23 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 AAC Tech （ 2018 香港 ）骑上新的升级周期 ； 升级购买 (上一个 TP HK$37.80 HK$22.44) 21.0% 我们将 AAC 升级为基于 SOTP 的 TP 为 37.8 港元 （ 25 财年市盈率为 19.6 倍 ） ， 因为我们相信声学 / 光学 / 触觉和即将到来的 AI 的规范升级 智能手机周期将推动收益增长至 FY25 / 26E 。 AAC 的 1H24 营收 / 净利润同比增长 22% / 257% 超市场预期 ， 。 得益于强劲的利润率恢复 (同比 + 7.4 个百分点 / + 2.3 个百分点) ， 更好 声学 / 光学 / PM 和 PSS 整合的产品组合。对于 FY24E ， 管理层。 在 GPM HoH 扩张的推动下 ， 销售额同比增长 15% （ 不包括 PSS ） 通过 ： 1 ） 光学 ： 更好的 HSL / HCM ASP / 出货量 ， 并将 GPM 提高到 4Q24E ， 2 ） 声学 ： SLS / Combo 产品渗透 ， 3 ） 触觉 / 外壳 / 铰链 ： 高 最终 ...

23 Aug 2024 CMB International Global Markets | Equity Research | Company Update AAC Tech (2018 HK) Riding on new upgrade cycle; Upgrade to BUY We upgrade AAC to BUY with SOTP-based TP of HK$37.8 (19.6x FY25E P/E), as we believe spec upgrade in acoustics/optics/haptics and upcoming AI smartphone cycle will boost earnings growth into FY25/26E. AAC's 1H24 revenue/net profit growth of 22%/257% YoY is ahead of market expectations, thanks to stronger margin recovery (+7.4 ppts YoY/+2.3 ppts HoH), better product m ...

Financial Performance - The company's total revenue for the first half of 2024 reached RMB 11.247 billion, representing a year-on-year increase of 22.0%[4] - Gross profit for the same period was RMB 2.418 billion, with a gross margin of 21.5%, up 7.4 percentage points from the previous year[4] - Net profit surged to RMB 537 million, reflecting a significant year-on-year growth of 257.3%[4] - Operating cash inflow was RMB 2.65 billion, an increase of 29.1% compared to the previous year[7] - In the first half of 2024, the company's revenue increased by RMB 2.03 billion to RMB 11.25 billion, driven by an increase of RMB 1.51 billion from PSS-related businesses and a revenue growth of RMB 517 million from existing businesses[20] - The gross profit for the first half of 2024 was RMB 2.42 billion, an increase of 86.4% compared to RMB 1.30 billion in the first half of 2023, primarily due to additional gross profit contributions from PSS-related businesses of RMB 384 million[21] - The gross margin improved from 14.1% in the first half of 2023 to 21.5% in the first half of 2024, with all business segments showing improved profit margins[21] - The company reported a pre-tax profit of RMB 627,926 thousand for the six months ended June 30, 2024, compared to RMB 174,832 thousand in 2023, marking an increase of 259.5%[60] - The net profit attributable to the company's owners for the first half of 2024 was RMB 537 million, more than 2.5 times higher than RMB 150 million in the first half of 2023[28] Business Segments - The acoustic business generated revenue of RMB 3.46 billion, a year-on-year growth of 4.1%, with a gross margin of 29.9%[8] - The optical business achieved revenue of RMB 2.21 billion, up 24.9% year-on-year, with a gross margin improvement to 4.7%[12] - The PSS-related business contributed RMB 1.52 billion in revenue, with a gross margin of 25.0%[11] - The electromagnetic transmission and precision components segment reported revenue of RMB 3.66 billion, a year-on-year increase of 1.1%[13] - The sensor and semiconductor business reported revenue of RMB 389 million in the first half of 2024, a decline of 21.2% year-on-year, mainly due to project delays[17] - Revenue from thermal products nearly doubled year-on-year to RMB 150 million in the first half of 2024[16] - Revenue for the Greater China region increased to RMB 6,133,618,000 for the six months ended June 30, 2024, compared to RMB 4,509,060,000 for the same period in 2023, representing a growth of approximately 36%[80] Cash Flow and Investments - The net cash inflow from operating activities was RMB 2.65 billion in the first half of 2024, compared to RMB 2.05 billion in the same period of 2023[31] - Net cash used in investment activities for the first half of 2024 was RMB 2.444 billion, significantly up from RMB 0.504 billion in the same period of 2023[35] - Capital expenditures for the first half of 2024 totaled RMB 916.8 million, compared to RMB 616.1 million in the first half of 2023[36] - The group recorded a net cash inflow from financing activities of