reported revenue of RMB 1.77 billion, a year-on-year decrease of 4.4%, but showed significant improvement in the second quarter due to increased market demand and reduced price competition[18]. - The electromagnetic transmission and precision components business recorded revenue of RMB 3.62 billion, a year-on-year increase of 23.4%, with a gross margin of 19.3%, down 1.2 percentage points[21]. - The precision components business saw revenue growth of over 40% in the smartphone metal frame segment, benefiting from advanced manufacturing processes and automation[23]. - Revenue from acoustic products was RMB 3,323,272 thousand, down from RMB 4,147,709 thousand in the previous year, reflecting a decrease of about 19.9%[182]. - The revenue from electromagnetic transmission and precision components increased to RMB 3,619,700 thousand, up from RMB 2,932,796 thousand, marking a growth of approximately 23.4%[182]. - The optical products segment generated revenue of RMB 1,771,277 thousand, slightly down from RMB 1,852,432 thousand, indicating a decrease of around 4.4%[182]. Cash Flow and Investments - Net cash used in investing activities for the first half of 2023 was RMB 504.2 million, down from RMB 1.18 billion in the same period of 2022[55]. - The company reported a net cash outflow from investing activities of RMB 504,225,000 for the six months ended June 30, 2023, significantly reduced from RMB 1,180,002,000 in the previous year[166]. - The cash and cash equivalents increased by RMB 186,044,000 during the first half of 2023, contrasting with a decrease of RMB 873,456,000 in the same period of 2022[166]. Debt and Liabilities - The company's total debt decreased by RMB 575 million compared to the end of 2022, with a net asset liability ratio of 4.9%[15]. - The debt-to-asset ratio as of June 30, 2023, was 23.0%, a decrease from 23.9% as of December 31, 2022[59]. - The group reported total liabilities as of June 30, 2023, were RMB 8,968,723 thousand, compared to RMB 9,093,037 thousand at the end of 2022[163]. Research and Development - Research and development expenses for the first half of 2023 amounted to RMB 675 million, a decrease of 7.2% from RMB 727 million in the first half of 2022[45]. - The company is committed to continuous investment in R&D to maintain a competitive edge and develop sustainable technology solutions[68]. Corporate Governance - The board consists of independent non-executive directors, ensuring a governance structure that promotes accountability and transparency[79]. - The company has adopted a corporate governance code and conducts annual evaluations of the board and its committees[113]. - The board regularly reviews corporate governance policies to ensure compliance with regulations and stakeholder expectations, maintaining high standards of transparency and accountability[76]. Shareholder Information - The total number of ordinary shares held by Mr. Pan is 497,917,652, representing 41.54% of the company's issued shares[118]. - The company’s shareholder structure analysis as of June 30, 2023, indicated that institutional investors held 21.27% of shares, while retail investors accounted for 42.01%[133]. - The total number of direct registered shareholders was only 127 as of June 30, 2023, due to most shares being held through intermediaries[132]. Environmental, Social, and Governance (ESG) - The company has committed to enhancing its ESG performance and has established a sustainability working group that meets biannually to review ESG performance[140]. - The company received an A rating in the MSCI ESG ratings and was rated as having low ESG risk by Sustainalytics[150]. - The company is actively engaged in community initiatives, providing employment and educational opportunities while responding to government policies[146].