Group 1 - Core viewpoint: Goldman Sachs raised the 12-month target price for AAC Technologies (02018) from HKD 63.6 to HKD 68.6 based on a 25.6x expected P/E ratio for 2026, maintaining a "Buy" rating, anticipating profit margin improvements from 2025 to 2027 due to favorable product mix and enhanced production efficiency [1] Group 2 - AI smartphone VC products: AAC Technologies' VC products are benefiting from increasing penetration in various smartphone models, material upgrades, and the expansion of VC area in foldable smartphones. The company is developing new products for high-end smartphones, including large aluminum liquid cooling VC plates. The VC penetration rate is expected to rise from 1% in 2024 to 5%/10% in 2025/26 [1] Group 3 - Acoustic/tactile solutions for AI glasses and edge AI devices: The rise of generative AI is expected to drive growth in edge AI devices, which may be upgrades of existing devices or entirely new products for user interaction with AI agents. AI/AR glasses are seeing performance enhancements and AI functionalities that improve user experience, benefiting AAC Technologies as a leading supplier of acoustic and tactile solutions [2] Group 4 - Changes in smartphone design: The company is optimistic about the Apple supply chain, as changes in smartphone design (such as thinner and foldable models) will drive market demand and enhance value. These design changes are expected to increase the value of components supplied by AAC Technologies, such as ultra-thin haptic motors and larger heat dissipation plates [3]
高盛：维持瑞声科技(02018)“买入”评级 上调目标价至68.6港元