Core Viewpoint - CICC maintains a positive outlook on AAC Technologies (02018), projecting net profit for 2025/2026 at 2.456/2.866 billion yuan, with current stock price corresponding to P/E ratios of 20.3x/17.1x for 2025/2026, and a target price of HKD 61.0, indicating a potential upside of 34.5% from the current price [1] Group 1 - The company's 1H25 earnings met both CICC's and market expectations, with revenue increasing by 18% year-on-year to 13.318 billion yuan and net profit rising by 63% to 876 million yuan [2] - The significant profit growth is attributed to the continuous improvement in the optical business, driven by high-end strategies and lean operations, with optical revenue growing by 20% to 2.65 billion yuan and gross margin increasing by 5.5 percentage points to 10.2% [2][3] - The electromagnetic transmission and precision components business experienced rapid growth, with revenue increasing by 27% to 4.63 billion yuan while maintaining stable gross margins [2] Group 2 - The optical business saw a dual increase in revenue and profitability, with 1H25 optical revenue growing by 20% to 2.65 billion yuan and gross margin reaching 10.2%, marking a continuous quarterly increase [3] - In the plastic lens segment, the shipment proportion of 6P and above exceeded 18%, with stable shipments of 7P, leading to a gross margin increase of over 10 percentage points [3] - The company achieved breakthroughs in high-end flagship models for Android, indicating a positive outlook for revenue and profit growth in the second half of 2025 [3] Group 3 - The company is leveraging AI to enhance hardware upgrades, with the electromagnetic transmission and precision components revenue growing by 27% to 4.63 billion yuan, driven by innovative applications in collaboration with overseas clients [4] - The demand for high-performance MEMS microphones due to AI voice interaction has led to a 56% year-on-year increase in sensor and semiconductor revenue to 610 million yuan, with expectations for continued performance release in the second half [4] - The company is well-positioned to benefit from the trend of ultra-thin designs in speaker products and is expected to see rapid growth in VC cooling technology in flagship models [4] Group 4 - AAC Technologies has a strong technical foundation in acoustic systems, optical systems, and precision components, and is expected to replicate its manufacturing and design capabilities from smartphones to emerging fields, creating diverse business growth engines [5]
中金：维持瑞声科技(02018)跑赢行业评级 目标价61港元