Core Viewpoint - AAC Technologies (02018) has seen a nearly 7% increase in stock price, currently trading at 50.5 HKD, with a trading volume of 643 million HKD, ahead of its mid-year earnings announcement scheduled for August 21 [1] Group 1: Financial Performance Expectations - According to CMB International, AAC Technologies is expected to report a year-on-year revenue growth of 24% and a net profit growth of 66% for the first half of the year, driven by upgrades in acoustic and haptic product specifications from major US clients, increased orders for thermal products, acquisition of automotive acoustic client orders, and improved profitability in optical business [1] - Bank of America Securities indicates that AAC Technologies is benefiting from the upgrade of smartphone component specifications and an improved environment for optical products, suggesting a stabilization in growth and a return to an upward cycle [1] Group 2: Future Growth Projections - Bank of America forecasts that AAC Technologies' revenue will experience double-digit growth from 2025 to 2027, with an improvement in profit margins [1] - The strategic shift of major competitor Sunny Optical towards the high-end market is expected to create greater growth opportunities for AAC Technologies in the mid to high-end market segments [1]

Core Viewpoint - 招银国际 raised the target price for 瑞声科技 from HKD 58.78 to HKD 63.54, maintaining a "Buy" rating, reflecting strong growth in optical and precision components business [1] Group 1: Financial Performance - 瑞声科技's revenue and net profit are expected to grow by 24% and 66% year-on-year for the first half of the year, driven by upgrades in acoustic and haptic products for major US clients, increased orders for thermal products, and improved profitability in optical business [1] - Earnings per share forecasts for 2025 to 2027 have been raised by 8% to 12% due to better-than-expected growth in optical and precision structure components [1] Group 2: Market Opportunities - 瑞声科技 is well-positioned to capitalize on new opportunities in AI smartphones, AI glasses, automotive acoustics, optical products, and robotics, leveraging its technological advantages across multiple product lines [1] - The global and Chinese smart glasses markets are expected to grow by 43% and 121% year-on-year, respectively, with 瑞声科技 benefiting from this trend as more tech companies enter the AI glasses market [2] Group 3: Product Development - In the AI glasses sector, 瑞声科技 has achieved system-level design integration of sound, light, and touch, successfully shipping products to notable domestic clients [2] - The company is transitioning to a system-level perception solution provider in the robotics field, showcasing a range of micro-motor products at CES 2025, which are applied in robotic dexterous hands [2] - In the smart automotive sector, 瑞声科技 is enhancing its physical AI ecosystem through acquisitions, with products being widely used in both traditional and new automotive brands [2]

Core Viewpoint - 招银国际 has raised the earnings per share forecast for 瑞声科技 (02018) for 2025 to 2027 by 8% to 12%, driven by better-than-expected growth in optical and precision components business, as well as improved profitability in optical products [1] Group 1: Financial Performance - 瑞声科技 is expected to achieve a year-on-year revenue growth of 24% and a net profit growth of 66% in the first half of the year, primarily due to upgrades in acoustic and haptic product specifications from major US clients, increased orders for thermal products, acquisition of automotive acoustic client orders, and improved profitability in the optical business [1] Group 2: Future Outlook - Looking ahead to the second half of this year and into 2026, 瑞声科技 is well-positioned to capitalize on new opportunities and specification upgrade trends in AI smartphones, AI glasses, automotive acoustic and optical products, and robotics, thanks to its technological leadership across multiple product lines [1] Group 3: Target Price and Rating - 招银国际 has increased the target price for 瑞声科技 from 58.78 HKD to 63.54 HKD while maintaining a "Buy" rating [1]