FY25 同步；自动/热/边缘AI和边际复苏将推动2026-27E的收益增长

margin recovery to driveearnings growth in 2026-27E FY25 in-line;auto/thermal/edgeAI andmarginrecovery to driveearningsgrowth in 2026-27E Target PriceHK$55.27(Previous TPHK$60.55)Up/DownsideCurrent PriceHK$32.22 AAC's FY25 revenue/net profit (+16%/+40% YoY) are broadly in-line withour/consensus estimates, driven by improving profitability in optics and robustgrowth in auto/thermal businesses, despiteweakerGPM dragged by acousticsmargin.During earnings call,mgmt. provideddetailedpositive2026 guidance,(16-17% YoY as in 2025, stable GPM),new growth drivers(thermal/auto/XR/AIhardware) andopportunityin AI serverthermal M&A, which should ease marketconcerns on2026growthoutlookamidsmartphone headwinds. We adjustedour estimates toreflectFY25 results,industryheadwinds andstronger thermal/optics/autobusiness. Our new SOTP-based TP of HK$55.27implies20.0x China Technology Alex NG(852) 3900 0881alexng@cmbi.com.hk Hanqing LIlihanqing@cmbi.com.hk FY25 in-line; optics profitability and thermal the bright spots.AAC'sFY25 revenue grew 16.4% YoY to RMB 31.8bnandNP surged 39.8% YoYto RMB 2.51bn, whileGPMslightly missedat 22.1%(vs22.5%/22.8%our/consensus) due to acousticsproduct mix changes.In particular,thermalVC and sensor&semi delivered robust growth of400%/103% YoY, whileacoustics/auto/optics grew2%/16%/15%YoY. Inaddition,opticsbusiness 2026E outlook: Positiverevenueguidancewith auto/thermal as keydrivers.Mgmt. provided a solid set of guidance across business lines for2026E: 1)company: +16-17% YoY and stable GPM; 2) Acoustics: +5-10%YoY, better GPM, 3) optics: plastic lens flat shipment with 5-10% ASP hikeand module GPM 4-5%, 4) PM: +30% YoY, better GPM, 5) Auto PSS: +15-20% YoY, better GPM, 6) MEMS: +15-20% YoY, better GPM. Overall, webelieve AAC is well-positioned to capture emerging AI opportunities with More growth drivers ahead; Maintain BUY.On top of near-term AI/foldable phone upgrade, we are positive onAAC'sacceleratedexpansioninto high-growth non-handset segments: 1)automotivewith 53.7% stake inHebei First Light; 2) AR waveguidewithacquisitionofDispelix, 3) AI serverliquid coolingwithacquiringJyundei.Our new SOTP-based TP of HK$55.27 Source:FactSet 2025results review Earningsrevision Valuation Maintain BUY with new TP of HK$55.27 Our new TP of HK$55.27is based on SOTP to reflect business diversification with differentgrowth profiles and visibility. Our TP is based on weighted-average target P/E multiple of20.0x FY26E P/E, 11% below historical forward P/E mean of 22.5x,given near-termheadwinds on auto/smartphone industry. We assign20x/20x P/E to acoustics/MEMS, 20xP/E to PSS,20xP/E to ED & PM, and 20x P/E to optics(rollover from prior25x, 25x, 25x,28x2025 P/E)due to smartphone/auto industry uncertainties mentioned above.Near-term Source: Bloomberg, CMBIGM estimates Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report,in whole or in part, certifies that with respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of hisor her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and FuturesCommission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed.This report is not and should not be construed as an offer or solicitat