M N 25 Mar 2024 CMB International Global Markets | Equity Research | Company Update AAC Tech (2018 HK) Solid outlook for PSS merger & optics margin recovery; Maintain HOLD on fair valuation Target Price HK$22.44 AAC reported FY23 revenue of RMB20.4bn (-1.0% YoY) and net income of RMB740mn (-9.9% YoY), above consensus estimates mainly due to exchange (Previous TP HK$14.04) gains and other income. FY23 GPM came in at 16.9%, largely in line, and 2H23 Up/Downside (10.2%) GPM recovered to 19.2% (+1.4ppts YoY/+5. ...

3月21日，瑞声科技（02018）在香港举行2023年度业绩媒体发布会。 2023年全年，瑞声科技营收为人民币204.2亿元，毛利率为16.9%，净利润为人民币7.4亿元。其中，下半年收入为人民币112.0亿元，毛利率为19.2%，净利润为人民币5.9亿元，同比增长25.2%。 瑞声科技CFO郭丹在会上表示，去年下半年中高端智能手机市场需求率先复苏，瑞声科技业绩迎来了拐点，并预计2024年在声学、光学、结构件等方面业务表现，还将持续改善。预计2024年整体营收将有10~15%的提升，综合毛利水平也会恢复到20%以上。 此外，瑞声科技车载业务也将迎来重大进展。据郭丹透露，收购的PSS公司今年自从2月第一笔交割完成后会开始实行财务并表，在车载业务方面将带来30至35亿元的营收贡献，实现2亿元左右的净利润。PSS覆盖多数欧美高端品牌车企，无论是客户关系还是产品创新力都是业界领先，整合后PSS会主导整个车载业务的发展，AAC自身会更专注于算法，功放等本身资源的投入和发展并与之协同，同时收购PSS也有助于未来其他产品更快速导入车载领域以及公司整体业务的全球化布局。 预计2024年营收提升10~15%，综合毛利率20% ...

Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of RMB 20.42 billion, a slight decrease of 1.0% compared to RMB 20.63 billion in 2022[4]. - The company's net profit for 2023 was RMB 740 million, down 9.9% from RMB 821 million in the previous year, with a net profit margin of 3.6%[4][11]. - Gross profit for 2023 was RMB 3.45 billion, down 8.6% from RMB 3.78 billion in 2022, with the gross margin decreasing from 18.3% in 2022 to 16.9% in 2023[26]. - Basic earnings per share decreased to RMB 0.63 in 2023 from RMB 0.69 in 2022, reflecting a 8.7% drop[65]. - The company reported a profit attributable to owners of RMB 740 million in 2023, a decline of 9.9% from RMB 821 million in 2022, mainly due to lower gross profit[33]. Revenue Breakdown - Revenue from acoustic products decreased to RMB 7,498,965,000 in 2023 from RMB 8,868,384,000 in 2022, representing a decline of 15.4%[88]. - The group’s revenue for the optical business in 2023 was RMB 3.63 billion, reflecting a year-on-year growth of 12.7%[16]. - The group’s revenue for the electromagnetic transmission segment for the full year 2023 was RMB 8.25 billion, a year-on-year increase of 13.3%[18]. - Revenue from electromagnetic transmission and precision components increased to RMB 8,245,314,000 in 2023, up 13.3% from RMB 7,278,046,000 in 2022[88]. - In 2023, the optical business achieved revenue of RMB 1.86 billion in the second half, a year-on-year increase of 36.0% and a quarter-on-quarter increase of 4.8%[16]. Cash Flow and Liquidity - Operating cash flow reached RMB 4.63 billion, marking a five-year high, while free cash flow hit a record RMB 3.81 billion[7][12]. - Cash flow from operating activities was RMB 4,632.5 million in 2023, an increase from RMB 4,372.0 million in 2022[37]. - As of December 31, 2023, the company had cash and cash equivalents totaling RMB 6,824.5 million, a decrease from RMB 7,155.0 million in 2022, with 65.2% held in USD[44]. - The company recorded a net cash outflow of approximately RMB 3,170.6 million from financing activities, compared to RMB 1,438.7 million in 2022, primarily due to repayment of bank loans amounting to RMB 5,200.7 million[43]. Expenses and Cost Management - Administrative expenses decreased by 5.6% to RMB 978 million in 2023 from RMB 1,036 million in 2022, primarily due to reduced equity incentive plan expenses[28]. - Research and development expenses rose by 1.8% to RMB 1,573 million in 2023, driven by increased R&D activities for automotive and AR/VR new businesses[30]. - The total employee costs decreased from RMB 5,125,482 thousand in 2022 to RMB 4,574,064 thousand in 2023, a reduction of about 10.7%[95]. Inventory and Receivables - The inventory turnover days improved from 109 days at the end of 2022 to 80 days at the end of 2023, indicating better inventory management[12]. - As of December 31, 2023, trade receivables increased by RMB 1.08 billion to RMB 5.36 billion, with turnover days rising to 86 days[38]. - Trade and other receivables increased from RMB 5,531,160 thousand in 2022 to RMB 6,653,431 thousand in 2023, an increase of about 20.2%[69]. Dividends and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.10 per share for the fiscal year 2023, maintaining the same payout ratio of 15% as in 2022[12]. - The company proposed a final dividend of HKD 0.10 per share for 2023, down from HKD 0.12 per share in 2022, pending shareholder approval[105]. Strategic Initiatives and Acquisitions - The acquisition of Premium Sound Solutions (PSS) is expected to strengthen the company's offerings in the automotive audio system market[8]. - The group completed the acquisition of Acoustics Solutions International B.V. on February 9, 2024, marking a strategic move to diversify into the automotive sector and enhance audio solution offerings[23]. - The company aims to strengthen its market position in the smartphone industry and explore opportunities in mid-to-high-end models and emerging categories through continuous technological innovation[24]. Risk Management and Compliance - The company has implemented a corporate risk management framework to effectively identify, assess, mitigate, and monitor key strategic, market, financial, operational, and compliance risks[189]. - The company has implemented a trade compliance management system to address ongoing global trade tensions and potential regulatory impacts[59]. - The company is focused on managing liquidity and interest rate risks by maintaining a balanced RMB/USD borrowing portfolio[57]. Sustainability and Innovation - The company achieved a renewable energy generation of over 33.4 million kWh in 2023, an increase of over 66% compared to 2022, through the installation of a large solar photovoltaic system[193]. - The company was recognized as one of the "Top 100 Global Innovative Companies" in 2023 by an international intellectual property firm, highlighting its commitment to technological innovation[193]. - The company is committed to continuous investment in research and development to maintain its competitive edge and enhance user experience[55]. Shareholder Equity and Capital Structure - The total number of ordinary shares issued and fully paid as of December 31, 2023, was 1,198,500,000, down from 1,203,250,000 in 2022[154]. - The company raised a total of RMB 1,150,000,000 from four independent strategic investors, diluting its equity in Chenrui Optical from 100% to 90.42%[142]. - The company confirmed a contingent liability for capital repayment with a premium, due to contractual obligations, which is presented under non-current liabilities[143]. Financial Instruments and Investments - The fair value of financial liabilities measured at fair value through profit or loss includes a cross-currency swap contract valued at RMB 2,869,000[183]. - The company has recognized a gain of RMB 1,033,000 in other comprehensive income related to equity instruments classified as fair value through other comprehensive income[182]. - The fair value of listed unsecured bonds is RMB 4,889,467,000 as of December 31, 2023, compared to RMB 4,971,698,000 in the previous year[183].

智通财经APP获悉，瑞声科技(02018)午后涨超4%，截至发稿，涨4.35%，报18.22港元，成交额2430.09万港元。 消息面上，花旗发布研究报告称，公司预计将于3月底公布业绩，相信投资者会较关注2024财年前景。该行认为，管理层对新项目及利润前景的评论，可能会成为业绩电话会议的焦点。瑞声早前完成收购Premium Sound Solutions公司的交易，预期投资者反应正面。该行维持瑞声科技“买入”评级，计及一次性影响及向好的2024年盈利前景，目标价由22港元上调至25港元。 ...

