Group 1 - The core viewpoint of the news is that AAC Technologies is accelerating the commercialization of AR technology through the acquisition of Finnish waveguide company Dispelix, enhancing its capabilities in AI and perception integration [1][2]. - The acquisition of Dispelix is expected to be completed in the first half of 2026, making it a wholly-owned subsidiary, and aims to leverage both companies' strengths in optical design and manufacturing [2]. - AAC Technologies is collaborating with leading OEMs to develop next-generation AR devices and is working with major mobile ecosystem builders to advance XR reference design hardware platforms [2]. Group 2 - The company is empowering the "Doubao AI Phone" by providing core hardware support, facilitating the evolution from a "tool" to an "intelligent agent" [3]. - The Doubao AI Phone, developed in collaboration with ZTE, features advanced voice interaction capabilities and aims to create a natural and trustworthy smart interaction experience [3]. - AAC Technologies is enhancing its optical and XR layout through the acquisition of Dispelix, which will support the development of next-generation AI phones and wearable devices [3]. Group 3 - AAC Technologies is collaborating with Alibaba on the Quark AI Glasses S1, which features a high-precision microphone system designed to improve voice interaction experiences [4]. - The innovative microphone system includes a 5-microphone array and bone conduction technology, reducing size by 25% and power consumption by 50%, while achieving a high signal-to-noise ratio [4]. - This collaboration aims to provide users with a seamless interaction experience in various environments, enabling precise command execution [4]. Group 4 - The investment outlook for AAC Technologies is positive, with projected revenues of 32.2 billion, 36 billion, and 40 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the same years [5].
中邮证券：维持瑞声科技(02018.HK)"买入"评级，多维感知技术驱动"AI+终端"进程