AAC Technologies Holdings Inc 02018

Morningstar Rating

Company Report

AAC Technologies Ventures Into Data Center Markets, and Sees Better Outlook in Precision Components

Over the past decade, AAC has benefited from the rise of Apple, which accounts for around half of the firm’s sales, by supplying acoustics and haptics components to the phonemaker and its laptop casing, through the Toyo Precision acquisition. However, AAC has had to endure a slowdown in the adoption of the new speaker and touch feedback technologies by Apple and intensifying competition within Apple’s supply chain. As a result, its return on invested capital declined to 8.5% in 2025 from 50.8% in 2015.

Price vs Fair Value

02018 is trading at a LOCK|V#?tL#d premium.
Price
HK$34.82
Fair Value
>Nj
Uncertainty
LOCK|vny
1-Star Price
LOCK|.BMV
5-Star Price
Hw
Economic Moat
LOCK|^pS
Capital Allocation
LOCK|LtD$dTB

Bulls Say, Bears Say

Bulls

Adoption of new speaker technology by smartphone manufacturers would benefit acoustic market leader AAC, whose strength lies in the design of miniature acoustic components.

Bears

Lack of upgrade in acoustics and haptics technology by smartphone makers could lead to a drop in average selling price and pressure the firm’s top and bottom lines.

Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Shares Outstanding
1.13B
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
14.18
Price/Sales
1.08
Dividend Yield (Trailing)
1.01%
Dividend Yield (Forward)
1.01%
Dividend Payment Schedule
Jun
Total Yield
2.47%

Company Profile

AAC Technologies is one of the world’s largest manufacturers of miniature acoustic components, such as speakers and receivers, primarily for smartphones. Founded in 1993, the company has since expanded into the production of other handset components, such as electromagnetic drives (haptics), precision mechanical, lenses and camera modules, sensors, and MEMS microphones. AAC is headquartered in Shenzhen, China, and runs factories in China, Vietnam, Czechia, and Malaysia. It employed 44,181 people as at June 30, 2025.
Sector
Technology
Industry
Communication Equipment
Stock Style Box
Mid Core
Total Number of Employees
42,086

Competitors

Valuation

Metric
02018
3008
02382
Price/Earnings (Normalized)
14.1833.9912.37
Price/Book Value
1.434.221.93
Price/Sales
1.0813.041.29
Price/Cash Flow
6.1725.159.15
Price/Earnings
02018
3008
02382

Financial Strength

Metric
02018
3008
02382
Quick Ratio
1.034.541.33
Current Ratio
1.434.851.64
Interest Coverage
7.2312,325.4616.33
Quick Ratio
02018
3008
02382

Profitability

Metric
02018
3008
02382
Return on Assets (Normalized)
4.82%11.22%8.63%
Return on Equity (Normalized)
9.66%13.32%17.22%
Return on Invested Capital (Normalized)
7.03%11.38%14.03%
Return on Assets
02018
3008
02382

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