approximately RMB 729.8 million in the first half of 2024, with bank loans raised amounting to RMB 2.260 billion[37] - As of June 30, 2024, the group had cash and cash equivalents of RMB 7.806 billion, an increase from RMB 6.825 billion as of December 31, 2023[38] Financial Position - Total assets as of June 30, 2024, amounted to RMB 32,401,426 thousand, an increase from RMB 28,781,395 thousand as of December 31, 2023[64] - The company's non-current liabilities increased to RMB 9,724,327 thousand from RMB 6,410,126 thousand as of December 31, 2023, representing a growth of approximately 51.5%[65] - The debt-to-asset ratio as of June 30, 2024, was 23.7%, up from 22.6% as of December 31, 2023[39] - The company’s total liabilities increased to RMB 7,124,469,000 as of June 30, 2024, from RMB 5,796,468,000 as of December 31, 2023, representing an increase of about 22.9%[119] Shareholder Returns - The company will not pay an interim dividend, maintaining a payout ratio of 15% for the final dividend[7] - The final dividend per share for the six months ended June 30, 2024, is HKD 0.10, down from HKD 0.12 for the same period in 2023, totaling HKD 119,850,000 (approximately RMB 108,932,000) for this period[8]. Strategic Initiatives - The company aims to solidify its position as a global leader in perception experience solutions through technological innovation and interdisciplinary product development[19] - The company is diversifying its revenue sources by expanding into the electric vehicle market through a major acquisition, reducing dependence on the smartphone market[44] - Significant investments in research and development are planned to establish a sustainable technology development blueprint and intellectual property portfolio[49] - The company has formed a Sustainability Committee and implemented a comprehensive climate change policy to manage climate impacts through mitigation, adaptation, and resilience strategies[52] Risk Management - The group’s reliance on its top five customers, which accounted for 67.3% of total revenue in the first half of 2024, poses a significant risk to its business[45] - The company faces production disruptions due to unforeseen events and supply chain difficulties, which may lead to increased commodity prices and pressure on profit margins[47] - The company faces foreign exchange risks due to international operations, with sales primarily denominated in USD while reporting in RMB[54] - The company aims to achieve natural hedging by matching revenue and expenses in the same currency, and will use appropriate foreign exchange contracts to mitigate risks when necessary[56] Corporate Governance - The company’s board believes that effective corporate governance is essential for long-term development and value creation, and it has complied with all corporate governance code provisions during the first half of 2024[171] - The company has adopted a more stringent code of conduct for securities trading by directors and related employees compared to the standard code outlined in the Hong Kong Listing Rules[185] Employee and Share Incentives - The company has established an equity incentive plan to attract top talent and incentivize employee contributions to business development[181] - The total number of restricted shares held for eligible participants as of June 30, 2024, was 102,013,127 shares, an increase from 78,162,133 shares as of December 31, 2023[148] - The company incurred share-based payment expenses of RMB 27,215,000 for the six months ended June 30, 2024, compared to RMB 3,065,000 for the same period in 2023[149]

[Table_StockInfo] 买入 2024年 04月 28日 （首次） 证券研究报告•2023年年报点评 当前价： 25.60港元 瑞声科技（2018.HK） 电子 目标价： 32.50港元 多项业务经营改善，业绩拐点已现 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年报。2023年营收为 204.2亿元，同比减少1%；毛利率 [分Ta析bl师e_：Au王th湘or杰] 16.9%，同比减少1.4pp；净利润7.4亿元，同比减少9.9%。其中，2023下半 执业证号：S1250521120002 年营收112亿元，同比减少0.1%；毛利率19.2%，同比提升1.4pp；净利润5.9 电话：0755-26671517 亿元，同比增长25.2%。2023下半年业绩显著改善，公司业绩拐点初现。 邮箱：wxj@swsc.com.cn  升规升配提升声学 ASP，收购 PSS落地拓展车载市场。公司声学业务2023年 分析师：杨镇宇 收入为75亿元，同比减少15.4%。其中2023H2收入41.8亿元，环比增加25.7%； 执业证号：S1250517090003 电 ...

