Core Viewpoint - 瑞声科技 is positioned as a leader in perception experience solutions, with significant expertise across various business sectors including acoustic devices, touch motors, optics, precision structural components, and XR, which is expected to drive long-term growth for the company [1][4]. Group 1: Optical Business - Recent demand recovery in consumer electronics and smartphones is evident, with a notable trend towards high-end products [2]. - The WLG glass-plastic hybrid lens technology, which 瑞声科技 uniquely possesses, is leading the market and is already applied in multiple smartphone models [2]. - In the VR sector, 瑞声科技 has successfully mass-produced optical modules similar to Apple's Vision Pro, while its single-layer colored waveguide lens offers a lightweight and comfortable experience for AR applications [2]. Group 2: Electromagnetic Drive and Precision Structural Components - The acquisition of 东阳精密 is expected to enhance structural component collaboration and growth [3]. - The demand for tactile feedback in human-computer interaction is increasing, with linear motors, particularly the X-axis linear motor, gaining traction due to their superior performance and lower power consumption [3]. - 瑞声科技 is a leading supplier of folding phone hinges, which is anticipated to benefit from the rising penetration of foldable smartphones [3]. Group 3: Acoustic Business - 瑞声科技 remains a global leader in high-end acoustic components, maintaining a stable market share despite challenges in smartphone demand [3]. - The company's acoustic devices are gradually penetrating mid-range models, which is expected to increase the value per unit [3]. - The acquisition of PSS, a major player in automotive acoustics, allows 瑞声科技 to diversify strategically and leverage PSS's supply chain resources to expand in the global automotive and electric vehicle markets [3]. Group 4: Investment Outlook - 瑞声科技's product offerings, including WLG hybrid lenses, metal frames, and folding phone hinges, are positioned for long-term growth [4]. - The company is projected to achieve net profits of 2.362 billion, 2.77 billion, and 3.162 billion yuan from 2025 to 2027 [4]. - A target price of 50.76 HKD is set for 2026, based on a 20x PE ratio, with an initial "recommended" rating [4].

Investment Rating - The report assigns a "Buy" rating to the company for the first time, with a target price of HKD 50.76, compared to the current price of HKD 42.64 [3][9]. Core Viewpoints - The company is positioned as a leader in perception experience solutions, with deep expertise across various business sectors including acoustic devices, touch motors, optics, precision components, and XR, which is expected to drive long-term growth [6][8]. - The report highlights significant growth in the optical and automotive acoustic sectors, with a projected revenue increase of 33.4% year-on-year for 2024, driven by strong demand in consumer electronics and innovative product launches [26][27]. Summary by Sections Company Overview - The company has a strong foundation in the acoustic market since its establishment in 1993, and has diversified into optics, motors, MEMS chip design, precision components, and XR technologies, positioning itself for long-term growth [15][17]. - The ownership structure is concentrated, with the founder and family holding over 36% of shares, ensuring stability and continuity in management [20][21]. Optical Business - The optical sector is experiencing a revival in smartphone demand, with a focus on differentiated performance upgrades rather than merely increasing the number of camera modules [41][54]. - The company leads in WLG (wafer-level glass) technology, which is expected to set new trends in smartphone lens design, and has successfully launched products in the XR field [6][8][41]. Electromagnetic Transmission and Precision Components - The company is a leading supplier of linear motors, particularly in the X-axis domain, which is gaining traction in various applications beyond smartphones [8][30]. - The acquisition of Dongyang Precision is anticipated to enhance synergies in the precision components business, contributing to revenue growth [6][8]. Acoustic Business - The company maintains a strong market share in the high-end acoustic sector, with its products increasingly penetrating mid-range devices, which is expected to enhance unit value [8][30]. - The acquisition of PSS is aimed at expanding into the automotive acoustic market, leveraging synergies to capture growth opportunities [8][30]. Financial Projections - The company is projected to achieve net profits of CNY 2.36 billion, CNY 2.77 billion, and CNY 3.16 billion for the years 2025 to 2027, respectively, reflecting a robust growth trajectory [2][9]. - The report anticipates a recovery in profit margins due to improved product mix and operational efficiencies, with a gross margin expected to rise to 22.11% in 2024 [31].

