Core Viewpoint - Moody's has confirmed AAC Technologies Holdings Inc.'s "Baa3" issuer rating and senior unsecured debt rating, upgrading its outlook from stable to positive, reflecting the company's leading position in acoustic and haptic components, improving business diversification, and strong financial health [1] Group 1: Financial Performance and Projections - Moody's expects AAC Technologies' revenue to grow approximately 10% annually over the next 12-18 months, driven by a strong product portfolio and increasing customer penetration [1] - The EBITDA margin is projected to remain around 19% in 2024, with adjusted debt to EBITDA ratio expected to decrease to approximately 2.0 times by the end of 2025 due to increasing EBITDA and stable debt levels [1] Group 2: Business Segments - In the optical business, AAC Technologies has established itself as a key supplier, with significant contributions from high-end products and improved production efficiency, expected to be a continuous profit source in the next 12-18 months [2] - The automotive business is benefiting from synergies gained from the acquisition of Premium Sound Solutions (PSS), enhancing product diversification and market exposure [2] - The optical business has achieved a CAGR of 36% since 2019, with revenue projected to exceed 5 billion RMB in 2024, and the company ranks among the top three globally in optical lens shipments [2] - The automotive acoustic business is also experiencing rapid growth, with revenue of 3.52 billion RMB and a gross margin of 24.8%, with products widely used in both traditional and luxury automotive brands [3]
穆迪上调瑞声科技发行人评级展望至正面