AAC Technologies 2018

[winston]

vested

AAC Technologies (2018 HK) 1H25: Margins Miss Due To Product Transition;

Meaningful Recovery In 2H25 AAC’s 1H25 results were a mixed bag, with revenue in line but margins missing expectations, primarily due to the product transition period for the acoustics segment and product mix changes.

Bottom line was nevertheless a beat, thanks to a one-off fair value change.

Going into 2H25, we expect margins to recover once the transition completes, with the second half typically being the stronger season for the company due to product cycles.

Maintain BUY; keep target price unchanged at HK$57.70.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email