R&D and Innovation - AAC Technologies invested 7.7% of its revenue in R&D in 2023, with 3,961 R&D personnel and 5,938 patents granted as of December 31, 2023[12] - The company operates 18 R&D centers globally and has 2,298 patents pending[12] - AAC Technologies focuses on diversified development in smartphones, smart cars, AR/VR, industrial, and semiconductor sectors[10] - The company's core strategy is "dual-wheel drive": advanced R&D + precision manufacturing[11] - AAC Technologies aims to lead market innovation and enhance user experience through high-value precision manufacturing[11] - R&D expenses as a percentage of revenue increased by 0.2 percentage points year-on-year to 7.7%[17] - R&D expenses increased by 1.8% to RMB 1.573 billion in 2023, driven by increased R&D activities for automotive and AR/VR new businesses[39] Financial Performance - Revenue for 2023 was RMB 20,419 million, a year-on-year decrease of 1.0%[16] - EBITDA for 2023 was RMB 4,183 million, a year-on-year decrease of 1.6%[16] - Free cash flow for 2023 increased by 51.0% year-on-year to RMB 3,805 million[16] - Capital expenditure as a percentage of EBITDA decreased by 10.5 percentage points year-on-year to 33.0%[16] - Net profit attributable to shareholders for 2023 was RMB 390.8 million, a year-on-year decrease of 9.9%[17] - Gross margin for 2023 was 16.9%, a decrease of 1.4 percentage points year-on-year[17] - Revenue for H2 2023 was RMB 11.2 billion, flat YoY, with a gross margin of 19.2%, up 1.4 percentage points YoY and 5.1 percentage points QoQ[27] - Net profit for H2 2023 was RMB 590 million, up 25.2% YoY, while full-year 2023 revenue was RMB 20.42 billion, down 1.0% YoY[27] - Capital expenditure for 2023 was RMB 1.38 billion, down 25.4% YoY, with inventory turnover days reduced from 109 days in 2022 to 80 days in 2023[27] - Operating cash inflow reached RMB 4.63 billion, a 5-year high, with free cash flow hitting a record RMB 3.81 billion, and cash on hand at RMB 6.82 billion[25] - Net profit attributable to shareholders decreased by 9.9% to RMB 740 million in 2023, down from RMB 821 million in 2022, primarily due to lower gross profit[42] - EBITDA decreased by 1.6% to RMB 4.183 billion in 2023, compared to RMB 4.251 billion in 2022[43] - Net cash generated from operating activities increased to RMB 4.6325 billion in 2023, up from RMB 4.372 billion in 2022[44] - Inventory turnover days decreased from 109 days in 2022 to 80 days in 2023, with inventory reduced by RMB 1.41 billion[47] - Capital expenditures totaled RMB 1.3785 billion in 2023, down from RMB 1.8475 billion in 2022, focusing on sustainable capital expenditure plans for new market opportunities[49] - Net cash used in financing activities increased to RMB 3.1706 billion in 2023, up from RMB 1.4387 billion in 2022, mainly due to bank loan repayments and share repurchases[50] - Cash and cash equivalents, including short-term deposits, stood at RMB 6.8245 billion as of December 31, 2023, with 65.2% denominated in USD[51] - Asset-liability ratio decreased to 22.6% as of December 31, 2023, compared to 23.9% in 2022[52] - Net asset-liability ratio, after deducting cash and cash equivalents and short-term time deposits, was 5.1% as of December 31, 2023, down from 6.2% in 2022[52] - Unsecured bonds amounted to RMB 5,619.7 million as of December 31, 2023, a decrease from RMB 6,087.8 million in 2022[52] - Short-term bank loans were RMB 1,463.9 million as of December 31, 2023, down from RMB 1,832.6 million in 2022[52] - Long-term bank loans were RMB 1,726.0 million as of December 31, 2023, slightly down from RMB 1,727.2 million in 2022[52] Business Diversification and Acquisitions - The company has been expanding its non-acoustic business, with touch motors and RF structural components contributing 20% of revenue for the first time in 2014[23] - The company acquired Acoustics Solutions International B.V. and WiSpry, a US company with RF MEMS technology, in 2016[24] - The company acquired Premium Sound Solutions (PSS) to enhance its automotive audio system solutions and expand global market penetration[25] - The company plans to focus on lightweight, high-performance, and innovative solutions in 2024, targeting consumer electronics, automotive, AR/VR, and AI-enabled fields[25] - The company completed the acquisition of Acoustics Solutions International B.V., which