Group 1 - The core viewpoint is that the recent "reciprocal tariffs" situation in the US presents limited cost impact on AAC Technologies, which has strong bargaining power, turning challenges into opportunities [1][2] - AAC Technologies has limited exposure to the US market, and its position in the upstream core component segment of the consumer electronics supply chain allows for indirect transmission of impacts [1] - The company has a global production capacity layout, optimizing its supply chain and minimizing adverse effects from tariff changes [1] Group 2 - Compared to other companies in the consumer electronics supply chain, AAC Technologies possesses strong competitive advantages and bargaining power due to its core technological capabilities in acoustics, motors, and related structural components [1] - The automotive business of AAC Technologies is primarily produced and sold within the same region, thus unaffected by tariff fluctuations [1] - The company is optimistic about its strong product capabilities in smartphones, automotive, and robotics, with ongoing upgrades in acoustics, motors, and structural components, as well as advancements in optical technologies [1] Group 3 - AAC Technologies is actively expanding into the robotics sector, focusing on both perception and execution stages, and is building vertical integration capabilities that include components, system-level modules, and algorithms [1] - The company is also making strides in the XR sector, enhancing its acoustic and optical layouts [1][2] - The trend of AI hardware upgrades is seen as unstoppable, with AAC Technologies positioned as a leading enterprise in acoustics, motors, optics, and structural components, enhancing its multidimensional competitiveness amid external fluctuations [2]
"对等关税"对瑞声科技(2018.HK)影响有限，且公司议价能力较强