Core Viewpoint - Goldman Sachs has set a target price of HKD 68.6 for AAC Technologies (02018) and maintains a "Buy" rating, based on a projected P/E ratio of 25.6 for this year [5]. Financial Performance - AAC Technologies reported a year-on-year revenue increase of 15% to RMB 18.5 billion in the second half of last year, aligning with both Goldman Sachs' and market consensus expectations [5]. - The company's gross margin for mobile camera products rose to 12.6%, contributing to an overall average gross margin increase to 23% in the second half of last year, driven by product mix optimization and upgrades to high-end solutions [5]. - Operating expenses improved to 13.2%, better than Goldman Sachs' and market consensus estimates of 13.4% and 13.7%, respectively [5]. - Operating profit increased by 23% year-on-year, while net profit saw a 30% year-on-year rise [5]. Business Drivers - The growth in revenue was primarily driven by the sensor and semiconductor business, which experienced year-on-year growth rates of 151% and 18%, respectively [5]. - The company is collaborating with clients to develop its first AI hardware device's core motor components [5].
高盛：维持瑞声科技“买入”评级 25下半年经营费用率改善胜预期