Group 1 - Core viewpoint: Goldman Sachs raised the 12-month target price for AAC Technologies (02018) from HKD 63.6 to HKD 68.6 based on a 25.6x expected P/E ratio for 2026, maintaining a "Buy" rating, anticipating profit margin improvements from 2025 to 2027 due to favorable product mix and enhanced production efficiency [1] Group 2 - AI smartphone VC products: AAC Technologies' VC products are benefiting from increasing penetration in various smartphone models, material upgrades, and the expansion of VC area in foldable smartphones. The company is developing new products for high-end smartphones, including large aluminum liquid cooling VC plates. The VC penetration rate is expected to rise from 1% in 2024 to 5%/10% in 2025/26 [1] Group 3 - Acoustic/tactile solutions for AI glasses and edge AI devices: The rise of generative AI is expected to drive growth in edge AI devices, which may be upgrades of existing devices or entirely new products for user interaction with AI agents. AI/AR glasses are seeing performance enhancements and AI functionalities that improve user experience, benefiting AAC Technologies as a leading supplier of acoustic and tactile solutions [2] Group 4 - Changes in smartphone design: The company is optimistic about the Apple supply chain, as changes in smartphone design (such as thinner and foldable models) will drive market demand and enhance value. These design changes are expected to increase the value of components supplied by AAC Technologies, such as ultra-thin haptic motors and larger heat dissipation plates [3]

Core Viewpoint - Goldman Sachs has become more optimistic about AAC Technologies due to its new component (thermal plate) and favorable iPhone outlook [1] Financial Projections - The firm has raised its earnings forecasts for AAC Technologies for the years 2025 to 2027 by 1%, 4%, and 6% respectively, primarily reflecting increased revenue predictions from the thermal plate [1] - The increase in revenue is attributed to more smartphone models adopting the thermal plate and enhancements in smartphone specifications leading to higher unit content [1] Profitability Outlook - The firm maintains a positive view on the company's profit margin expansion due to product mix improvement, yield enhancement, and benefits from economies of scale in production [1] Target Price Adjustment - Based on a target price-to-earnings ratio of 25.6 times, Goldman Sachs has raised its target price for AAC Technologies from HKD 63.6 to HKD 68.6, maintaining a "Buy" rating [1]

Summary of AAC (2018.HK) Conference Call Company Overview - **Company**: AAC Technologies Holdings Inc. (2018.HK) - **Industry**: Technology, specifically focusing on components for smartphones and AI devices Key Points and Arguments Growth Drivers 1. **Vapor Chamber (VC) Adoption**: - AAC's vapor chamber is expected to see increased adoption in smartphones, particularly with the rise of foldable phones and AI smartphones. - Revenue contribution from VC is projected to rise from 1% in 2024 to 5% and 10% in 2025 and 2026 respectively [4][17] 2. **Acoustics and Haptics for AI Glasses**: - The growth of generative AI is anticipated to drive demand for edge AI devices, including AI/AR glasses. - Current AI functions in these glasses include live captioning, real-time translation, and AR navigation, which are expected to enhance user interaction and comfort [4] 3. **Smartphone Form Factor Changes**: - The shift towards slimmer and foldable phones is expected to increase demand for AAC's components, leading to higher dollar content per device [4] Financial Projections 1. **Earnings Revisions**: - Revenue estimates for 2025 have been revised up by 1% to Rmb 32.329 billion, 4% for 2026 to Rmb 38.130 billion, and 6% for 2027 to Rmb 42.428 billion [18] - Net income projections have also been adjusted upwards, with 2025 net income expected to be Rmb 2.493 billion, 2026 at Rmb 2.938 billion, and 2027 at Rmb 3.326 billion [18] 2. **Target Price Adjustment**: - The target price has been raised to HK$68.6 from HK$63.6, based on a revised P/E ratio of 25.6x for 2026E [24] Market Position 1. **Apple Revenue Exposure**: - AAC has a higher revenue exposure to Apple compared to industry peers, which is expected to benefit from the ongoing demand for iPhones and other Apple products [7] 2. **Competitive Landscape**: - Key risks include competition in low-margin camera modules and potential changes in business strategy towards more assembly operations [25] Valuation Metrics 1. **P/E Ratio**: - AAC is currently trading at a forward P/E of 16x, which is below the industry average of 17x, indicating potential for upside [22][24] 2. **PEG Ratio**: - The target price implies a PEG ratio of 0.9x, consistent with peers' range of 0.3-0.9x, suggesting that AAC is fairly valued relative to its growth prospects [24] Additional Important Information - **Market Cap**: HK$46.6 billion / $6.0 billion - **Investment Rating**: Buy with a significant upside potential of 72.8% based on the target price [26] - **Earnings Growth**: Expected net income growth of 15% YoY for 2026-27E [23] This summary encapsulates the key insights from the conference call regarding AAC's growth prospects, financial outlook, market positioning, and valuation metrics.

格隆汇11月14日丨瑞声科技(02018.HK)公告，11月14日耗资1197万港元回购30万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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11月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02018 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包 ...

Core Viewpoint - AAC Technologies has been actively repurchasing its shares, indicating a strong commitment to enhancing shareholder value and confidence in its business outlook [1][2]. Summary by Category Share Buyback Activity - On November 12, AAC Technologies repurchased 221,500 shares at a price range of HKD 39.660 to HKD 40.200, totaling HKD 8.8302 million [1]. - The stock closed at HKD 40.320 on the same day, reflecting a 3.76% increase with a total trading volume of HKD 254 million [1]. Cumulative Buyback Data - Year-to-date, AAC Technologies has conducted 76 buyback transactions, acquiring a total of 23.3685 million shares for a cumulative amount of HKD 90.8 million [2]. - The buyback details include various dates, share quantities, and price ranges, showcasing a consistent strategy to support the stock price [2].

Core Viewpoint - AAC Technologies (02018) announced a share buyback plan, spending HKD 8.8302 million to repurchase 221,500 shares at a price range of HKD 39.66 to HKD 40.20 per share [1] Summary by Category - **Company Actions** - The company will repurchase a total of 221,500 shares [1] - The buyback price per share is set between HKD 39.66 and HKD 40.20 [1] - The total expenditure for the buyback is HKD 8.8302 million [1]

Core Viewpoint - AAC Technologies (02018.HK) announced a share buyback of 222,000 shares at a cost of HKD 8.83 million on November 12 [1] Group 1 - The company executed a buyback program, indicating confidence in its stock value [1] - The total expenditure for the buyback was HKD 8.83 million [1] - The number of shares repurchased was 222,000 [1]

Core Viewpoint - AAC Technologies (02018) announced a share buyback plan, investing HKD 8.8302 million to repurchase 221,500 shares at a price range of HKD 39.66 to 40.20 per share [1] Group 1 - The total amount allocated for the share buyback is HKD 8.8302 million [1] - The number of shares to be repurchased is 221,500 [1] - The price range for the share buyback is between HKD 39.66 and HKD 40.20 per share [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 第一章節註釋： 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 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11月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02018 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已 ...