Investment Rating - The report maintains a "Buy" rating for AAC Tech, with a target price raised to HK$53.48, corresponding to a P/E ratio of 25.2 times FY25 earnings [1][4][19]. Core Insights - AAC Tech is expected to see a significant net profit increase of 130-145% year-on-year for FY24, reaching between RMB 17 billion and 18.2 billion, driven by the recovery in the global smartphone market and product upgrades across various segments [1][2]. - The company is projected to benefit from trends such as AI and foldable smartphones, as well as new orders in automotive audio systems from major clients like Xiaomi and Huawei [1][3][4]. - The report anticipates a revenue growth of over 10% in FY25, with a gross profit margin (GPM) target of 22-25% [3][4]. Summary by Sections Financial Performance - FY22 revenue was RMB 20.625 billion, with a 16.7% year-on-year growth, while FY23 revenue slightly declined by 1% to RMB 20.419 billion. For FY24, revenue is expected to increase by 35.2% to RMB 27.613 billion, followed by FY25 and FY26 with projected revenues of RMB 31.383 billion and RMB 34.183 billion respectively [5][23]. - Net profit for FY22 was RMB 821.3 million, which decreased by 37.6% year-on-year. In FY24, net profit is expected to rebound significantly to RMB 1.776 billion, with further growth to RMB 2.273 billion in FY25 and RMB 2.751 billion in FY26 [5][23]. Earnings Estimates - The report revises FY24-26 earnings per share (EPS) estimates upward by 1-4%, reflecting improvements in optical, acoustic, and MEMS sectors [1][19]. - The new EPS estimates for FY24, FY25, and FY26 are RMB 1.51, RMB 1.93, and RMB 2.34 respectively, with corresponding P/E ratios of 28.9, 22.6, and 18.7 [5][19]. Market Position and Catalysts - AAC Tech is positioned to capitalize on the launch of AI and foldable smartphones, new AI smart glasses, and automotive audio orders, which are expected to drive future growth [1][4][19]. - The report highlights the importance of product upgrades in various segments, including acoustic, MEMS, thermal management, and optical, as key growth drivers [1][3][4].
瑞声科技：多种增长动力和利润率将持续到 2025 年 ； 将 TP 提高至 53.48 港元-20250214