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穆迪上调瑞声科技(02018.HK)发行人评级展望至正面
Ge Long Hui· 2025-08-01 06:11
Core Viewpoint - Moody's has confirmed AAC Technologies Holdings Inc.'s "Baa3" issuer rating and senior unsecured debt rating, upgrading the outlook from stable to positive, reflecting the company's leading position in acoustic and haptic components, improving business diversification, and strong capital structure and liquidity [1] Group 1: Financial Performance and Projections - Moody's expects AAC Technologies' revenue to grow approximately 10% annually over the next 12-18 months, driven by a strong product portfolio and increasing customer penetration [1] - The EBITDA margin is projected to remain around 19% in 2024, with the adjusted debt-to-EBITDA ratio expected to decrease to about 2.0 times by the end of 2025 due to increasing EBITDA and stable debt levels [1] Group 2: Business Segments - In the optical business, AAC Technologies has established itself as a key supplier, with significant contributions expected from high-end products and improved operational efficiency over the next 12-18 months [2] - The automotive business is benefiting from synergies gained from the acquisition of Premium Sound Solutions (PSS), enhancing product diversification and market exposure [2] - The optical business has achieved a CAGR of 36% since 2019, with revenue expected to exceed 5 billion RMB in 2024, and the company ranks among the top three globally in optical lens shipments [2] - The automotive acoustic business is also experiencing rapid growth, with projected revenue of 3.52 billion RMB and a gross margin of 24.8% in 2024, with products widely used by both traditional and luxury car brands [3]
现金流优于预期 小摩维持波音(BA.US)债券“增持“评级
Zhi Tong Cai Jing· 2025-07-31 08:41
Core Viewpoint - Boeing's second-quarter performance exceeded expectations due to improved operational efficiency and increased commercial aircraft deliveries, with cash flow surpassing company guidance [1] Group 1: Financial Performance - Boeing's second-quarter results were bolstered by operational efficiency and a rise in commercial aircraft deliveries [1] - The company reported a free cash flow of approximately -$200 million in the second quarter, excluding DOJ payments, and expects third-quarter free cash flow to be similar [1] - Boeing anticipates a full-year free cash flow of -$3 billion for 2025, better than market expectations of -$3.4 billion, which includes a $700 million payment to the U.S. Department of Justice [1] Group 2: Production and Delivery - The production rate for the 737 reached 38 aircraft per month in the last quarter, with plans to stabilize this rate at 42 aircraft per month by late 2025, pending FAA approval [1] - Boeing believes it can exceed the initial delivery forecast of 400 aircraft for the 737 beyond 2025 [1] - The production rate for the 787 has recently increased from 5 aircraft per month to 7 aircraft per month [1] Group 3: Market and Trade Considerations - JPMorgan maintains an "overweight" rating on Boeing bonds, citing increased backlog orders and favorable treatment of the aerospace and defense industry in current trade negotiations [1] - The company feels more optimistic about tariff costs, previously estimating annual tariff-related costs to be below $500 million [1] - Long-term fair value for Boeing's 30-year bonds is considered to be T+100 basis points, as the company's credit profile is expected to improve over time [1]