Financial Performance - The company reported a revenue of at least RMB 30,000,000,000 for the fiscal year, which is a key performance target for the incentive plan[2] - The performance targets include maintaining a recurring pre-tax profit margin not lower than the average profit margin levels of the past three years (2013, 2014, and 2015)[2] Employee Incentives - The board has waived certain general vesting conditions under the incentive plan to enhance employee motivation and morale[2]

(於開曼群島註冊成立之有限公司) 股票代號: 2018 2023 中期報告 2023 中期報告 AAC 瑞聲科技是感知體驗解決方案的領導 者，以打造感知體驗技術的未來為企業目 標。瑞聲科技堅持技術創新，注重全球佈 局，經過數十年的行業深耕，我們與國內外 終端客戶建立緊密、長期、穩定的戰略合作 關係，在聲學、光學、電磁傳動、傳感器及 半導體、精密製造等領域擁有強大的綜合 競爭力。瑞聲科技的使命是為世界創造更 美好的感知體驗，願景是創造多元化價值 和成為體驗科技的領導者。在感知科學上， 瑞聲科技不斷創新，打造各類全新的交互 體驗，為行業注入新的活力。在未來，瑞聲 科技將在智能手機、智能汽車、虛擬現實、 增強現實、智能家居等多行業持續發力，開 創感知體驗新紀元。 www.aactechnologies.com 本中期報告之中英文版本如有不一致，概以英文版本為準。 此中期報告乃使用環保紙印刷。 目 錄 | 關於瑞聲科技 | | | --- | --- | | 公司資料 | 2 | | 核心發展戰略 | 3 | | 財務摘要 | 4 | | 中期回顧 | 5 | | 全球佈局 | 9 | | 管理層討論與分析 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：2018） 截至2023年6月30日止六個月之中期業績公佈 瑞聲科技控股有限公司（「瑞聲科技」或「本公司」）董事（「董事」）會（「董事會」） 欣然公佈，本公司及其附屬公司（統稱為「本集團」）截至2023年6月30日止六個月 （「2023年上半年」）之未經審核中期業績連同2022年同期（「2022年上半年」）之比較數 字。 該等未經審核簡明綜合財務報表已由本公司核數師德勤•關黃陳方會計師行及本公司審核及 風險委員會審閱，並經董事會於2023年8月24日批准。 2023年中期業績摘要（未經審核）： （人民幣百萬元） 2023年上半年 2022年上半年 按年% 收入 9,219 9,412 -2.0% 毛利 1,297 1,783 -27.2% 毛利率 14.1% 18.9% -4.8個百分點 ...

(於開曼群島註冊成立之有限公司) 股票代號: 2018 年 報 2022 AAC 瑞聲科技是感知體驗解決方案的領導 者，以打造感官體驗技術的未來為企業目 標。瑞聲科技堅持技術創新，注重全球佈 局，經過數十年的行業深耕，我們與國內外 終端客戶建立緊密、長期、穩定的戰略合作 關係，在聲學、光學、電磁傳動、傳感器及半 導體、精密製造等領域擁有強大的綜合競爭 力。瑞聲科技的使命是為世界創造更美好的 感知體驗，願景是創造多元化價值和成為體 驗科技的領導者。在感知科學上，瑞聲科技 不斷創新，打造各類全新的交互體驗，為行 業注入新的活力。在未來，瑞聲科技將在智 能手機、智能汽車、虛擬現實、增強現實、 智能家居等多行業持續發力，開創感知體驗 新紀元。 www.aactechnologies.com 本年報乃使用環保紙印刷。 本年報之中英文版本如有不一致，概以英文版本為準。 目 錄 | 關於瑞聲科技 | | | --- | --- | | 公司資料 | 2 | | 核心發展戰略 | 3 | | 財務摘要 | 6 | | 全球佈局 | 8 | | 里程碑 | 10 | | 行政總裁報告 | 12 | | 管理層討論與分析 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：2018） 截至2022年12月31日止年度之業績公佈 瑞聲科技控股有限公司（「瑞聲科技」或「本公司」）董事（「董事」）會（「董事會」） 欣然公佈，本公司及其附屬公司（統稱為「本集團」）截至2022年12月31日止年度之綜合財 務報表連同2021年同期之比較數字。 該等綜合財務報表已由本公司核數師德勤•關黃陳方會計師行及本公司審核及風險委員會 審閱，並經董事會於2023年3月23日批准。 2022年全年業績摘要： 2022年 2021年 （人民幣百萬元） 2022年 2021年 按年% 第四季度 第四季度 按年% 收入 20,625 17,667 +16.7% 5,840 4,812 +21.4% 毛利 3,775 4,365 -13.5% 970 986 -1.6% 毛利率 18.3% 24.7% -6.4個百分點 16.6% 20.5% -3.9個百分點 ...