Lyon released a research report on August 23, pointing out that the performance of AAC tech in the first half of the year exceeded expectations and returned to a growth trajectory. The gross margin of optical products increased by 21.7 percentage points to 4.7% annually, due to the improvement in average price and the rising demand for smart phones. With the improvement of product portfolio, the gross margin of acoustic products returned to the normal level of 30%. The gross margin of Premium Sound Solutions (PSS) reached 25% and expanded to domestic high-end new energy auto OEMs. The management expects that the group will benefit from the trend of AI phone heat dissipation boards, and the revenue of Vacuum Chamber will reach 1 billion yuan in the next three to five years. The bank reiterated its "outperform the market" rating on the group, with the target price raised from HKD 36.5 to HKD 38.6.