will be consolidated into the group's financial performance, aiming to diversify into the automotive industry and enhance audio solutions[34] - The company is expanding its XR technology layout, with XR acoustic solutions already shipped to several global XR leaders, and is advancing AR/VR optical solutions with partners like Dispelix[34] - Strategic acquisition of Premium Sound Solutions (PSS) in 2023, marking a significant milestone for the automotive audio division[69] - The first batch of the PSS acquisition was completed on February 9, 2024, with the target company becoming an 80% owned indirect subsidiary[88] - The total consideration for the repurchase of optical shares was approximately RMB 1,449 million, representing 7.1670% equity in Chenrui Optics[90] - The first batch purchase price for the PSS acquisition included $320,000,000 plus interest at an annual rate of 6.75% from the effective date to the completion date[87] - The second batch purchase price for the PSS acquisition is capped at $204,613,000 plus interest, with completion expected around mid-2025, mid-2026, or mid-2027 depending on the effective date[89] - Following the optical shares repurchase, the company indirectly holds approximately 88.2620% of Chenrui Optics[90] - The PSS acquisition is a strategic move to accelerate the company's diversification in the automotive industry and enhance its acoustic solutions portfolio[89] Product and Market Performance - Shipments of glass-plastic hybrid lenses reached nearly 8 million units by the end of 2023, with precision component revenue growing over 30% YoY[25] - The company's SLS master-level speakers achieved shipments exceeding 10 million units, driven by innovative design and algorithm solutions[28] - Optical business revenue in H2 2023 reached RMB 1.86 billion, a YoY increase of 36.0% and a QoQ increase of 4.8%, with a gross margin of -9.2%, improving by 20.5 percentage points YoY and 7.8 percentage points QoQ[29] - Shipment of 5P and above high-spec lenses increased by approximately 48% YoY to over 350 million units, accounting for nearly 70% of total shipments, with 6P lenses making up about 14%, up 5 percentage points YoY[29] - Electromagnetic transmission and precision components business revenue in H2 2023 was RMB 4.63 billion, a YoY increase of 6.5% and a QoQ increase of 27.8%, with a gross margin of 20.7%, down 1.3 percentage points YoY but up 1.4 percentage points QoQ[30] - Metal frame revenue grew by 34.3% YoY in 2023, with both shipment volume and ASP achieving double-digit growth, maintaining leading market share in high-end and flagship models[32] - Sensor and semiconductor business revenue in H2 2023 was RMB 531 million, a YoY decrease of 31.7% but a QoQ increase of 7.5%, with a gross margin of 15.7%, up 5.3 percentage points YoY and 4.4 percentage points QoQ[33] - Total group revenue in 2023 decreased by 1.0% YoY to RMB 20.42 billion, with declines in acoustic and sensor & semiconductor businesses partially offset by growth in electromagnetic transmission, precision components, and optical businesses[35] - Gross profit decreased by 8.6% to RMB 3.45 billion in 2023, down from RMB 3.78 billion in 2022, primarily due to market competition in the acoustics and optics businesses[36] - Gross margin declined from 18.3% in 2022 to 16.9% in 2023, mainly due to reduced sales in the higher-margin acoustics business[36] Corporate Governance and Leadership - Pan Zhengmin, the CEO, has significant experience in sales, marketing, production, and technology R&D, contributing to the development of patented technologies for acoustic products[62] - Mo Zuquan, an executive director, oversees overall business operations, focusing on sustainability, internal audit, and risk management, with over 20 years of experience in the financial services industry[63] - Wu Chunyuan, a non-executive director and co-founder, does not participate in the company's daily operations[64] - Zhang Hongjiang, an independent non-executive director, holds multiple prestigious positions including being an independent director at Huami Technology and XPeng Motors, and has extensive experience in technology and investment sectors[65] - Guo Lin Guang, an independent non-executive director, serves on the boards of several listed companies including Café de Coral Group and China Oilfield Services, and has