Core Viewpoint - Goldman Sachs maintains a positive outlook on AAC Technologies (02018) due to the expanding applications of edge AI devices in its components, including acoustic devices, MEMS microphones, and haptic feedback devices [1] Group 1: AI Smartphone Solutions - The collaboration between ZTE and ByteDance's Doubao has led to the launch of the AI smartphone prototype Nubia M153, enhancing the importance of acoustic devices in AI smartphones [2] - AAC Technologies provides solutions such as X-axis linear motors and dual speakers to optimize user experience when interacting with AI assistants via voice commands [2] - The increased computational power of AI smartphones is driving growth in thermal management needs, benefiting AAC Technologies' vapor chamber (VC) business [2] Group 2: AI/AR Glasses - Voice commands play a crucial role in AI/AR glasses, exemplified by Alibaba's new AI glasses, Quark S1, which utilize a multi-microphone setup for voice interaction [3] - The design characteristics of miniaturization, thinness, and lightweight features are critical for user comfort and battery life, directly impacting daily usage time [3] - AAC Technologies can achieve miniaturization and low power operation without sacrificing voice performance, positioning the company favorably in the market [3] - The anticipated increase in camera numbers and the application of optical combiners in AR glasses present new growth opportunities for AAC Technologies [3] Group 3: Innovative Edge AI Devices - Continuous upgrades of foundational large models are generating various innovative edge AI devices, broadening AAC Technologies' terminal market [4] - Voice commands are identified as a core function for all edge AI devices, benefiting AAC Technologies' acoustic and microphone businesses [4] - The company can customize solutions for AI devices, such as a 70 dB high-quality low-power microphone and a "three-in-one" prism solution for enhanced visual signals [4] - Observations indicate that AI foundational model suppliers are developing customized versions for edge devices, aiming for low-latency operation and enhanced AI functionalities [4] Group 4: Valuation - Goldman Sachs assigns a "buy" rating to AAC Technologies with a 12-month target price of HKD 68.6 [5]
高盛看好瑞声科技AI业务持续扩张，目标价68.6元，评级买入