新一轮盈利周期保持完好

Result Takeaway In-line 1H25 result, GM a missdue to shift in product mix AAChanded in a set of in-line 1H25 result,with revenue and net profitattributable to shareholders arrived at RMB13,318mn/RMB876mn respectively(+18.4%/+63.1%Yoy),and each accounted for43%/36% of FY25E consensusestimates, (vs.44%/30% on average in FY22-24). As expected,AACdid notdeclare interim dividends,we still believe a 15%payout ratio can bemaintained in FY25E/26E 25/8/2025 Hayman Chiuhayman.chiu@cinda.com.hk(852) 2235 7677 ThoughAAC’s1H25blended GMstoodat above20%, it slipped 0.8ppts Yoy/1.9pptsHoH to 20.7%,falling behind both FY25E Bloomberg consensus(23.3%)and ourFY25Eestimates (22.8%).We attributed theGMslipmainlytonew products’initial ramp up(i.e. low yield)during the period(incl. acousticsand microphones), whileoptics GMcame in better than our expectation, whichis a bright spot in 1H25.Managementexpects 2H25 revenue growth would besimilar to 1H25(vs. +10-15% guidance in March), while GM to improve HoH asnew productsbegan mass production and shipment,in which acoustics/optics/mechanics(EM+precision)/MEMS GM were guided at 10-15%(lens/CCM:>30%/4-6%) /18-22%/15-20% respectively.Management expectsAIsmartphone and form factor changes(slim and foldables)to driveacoustics/haptic/heat dissipation business.Below are the 1H25 resulthighlights: Trading data 52-Week Range (HK$)3 Mth Avg Daily Vol (m)No of Shares (m)Market Cap (HK$m)Major Shareholders (%)AuditorsResultDue54.80/27.406.701,174.8951,366.2Benjamin Pan(43%)DeloitteFY25E:Mar 2026 Companydescription Acoustics(~26% ofrevenue):Salesgrowth remained stable at 1.8%YoytoRMB3,523mn,with GMdown 2.7ppt Yoy to27.2%.We view relatively stablehigh-endAndroid demand andnew products would drive ASP to go up, whichwould support GMto stay>30% level and trending towards mid-30sin themedium term.Meanwhile, spec upgrade by AI phone will be more visible in2H25 / 2026. Foundedin 1993,AAC Technologies is theleadingminiatureacoustic component supplierforhandheld deviceswith 30%globalmarket share.Currently Apple and Nokia are its key customers.About 60% salesisgenerated by smartphone andtablet related business AAC currentlyruns aflexible business model for automotive acoustics, thatcan offer combination of products and services to meet clients’ demand.Forinstance, comprehensive solution from ultra-flagship to high cost-performanceby covering a set of audio solutions includingsingle component(amplifiermodule,speaker set),tuning services,software systems and a flexiblecombination ofboth.As acoustic system would become one of the corecomponents of the intelligent cockpit, we believe AAC could ride on theirongoing expertise and leadership in acoustic solutions to fulfill clients’ need,this would be a new marketniche for AAC to further explore and expandinmid-longrun. PSS-automotive & consumer acoustics (~13% of revenue):Revenuecame in at RMB1.7bn(+14.2% Yoy)and GM at23.9% (vs. FY24 at25%).Management expects growth from PSS would be stable in the near term.AACManagementpreviouslyestimates PSS has 15-20% market share in globalautomotive speaker market,theycan leverage onPSS to strengthen AAC’spresence in global automotive acoustics equipment industry.AACManagement expects there’s room for margin expansion, driven by betterefficiency and integration of resources. Sources:Bloomberg, CIRL Optics (~20% of revenue):Revenue grew19.7% Yoy to RMB2,647mn, thanksto improved industry and competitivelandscape, which drove both shipment and ASP in lenses and CCM,hence drivingblended GMfurther expanded by5.5ppts Yoy to 10.2%, better than our FY25E estimates at high single digit, in whichplasticlensfurther expanded to~30%(vs. 1H24 at 16.7%),and targets 40% GM in mid-term. AAC’s 6P and above lens accounted for >18% of total shipment in 1H25, while also 7P lens projects achieved stableshipments, in addition, their WLG technology continued to gain positive feedback from smartphone OEMs for itsoutstanding optical performance, successfully commenced exclusive mass production and supply of its WLG-basedultra-light micro-prismsolution for a customer’s flagship smartphone. Management targets to ship ~15mn/20mnWLGunits in FY25E/26E, with improving yield rate, Management expects GM to reach 30-35% by end 2025 and strive toreach plastic lens’ GM in mid-term. AAC proactively collaborates with clients in developing optics products (e.g.telephoto lenses, micro prisms) for future adoption in more high-end and flagship models. Meanwhile,CCMrevenue grew >20% Yoy, driven by rapid shipment ramp of mid-high end products, which in ourview supported ASP andGMupside Yoy. In 1H25 >32MP CCM shipment volume accounted for >34% of totalshipment volume (+3 ppts Yoy), while OIS modules revenue rocketed 1.5x Yoy to RMB 800mn. Looking forward, withmorehigh-endproductsto be shipped (e.g. OIS, periscope module) in 2H25, we expect CCM GM still have room toimprove. AAC’s optics segment profitsuccessfullyturnaround in 4Q24, we continue tobeliev