a strong legal and financial background[66] - Peng Zhiyuan, an independent non-executive director, has over 20 years of experience in corporate finance and management, currently serving as Global Strategy Officer at Sands Capital Management[67] - Zhang Hongjiang holds a Ph.D. in Electronic Engineering from the Technical University of Denmark and has received numerous awards including the 2012 ACM Multimedia Outstanding Technical Achievement Award[65] - Guo Lin Guang holds a Master of Laws from the University of Sydney and has served in various government advisory roles, including as Chairman of the Transport Advisory Committee[66] - Peng Zhiyuan holds an MBA from the University of Virginia Darden School of Business and has held senior positions at Goldman Sachs and Morgan Stanley[67] - Zhang Hongjiang previously served as CEO and Executive Director of Kingsoft Cloud and has significant experience in the tech industry, including roles at Microsoft[65] - Guo Lin Guang is a qualified lawyer in multiple jurisdictions including Hong Kong, Australia, and England & Wales, and has served as a partner at several international law firms[66] - Peng Zhiyuan is a board member of the University of Virginia Health System and has experience in founding and leading an innovative environmental technology company[67] - Guo Lin Guang was appointed as a director of the Hong Kong Capital Market Practitioners Association, effective October 3, 2023[67] - The board proposed a final dividend of HKD 0.10 per share for 2023, with a dividend payout ratio of 15%, consistent with 2022[27] - The company's distributable reserves amounted to RMB 1,410,894,000, an increase from RMB 1,102,177,000 in 2022[76] - The company's total issued shares as of December 31, 2023, were 1,198,500,000[82] - Pan Zhengmin, the CEO, beneficially owns 70,262,162 shares, with additional interests through related entities totaling 497,917,652 shares, representing 41.54% of the company's issued shares[82] - Wu Chunyuan, a non-executive director, is deemed to have interests in 497,917,652 shares, representing 41.54% of the company's issued shares[83] - Mo Zuquan, an executive director, holds 279,195 shares, representing 0.02% of the company's issued shares[80] - The company's property, plant, and equipment details are disclosed in Note 14 of the consolidated financial statements[76] - The company's share capital changes are detailed in Note 34 of the consolidated financial statements[77] - The company's directors and senior management profiles are listed on pages 23 to 30 of the annual report[79] - The company confirmed the independence of its non-executive directors as per Hong Kong Listing Rule 3.13[79] - The company successfully repurchased $111,182,000 of the 2024 bonds, reducing the outstanding principal amount to $276,818,000[84] - The 2024 bonds bear an annual interest rate of 3.00%, with interest payments made semi-annually on May 27 and November 27[84] - The company signed a total lease agreement for office and production facilities in Shenzhen, covering an area of 11,631 square meters, with an expected annual rent of RMB 15.64 million for 2023[93] - A lease agreement for factory and warehouse facilities in Changzhou covers 10,385 square meters, with an annual rent of RMB 1.777 million for 2023[93] - The company leased 5,685 square meters of office space in Jiangsu, with an expected rent of RMB 791,000 for 2023[93] - A lease agreement in Vietnam covers 3,344 square meters, with an annual rent of USD 160,600 for 2023[93] - The company entered into a total procurement agreement with suppliers, with an annual cap of RMB 140 million for materials such as foam blocks and plastic sheets[95] - Another procurement agreement for acoustic and optical components has an annual cap of RMB 90 million[95] - The company ensured fair pricing by obtaining quotes from at least two independent third-party suppliers for procurement agreements[95] - The lease and procurement agreements were negotiated under fair commercial terms, ensuring favorable conditions for the company[95] - The company disclosed the relationships with related parties involved in the lease and procurement agreements, including ownership details[97] - Chenrui Optics provided a revolving loan of up to RMB 74,000,000 to Tianjin Chengrui, with a maximum outstanding balance of RMB 83,000,000 over