Core Viewpoint - Morgan Stanley has a positive outlook on AAC Technologies (02018), raising the target price from HKD 60 to HKD 65, reflecting a projected P/E ratio of 22 times for the period from the second half of 2026 to the first half of 2027, while maintaining an "Overweight" rating [1] Group 1: Financial Performance - AAC Technologies' management provided a positive outlook for the gross margin in the second half of the year, driven by the production increase of new high-end products and ongoing improvements in the optical business [1] - The revenue outlook for the second half of the year exceeds market expectations, benefiting from significant growth in new businesses, including thermal management and automotive acoustics, as well as upgrades to existing product specifications [1] - The management is confident that the gross margin for the full year 2025 will still show year-on-year growth or at least remain on par with 22.1% from 2024, indicating that the gross margin in the second half of 2025 will exceed 23%, compared to 20.7% in the first half of 2025 [1] Group 2: Product Development - The anticipated mass production of new tactile motors for smartphones in the second half of the year is expected to enhance the product mix, with gross margins projected to return to above 30% levels [1]
小摩：瑞声科技(02018)管理层交出正面下半年毛利率展望 目标价上调至65港元