Group 1: Company Overview - The company, Dary Electronics, focuses on lightweight materials, particularly carbon fiber, for various applications including smartphones, computers, smart glasses, drones, and AI devices [2][3]. - The company aims to create a lightweight materials platform to meet the complex performance demands of end-side AI devices [2]. Group 2: Performance and Strategy - The company is committed to strategic breakthroughs and healthy operations, focusing on market changes and customer needs [3]. - In 2026, the company plans to include Vistech in its consolidated financial statements and enhance collaboration to develop innovative lightweight composite materials [3]. Group 3: Profitability and Market Position - The company emphasizes high-quality growth and aims to improve profitability through strategic acquisitions and the development of high-value lightweight composite structures [3][4]. - The company’s strategy includes deepening relationships with key clients to ensure stable revenue and cash flow, leveraging their market leadership to guide development [4]. Group 4: Market Impact and Customer Relations - Current stable orders indicate that rising storage prices have not significantly impacted the company's business [4]. - The company will continue to focus on its major client strategy, enhancing cooperation with core customers to ensure steady business growth [4].

Group 1 - Hong Kong Exchanges and Clearing Limited launched the Hong Kong Stock Exchange Technology 100 Index, which includes liquidity hard indicators and R&D growth soft thresholds for constituent stocks [1] - The selected stocks must have an average daily trading volume of at least HKD 20 million over the past six months and either R&D expenditure accounting for over 3% of revenue or revenue growth exceeding 5% over the past two years [1] - Notable companies included in the index are AAC Technologies (02018.HK), Tencent Holdings (00700.HK), CATL (03750.HK), and SMIC (00981.HK) [1] Group 2 - AAC Technologies has made significant business advancements, including the full acquisition of Finnish waveguide company Dispelix and collaboration with leading global mobile terminal ecosystem builders to develop next-generation XR reference design hardware [2] - The company is also working with several top global manufacturers to develop next-generation AR devices and has secured partnerships for "Doubao AI Phone" and Quark AI glasses, providing critical support in areas such as X-axis linear motors and acoustic systems [2] - Goldman Sachs has a positive outlook on the company's components for edge AI devices, predicting growth opportunities from the increasing number of cameras in AR glasses and the application of optical combiners [2] - The firm maintains a "Buy" rating with a 12-month target price of HKD 68.6, while Zhongyou Securities also supports the company's "AI + perception" strategy with a "Buy" rating [2]

Group 1 - Hong Kong Exchanges and Clearing Limited launched the Hong Kong Stock Exchange Technology 100 Index, which includes stocks that meet specific liquidity and R&D growth criteria [1] - Selected stocks include AAC Technologies (2018.HK), Tencent Holdings (00700), CATL (03750), and SMIC (00981) [1] - AAC Technologies reported a revenue of HKD 13.32 billion for the first half of 2025, a year-on-year increase of 18.4%, and a net profit of HKD 876 million, up 63.1% year-on-year [1] Group 2 - AAC Technologies has made significant business advancements, including the acquisition of Finnish waveguide company Dispelix and collaborations on next-generation AR devices [1] - The company is also involved in partnerships for "Doubao AI Phone" and Quark AI glasses, enhancing its "AI + perception" strategy [1] - Goldman Sachs expressed optimism about the growth opportunities for AAC Technologies in the end-side AI device market, particularly in AR glasses and optical combiners [2] - The firm maintains a "buy" rating with a 12-month target price of HKD 68.6 [2] - Zhongyou Securities also supports the company's "AI + perception" strategy, maintaining a "buy" rating [2]

Core Viewpoint - Goldman Sachs maintains a positive outlook on AAC Technologies (02018) due to the expanding applications of edge AI devices in its components, including acoustic devices, MEMS microphones, and haptic feedback devices [1] Group 1: AI Smartphone Solutions - The collaboration between ZTE and ByteDance's Doubao has led to the launch of the AI smartphone prototype Nubia M153, enhancing the importance of acoustic devices in AI smartphones [2] - AAC Technologies provides solutions such as X-axis linear motors and dual speakers to optimize user experience when interacting with AI assistants via voice commands [2] - The increased computational power of AI smartphones is driving growth in thermal management needs, benefiting AAC Technologies' vapor chamber (VC) business [2] Group 2: AI/AR Glasses - Voice commands play a crucial role in AI/AR glasses, exemplified by Alibaba's new AI glasses, Quark S1, which utilize a multi-microphone setup for voice interaction [3] - The design characteristics of miniaturization, thinness, and lightweight features are critical for user comfort and battery life, directly impacting daily usage time [3] - AAC Technologies can achieve miniaturization and low power operation without sacrificing voice performance, positioning the company favorably in the market [3] - The anticipated increase in camera numbers and the application of optical combiners in AR glasses present new growth opportunities for AAC Technologies [3] Group 3: Innovative Edge AI Devices - Continuous upgrades of foundational large models are generating various innovative edge AI devices, broadening AAC Technologies' terminal market [4] - Voice commands are identified as a core function for all edge AI devices, benefiting AAC Technologies' acoustic and microphone businesses [4] - The company can customize solutions for AI devices, such as a 70 dB high-quality low-power microphone and a "three-in-one" prism solution for enhanced visual signals [4] - Observations indicate that AI foundational model suppliers are developing customized versions for edge devices, aiming for low-latency operation and enhanced AI functionalities [4] Group 4: Valuation - Goldman Sachs assigns a "buy" rating to AAC Technologies with a 12-month target price of HKD 68.6 [5]

Core Viewpoint - Goldman Sachs maintains a positive outlook on AAC Technologies (02018) due to the expanding application of edge AI devices in its components, including acoustic devices, MEMS microphones, and haptic feedback devices [1] Group 1: AI Smartphone Solutions - The collaboration between ZTE and ByteDance's Doubao has led to the launch of the AI smartphone prototype Nubia M153, enhancing the importance of acoustic devices in AI smartphones [2] - AAC Technologies provides solutions such as X-axis linear motors and dual speakers to optimize user experience when interacting with AI assistants via voice commands [2] - The increased computational power of AI smartphones is driving growth in thermal management needs, benefiting AAC Technologies' vapor chamber (VC) business [2] Group 2: AI/AR Glasses - Voice commands play a crucial role in AI/AR glasses, exemplified by Alibaba's new AI glasses, Quark S1, which utilize a multi-microphone solution for voice interaction [3] - The design requirements for AI/AR glasses emphasize miniaturization, thinness, and low power consumption, which directly affect user comfort and battery life [3] - AAC Technologies can achieve small, thin, and lightweight designs without compromising voice performance, presenting growth opportunities in the AR glasses market [3] Group 3: Innovative Edge AI Devices - Continuous upgrades of foundational large models are creating various innovative edge AI devices, expanding AAC Technologies' terminal market [4] - Voice commands are identified as a core function for all edge AI devices, benefiting AAC Technologies' acoustic and microphone businesses [4] - Customized solutions for AI devices, such as a 70 dB high-quality low-power microphone and a "three-in-one" prism solution for enhanced visual signals, are being developed [4] Group 4: Valuation - Goldman Sachs has assigned a "buy" rating to AAC Technologies with a 12-month target price of HKD 68.6 [4]