Summary of AAC (2018.HK) Conference Call Company Overview - **Company**: AAC Technologies Holdings Inc. (2018.HK) - **Industry**: Technology, specifically focusing on acoustics, haptics, and edge AI devices Key Points and Arguments Revenue Growth and Market Outlook - Management is optimistic about achieving double-digit revenue growth by 2026, driven primarily by major global smartphone brand customers and product cycle changes [1][3] - Rising memory costs may limit growth in the smartphone market, but improvements in cost control are expected to enhance margins [1] Catalysts for Future Growth - **Vapor Chamber Technology**: Increasing penetration in smartphones and notebooks is anticipated to drive growth [1][3] - **AI and AR Devices**: AAC is collaborating with leading global brands to develop components for AI glasses and innovative edge AI devices, which are expected to be significant growth drivers by 2027 [3] - **Diverse Production Sites**: The company's production facilities in Vietnam are positioned to better serve global customers amid geopolitical tensions [3] Product Innovations - AAC is focusing on components such as acoustics, haptics, and MEMS microphones for emerging edge AI devices, enhancing user interaction through voice commands [2][3] - The company is also developing optical waveguide lenses for AI glasses, aiming to penetrate critical components in this market [3] Financial Projections - **12-Month Price Target**: HK$68.6, representing a potential upside of 71.9% from the current price of HK$39.90 [4][8] - **Market Capitalization**: Approximately HK$46.8 billion (US$6.0 billion) [8] - **Revenue Forecasts**: Expected revenues of Rmb 27.33 billion in 2024, increasing to Rmb 38.13 billion by 2026 [8] Risks and Challenges - Key downside risks include: 1. Rapid expansion of low-margin camera modules [7] 2. Increased competition in handset lenses and existing product lines [7] 3. Weaker-than-expected smartphone demand post-COVID-19 [7] 4. Strategic shifts towards more modules and assembly business [7] Investment Rating - The company maintains a "Buy" rating, supported by its strong position in the acoustics market and the anticipated growth in edge AI devices [2][4] Additional Important Information - The report includes disclosures regarding potential conflicts of interest due to Goldman Sachs' investment banking relationships with AAC [4][17] - Analysts involved in the report have certified that their views reflect their personal opinions and are not influenced by compensation [10] This summary encapsulates the key insights from the conference call, highlighting AAC's growth prospects, product innovations, financial outlook, and associated risks.

Group 1 - The core point of the article is that AAC Technologies has been actively repurchasing its shares, indicating a potential confidence in its stock value and future performance [1] - On January 16, the company repurchased 300,000 shares at a price range of HKD 39.620 to HKD 39.980, totaling HKD 11.9452 million [1] - The stock closed at HKD 39.900 on the same day, reflecting a 0.40% increase with a total trading volume of HKD 115 million [1] Group 2 - Since January 12, the company has conducted share repurchases for five consecutive days, accumulating a total of 980,000 shares and a total repurchase amount of HKD 38.6483 million [1] - During this period, the stock has increased by 3.96% [1] - Year-to-date, the company has completed eight repurchase transactions, totaling 1.28 million shares and a total repurchase amount of HKD 50.4476 million [1] Group 3 - The detailed repurchase information includes the number of shares repurchased, highest and lowest prices, and total amounts for each transaction from January 6 to January 16 [1] - The highest repurchase price recorded was HKD 40.180 on January 6, while the lowest was HKD 38.480 on January 12 [1] - The total repurchase amounts for each day range from HKD 385.12 thousand to HKD 1,194.52 thousand [1]

Group 1 - The core point of the article is that AAC Technologies has been actively repurchasing its shares, indicating a potential confidence in its stock value and future performance [1] - On January 16, the company repurchased 300,000 shares at a price range of HKD 39.620 to HKD 39.980, totaling HKD 11.9452 million [1] - The stock closed at HKD 39.900 on the same day, reflecting a 0.40% increase, with a total trading volume of HKD 115 million [1] Group 2 - Since January 12, the company has conducted share repurchases for five consecutive days, accumulating a total of 980,000 shares repurchased and a total expenditure of HKD 38.6483 million [1] - During this period, the stock has increased by 3.96% [1] - Year-to-date, the company has completed eight repurchase transactions, totaling 1.28 million shares and an aggregate repurchase amount of HKD 50.4476 million [1] Group 3 - The detailed repurchase data shows the number of shares repurchased, highest and lowest prices, and total amounts for each transaction from January 6 to January 16 [1]

瑞声科技(02018)发布公告，于2026年1月16日，该公司斥资1194.52万港元回购30万股。 ...

Core Viewpoint - AAC Technologies (02018) announced a share buyback plan, committing to repurchase 300,000 shares for a total expenditure of HKD 11.9452 million, scheduled for January 16, 2026 [1] Group 1 - The company will spend HKD 11.9452 million on the buyback [1] - The buyback involves repurchasing 300,000 shares [1] - The scheduled date for the buyback is January 16, 2026 [1]

呈交日期： 2026年1月16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 。 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） | 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（不包括庫存股份）數 目 | 佔有關事件 ...

Core Viewpoint - 瑞声科技（南京）有限公司 has obtained a patent for an audio playback method, a vehicle audio system, and storage medium, indicating its ongoing innovation in the electronics manufacturing sector [1]. Group 1: Company Overview - 瑞声科技（南京）有限公司 was established in 2009 and is located in Nanjing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1]. - The company has a registered capital of 39.47 million USD [1]. Group 2: Patent and Innovation - The patent, with authorization announcement number CN116095568B, was applied for on September 2022, showcasing the company's commitment to research and development [1]. - 瑞声科技（南京）有限公司 has participated in 19 bidding projects and holds 762 pieces of patent information, along with 18 administrative licenses, reflecting its active role in the industry [1].

证券时报·数据宝统计，瑞声科技在港交所公告显示，1月15日以每股38.980港元至40.000港元的价格回 购30.00万股，回购金额达1185.22万港元。该股当日收盘价39.740港元，上涨1.90%，全天成交额1.95亿 港元。 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.15 | 30.00 | 40.000 | 38.980 | 1185.22 | | 2026.01.14 | 10.00 | 40.000 | 38.700 | 393.44 | | 2026.01.13 | 15.00 | 39.520 | 38.760 | 586.47 | | 2026.01.12 | 13.00 | 39.000 | 38.480 | 505.18 | | 2026.01.08 | 10.00 | 38.880 | 38.140 | 385.12 | | 2026.01.07 | 10.00 | 39.800 | 39.240 | 394.70 | | 2026. ...

格隆汇1月15日丨瑞声科技(02018.HK)发布公告，2026年1月15日耗资1185.22万港元回购30万股，回购 价格每股38.98-40港元。 ...

瑞声科技(02018)发布公告，于2026年1月15日，该公司斥资1185.22万港元回购30万股股份，每股回购价 格为38.98-40港元。 ...