a three-year period[98] - The loan interest rate is based on the one-year Loan Prime Rate (LPR) of 3.45% as of the loan agreement date, calculated on a 360-day basis[98] - In 2023, the actual loan amount provided was RMB 19,191,000, including a principal of RMB 19,134,000 and interest of RMB 57,000[99] - Tianjin Chengrui is a related party under Hong Kong Listing Rules, and the loan agreement constitutes a continuing connected transaction[100] - The internal audit department reviewed the related party transactions and confirmed the effectiveness of the internal control system[101] - Independent non-executive directors confirmed that the transactions were conducted on fair and reasonable terms, in the best interests of the company and shareholders[102] - JPMorgan Chase & Co. held 11.32% of the company's issued shares as of December 31, 2023[105] - JPMorgan Chase & Co. holds a total of 133,378,882 shares in long positions, including 60,000 shares in cash-settled listed derivatives and 1,445,854 shares in physically-settled unlisted derivatives, along with 865,000 shares in cash-settled unlisted derivatives[106] - JPMorgan Chase & Co. also holds 12,041,951 shares in short positions, including 1,244,000 shares in physically-settled listed derivatives, 172,000 shares in cash-settled listed derivatives, 221,399 shares in physically-settled unlisted derivatives, and 2,750,095 shares in cash-settled unlisted derivatives[106] - JPMorgan Chase & Co. has an interest in 7,799,243 shares available for lending under the Securities and Futures Ordinance[106] - The 2016 Share Award Plan allows the company to award up to 1.65% of its issued share capital, which amounts to 19,775,250 shares as of March 21, 2024[109] - Under the 2016 Share Award Plan, the maximum number of shares that can be awarded to any single selected employee is 0.5% of the company's issued share capital, equivalent to 5,992,500 shares as of March 21, 2024[109] - From the adoption of the 2016 Share Award Plan until December 31, 2023, a total of 10,230,593 shares were awarded to 340 employees, with 2,722,799 shares and 2,627,518 shares vested on March 24, 2023, and March 24, 2024, respectively[111] - As of December 31, 2023, the 2016 Share Award Plan trustee held a total of 17,210,645 unvested shares, with 11,462,239 shares remaining available for further awards[111] - The total number of shares available for award under the 2016 Share Award Scheme as of January 1, 2023, was 10,262,235 shares, and the remaining shares available for further awards as of December 31, 2023, were 11,462,239 shares[112] - In 2022, 340 employees were granted 10,230,593 award shares under the 2016 Share Award Scheme, with performance targets set at both organizational and individual levels[113] - The 2023 Share Award Plan allows for a maximum of 45,000,000 shares to be awarded, representing approximately 3.75% of the company's issued share capital as of March 21, 2024[115] - As of December 31, 2023, the 2023 Share Award Plan trustee held a total of 9,119,000 shares purchased from the Hong Kong Stock Exchange for the plan[115] - The company's subsidiary, Chenrui Optics, has a subsidiary equity incentive plan aimed at attracting top talent and rewarding contributions to business development[116

瑞声科技（2018） 更新报告 买入 2024年4月2日 23年业绩略有下跌，声学有望升规升配，结构件业务增势强劲 陈晓霞  23 年业绩略有下跌：公司 2023 年全年实现收入 204.2 亿元（人民币，下 852-25321956 同），同比下降 1.0%。毛利率为 16.9%，同比下滑 1.4 个百分点。净利 润 7.4 亿，同比下降 9.9%，基本符合预期，主要是因为全球智能手机恢 xx.chen@firstshanghai.com.hk 复不及预期，消费需求疲软。展望 24 年，智能手机市场微复苏，公司 主要数据 IoT、AR/VR 及车载领域均获成果，尤其车载领域取得定点项目和收购 PSS公司，将助力公司全球汽车行业渗透。 行业 TMT  光学业务稳健增长，声学有望升规升配：光学业务实现收入 36.3 亿，同 股价 26.25港元 比增长12.7%，得益于塑胶镜头和光学模组业务产品升级进展顺利以及在 目标价 29.04港元 中高端机型份额的提升，公司全年塑胶镜头和 WLG 镜头出货量同比分别 （+10.6%） 提升 20%和 22%。毛利率为-13%，同比持平。公司去库存进展良好，预计 今年一 ...

证券研究报告 | 年报点评报告 2024年03月31日 瑞声科技（02018.HK） 车载收购并表，光学望显著改善 下半年业绩超出预期，2024 年指引强劲。2023H2，公司收入 112 亿元， 买入（维持） 同比基本持平，环比增长21.5%。其中，声学/光学/电磁传动及精密结构件 股票信息 /传感器及半导体收入分别为 42 亿/19 亿/46 亿/5 亿，占比 37%/17%/41%/5%，同比增速-11.5%/+36.0%/+6.5%/-31.7%。公司下 行业 海外电子零件 半年毛利率录得 19.2%，同比/环比提升 1.5pct/5.2pct，主要系 1）光学产 前次评级 买入 品结构升级、价格合理化带来的毛利率大幅改善；2）声学产品升规升配；3） 3月28日收盘价(港元) 26.25 传感器及半导体产品结构改善。展望2024年，公司指引含PSS在内的收入 总市值(百万港元) 31,460.63 增速有望达到20%-30%、毛利率20%以上。我们认为，公司业绩拐点已经 总股本(百万股) 1,198.50 过去，看好未来几年的持续改善。 其中自由流通股(%) 100.00 光学利润水平有望大幅改善。2 ...

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. ...