格隆汇8月8日丨瑞声科技(02018.HK)公告，公司将于2025年8月21日(星期四)举行董事会会议，以批准 (其中包括)公司及其附属公司截至2025年6月30日止6个月的未经审核中期业绩，以及考虑派发中期股息 建议，如有。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 (於開曼群島註冊成立之有限公司) (股份代號 : 2018) 何紹德 香港，2025年8月8日 於本公告日期，董事會成員為潘政民先生、莫祖權先生及吳春媛女士，以及三位獨立 非執行董事張宏江先生、郭琳廣先生和彭志遠先生。 代表董事會 瑞聲科技控股有限公司 聯席公司秘書 董事會會議日期 瑞聲科技控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈， 本公司將於2025年8月21日（星期四）舉行董事會會議，以批准（其中 包括）本公司及其附屬公司截至2025年6月30日止六個月的未經審核中 期業績， 以及考慮派發中期股息之建議，如有。 ...

Core Viewpoint - AAC Technologies (02018) has seen a stock price increase of over 6%, currently trading at HKD 43.54 with a transaction volume of HKD 266 million, following the completion of the second tranche of shares acquisition of Premium Sound Solutions (PSS) [1] Group 1: Acquisition Details - AAC Technologies has completed the acquisition of the second tranche of shares in Premium Sound Solutions, making PSS an indirect wholly-owned subsidiary [1] - The first tranche of 80% equity in PSS was completed in February of the previous year [1] - PSS is a well-established European automotive acoustics company, with its in-car speakers already dominating the market among top-tier automotive manufacturers in Europe and the US [1] Group 2: Financial Performance - According to recent research from CMB International, AAC Technologies is expected to see a year-on-year revenue growth of 24% and a net profit growth of 66% for the first half of the year [1] - The growth is driven by upgrades in acoustic and haptic product specifications from major US clients, increased orders for thermal products, acquisition of automotive acoustic clients, and improved profitability in optical business [1] Group 3: Future Outlook - Looking ahead to the second half of the year and into 2026, AAC Technologies is well-positioned to capitalize on new opportunities and trends in AI smartphones, AI glasses, automotive acoustics, optical products, and robotics, thanks to its technological advantages across multiple product lines [1]

Core Viewpoint - AAC Technologies (02018) has seen a stock price increase of over 6%, currently trading at HKD 43.54, with a transaction volume of HKD 266 million, following the completion of the second tranche of shares acquisition of Premium Sound Solutions (PSS) [1] Group 1: Company Developments - On July 31, AAC Technologies announced the completion of the second tranche of shares acquisition of PSS, which is now an indirect wholly-owned subsidiary of AAC Technologies [1] - Last year, AAC Technologies completed the first tranche acquisition of 80% of PSS [1] - PSS is a well-established European automotive acoustics company, whose in-car speakers have already captured the market of leading automotive manufacturers in Europe and the US [1] Group 2: Financial Performance - According to a recent report by CMB International, AAC Technologies is expected to see a year-on-year revenue growth of 24% and a net profit growth of 66% for the first half of the year [1] - The growth is driven by upgrades in acoustic and haptic product specifications from major US clients, increased orders for thermal products, acquisition of automotive acoustic clients, and improved profitability in optical business [1] Group 3: Future Outlook - Looking ahead to the second half of the year and into 2026, the company is well-positioned to capitalize on new opportunities and upgrade trends in AI smartphones, AI glasses, automotive acoustics, optical products, and robotics, thanks to its technological advantages across multiple product lines [1]

Core Viewpoint - 招银国际 raised the target price for 瑞声科技 from HKD 58.78 to HKD 63.54, maintaining a "Buy" rating, reflecting strong growth in optical and precision components business [1] Group 1: Financial Performance - 瑞声科技's revenue and net profit are expected to grow by 24% and 66% year-on-year for the first half of the year, driven by upgrades in acoustic and haptic products for major US clients, increased orders for thermal products, and improved profitability in optical business [1] - Earnings per share forecasts for 2025 to 2027 have been raised by 8% to 12% due to better-than-expected growth in optical and precision structure components [1] Group 2: Market Opportunities - 瑞声科技 is well-positioned to capitalize on new opportunities in AI smartphones, AI glasses, automotive acoustics, optical products, and robotics, leveraging its technological advantages across multiple product lines [1] - The global and Chinese smart glasses markets are expected to grow by 43% and 121% year-on-year, respectively, with 瑞声科技 benefiting from this trend as more tech companies enter the AI glasses market [2] Group 3: Product Development - In the AI glasses sector, 瑞声科技 has achieved system-level design integration of sound, light, and touch, successfully shipping products to notable domestic clients [2] - The company is transitioning to a system-level perception solution provider in the robotics field, showcasing a range of micro-motor products at CES 2025, which are applied in robotic dexterous hands [2] - In the smart automotive sector, 瑞声科技 is enhancing its physical AI ecosystem through acquisitions, with products being widely used in both traditional and new automotive brands [2]

