Core Viewpoint - AAC Technologies has completed the acquisition of the second batch of shares in Premium Sound Solutions (PSS), making PSS an indirect wholly-owned subsidiary of AAC Technologies [1] Group 1: Acquisition and Market Impact - AAC Technologies acquired 80% of PSS in February last year, leading to a steady increase in its global automotive market share and the establishment of a vertically integrated solution encompassing speakers, amplifiers, algorithms, and tuning services [3] - The automotive acoustics business of AAC Technologies has seen rapid growth, with revenue reaching 3.52 billion yuan and a gross margin of 24.8% [3] - PSS's automotive speakers have captured significant market share among top-tier automotive manufacturers in Europe and the US, and after the acquisition, AAC Technologies has successfully supplied to domestic new energy vehicle companies such as Li Auto, Xiaomi, Geely, and XPeng [3] Group 2: Ratings and Market Position - Moody's has upgraded the rating outlook for AAC Technologies from "stable" to "positive," citing the ongoing synergy effects from the acquisition of PSS and improvements in the company's diversified business structure [3] - CLSA's latest research report indicates that AAC Technologies is the sole supplier of the Xiaomi SU7 smart cockpit speakers, and the Xiaomi YU7 series smart cockpit speakers are co-developed with AAC Technologies, with all units supplied by AAC Technologies [3] Group 3: PSS Company Profile - PSS, headquartered in Belgium, is a well-established European automotive acoustics company with 50 years of history and a diversified global manufacturing layout [4] - PSS serves mainstream automotive brands, including Audi, BMW, Mercedes-Benz, Land Rover, and Buick, with a global market share of 15%-20%, and a higher proportion in the mid-to-high-end market [4]
瑞声科技完成收购PSS公司，去年车载业务狂揽35.2亿