[ET Net News Agency, 23 June 2020] HSBC Qianhai Securities Research lifted its target
price for AAC Technologies Holdings (02018) to HK$57.8 from HK$56 and maintained its "buy"
rating.
The research house expects AAC to register a 7% net profit growth of RMB360m in 2Q,
versus RMB53m in 1Q, on the back of a significant improvement in capacity utilisation and
employee productivity.
More importantly, HSBC expects AAC's total lens shipment to reach 154m units in 2Q,
versus 68m units in 1Q. It estimated monthly shipments to reach ng 60m units in June,
thanks to ongoing yield and production efficiency enhancements. HSBC expects AAC's blended
gross margin in the optics segment to rise to 25% in 2Q, versus 9% in 1Q and to reach 30%,
partially propelled by rising ASP from RMB3.60 in 1Q to RMB3.90 in 2Q on product mix
optimisation.
However, HSBC lowered its 2021/22 net profit estimates by 6%/9% on lower pricing and
margin assumptions at its legacy business on potential cost reduction incentives by key
customers. (KL)
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02018 AAC TECH
Nominal 
25.500 +0.650 (+2.616%) Research Report
23/06/2020 14:32
{I-bank focus}HSBC lifts AAC Technologies (02018) to HK$57.8
| Remark: | Real time quote last updated: 18/04/2024 17:59 |
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