Core Viewpoint - 招银国际 raised the target price for 瑞声科技 from HKD 58.78 to HKD 63.54, maintaining a "Buy" rating, reflecting strong growth in optical and precision components business [1] Group 1: Financial Performance - 瑞声科技's revenue and net profit are expected to grow by 24% and 66% year-on-year for the first half of the year, driven by upgrades in acoustic and haptic products, increased orders for thermal products, and improved profitability in optical business [1] - The earnings per share forecast for 瑞声科技 for 2025 to 2027 has been increased by 8% to 12% [1] Group 2: Market Opportunities - 瑞声科技 is well-positioned to capitalize on new opportunities in AI smartphones, AI glasses, automotive acoustics, optical products, and robotics due to its technological advantages across multiple product lines [1] - The global and Chinese smart glasses markets are expected to grow by 43% and 121% year-on-year, respectively, with 瑞声科技 benefiting from this demand surge [2] Group 3: Product Development - In the AI glasses sector, 瑞声科技 has achieved a collaborative design of sound, light, and touch, successfully shipping products to notable domestic clients [2] - 瑞声科技 showcased its micro-motor product matrix at CES 2025, which includes high-performance rotary motors and innovative composite drive modules, applicable in robotic dexterous hands [2] - The automotive acoustic sector is evolving, with 瑞声科技 enhancing its physical AI ecosystem through acquisitions, expanding its product applications across traditional and new automotive brands [2]

Core Viewpoint - AAC Technologies (02018) has seen a stock increase of over 3%, currently trading at 41.25 HKD with a transaction volume of 83.97 million HKD, following the announcement of a proposed acquisition of Acoustics Solutions International B.V. [1] Group 1: Acquisition Details - The second tranche of the acquisition is set to be completed by July 31, 2025, with a total purchase price of 128.6 million USD, including interest [1] - Upon completion of the second tranche, the target company will become a wholly-owned subsidiary of AAC Technologies [1] Group 2: Business Performance - Following the acquisition of Premium Sound Solutions (PSS) last year, AAC Technologies' automotive acoustics business has rapidly developed, generating revenue of 3.52 billion CNY with a gross margin of 24.8% [1] - PSS's automotive speakers have captured significant market share among leading automotive brands in Europe and the US, and AAC Technologies has successfully supplied to domestic new energy vehicle companies such as Li Auto, Xiaomi, Geely, and XPeng [1] - PSS has a 15%-20% global market share in automotive acoustics, with a higher share in the mid-to-high-end market segment [2]

Core Viewpoint - AAC Technologies (瑞声科技) has seen a stock price increase of over 3%, currently trading at HKD 41.25, following the announcement of its acquisition of Acoustics Solutions International B.V. [1] Group 1: Acquisition Details - The second tranche of the acquisition is set to be completed by July 31, 2025, with a total purchase price of USD 128.6 million, including interest [1] - After the completion of the second tranche, the target company will become a wholly-owned subsidiary of AAC Technologies [1] Group 2: Business Performance - The acquisition of Premium Sound Solutions (PSS) has significantly boosted AAC Technologies' automotive acoustics business, generating revenue of CNY 3.52 billion with a gross margin of 24.8% [1] - PSS's automotive speakers have captured the market among leading automotive brands in Europe and the US, and the company has successfully supplied to domestic new energy vehicle manufacturers such as Li Auto, Xiaomi, Geely, and XPeng [1] Group 3: Company Background - PSS, headquartered in Belgium, is a well-established automotive acoustics company with 50 years of history and a global manufacturing presence [2] - The company holds a market share of 15%-20% globally, with a higher share in the mid-to-high-end market segment [2]