CICC's report states that AAC Tech's first-half revenue increased by 22% year-on-year to CNY 11.25 billion, which is in line with the bank's expectations. The growth is mainly attributed to the moderate recovery of the mobile phone market, improved product portfolio, and the contribution of Premium Sound Solutions (PSS) at CNY 1.51 billion. Net income increased by 257% year-on-year to CNY 0.537 billion, exceeding the bank's and market's expectations. The bank mentioned that due to the significant improvement in optical revenue profitability and the growth potential brought by AI terminal devices, it raised the company's net income for 2024 and 2025 by 33% to CNY 1.56 billion and CNY 18.4 billion, respectively. The target price was also increased by 36% to HKD 37, while maintaining an "outperform" rating for the industry.
研报掘金｜中金：上调瑞声科技目标价至37港元 维持“跑赢行业”评级
Research Reports｜CICC: Raises AAC Tech's target price to HK$37, maintains 'outperform' rating
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