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].

该行指出，瑞声去年下半年营收年同比升15%至185亿元人民币，整体符合该行与市场共识预期，主要 受感测器与半导体业务及精密机械业务驱动，两者去年下半年年增长率分别达151%及18%，公司称正 与客户共同开发其首款AI硬体设备的核心马达组件。经营费用率改善至13.2%，优于该行及市场共识预 估的13.4%及13.7%，带动经营溢利同比增23%，净利润同比升30%。 智通财经APP获悉，高盛发布研报称，予瑞声科技(02018)目标价68.6港元，投资评级维持"买入"，以今 年预测市盈率25.6倍为目标。去年下半年手机相机毛利率持续升至12.6%，受惠产品组合优化及客户规 格升级至高阶解决方案，带动去年下半年综合平均毛利率提升至23%。 ...