Group 1 - The core viewpoint of the report is that the company maintains a "Buy" rating for AAC Technologies (02018) with a target price of HKD 55.56, following its acquisition of AR diffractive waveguide technology leader Dispelix to enhance its presence in the "AI + Perception" field [1] - The acquisition of Dispelix is expected to be completed in the first half of 2026, allowing the company to combine Dispelix's expertise in waveguide design and manufacturing with its own strengths in optics, precision manufacturing, and system-level integration, creating strong synergies [2] - The company aims to innovate products in smart terminals such as smartphones, wearable devices, and smart cars, leveraging its deep experience in multi-dimensional perception technologies like acoustics, haptics, and optics to provide enhanced performance and responsiveness [2] Group 2 - The company has achieved breakthroughs in optical products, with the WLG single-mold comprehensive output increasing by 6-7 times after process and major equipment upgrades, significantly surpassing traditional technologies in yield, precision, and optical performance [3] - The newly developed 1G6PWLG lens and super-light-passing prism have been adopted in the latest flagship models of clients, showcasing superior optical performance, including larger apertures, higher resolution, and thinner lens thickness compared to traditional optical lenses [3] - The super-light-passing prism, manufactured using the company's WLG integrated forming technology, increases light intake by 30%, enhancing the shooting effect of periscope telephoto lenses in complex lighting conditions while reducing module size by 10%, thus compressing smartphone thickness [3]
国元国际：维持瑞声科技“买入”评级 持续构建AI时代感知能力