Core Viewpoint - Goldman Sachs remains optimistic about AAC Technologies (02018), expecting improvements in the scale and mix of its optical business, as well as long-term opportunities in automotive, AI/AR glasses, and robotics, which will further enhance profitability [1] Financial Forecasts - Goldman Sachs maintains a "Buy" rating and raises the target price from HKD 62 to HKD 63.6 [1] - Earnings forecasts for AAC Technologies for 2025 to 2027 have been increased by 14%, 3%, and 4% respectively, while revenue forecasts have been adjusted up by 1%, 1%, and 3% to reflect the performance in the first half of this year [1] Business Performance - The gross margin of AAC Technologies' optical business has increased in the first half of the year, with expectations for the second half gross margin to recover to 23.6% [1] - Factors driving this improvement include a recovery in mobile lens gross margin to over 30% in the second half, a rebound in acoustic business gross margin due to mass production of mid-to-high-end projects, and diversification into automotive acoustics and cooling businesses with higher profit margins [1]
高盛：升瑞声科技(02018)目标价至63.6港元 维持“买入”评级