报告名称：AAC Technologies Holdings(02018.HK)1Q slightly misses but should mark low point
报告类型：港股研究
报告日期：2016-05-13
研究机构：中金公司
股票名称：瑞声科技
股票代码：02018
页数：6
简介：1Q revenue misses; margin slightly below
1Q revenue +10% YoY but -34% QoQ to Rmb2.54bn,missing our/consensus estimates by 6.2%/2.2% whichwe believe does not fully reflect the negative impactfrom iPhones. Dynamic components accounted for 66% ofrevenue, while non-acoustics were 26% vs. a respective 49% &44% in 4Q15. Gross margin of 40.5% was slightly belowCICC/consensus estimates of 41.4%/40.9%, likely due tostronger pricing pressure from Apple. Opex +17% YoY due tohigher-than-expected R&D. Pretax profit 15.9%/9.8% belowCICC/market expectation.
Trends to watch
Management continue to guide +20% YoY 2016erevenue growth while maintaining stable gross margin,mainly driven by acoustic component upgrades for Apple &Chinese clients and strong RF segment ramp up supported by anenlarged order backlog. We believe AAC will double its RFcomponents business in 2016e thanks to gaining more clients &models, such as Xiaomi and LeTV. Its speaker box for mid-rangesmartphones should also benefit from the recent strong demandas China OEMs restock. We believe haptics engine adoption byAndriod phones expect to be slow as 3D touch function is still notpopular. AAC’s net growth will be more muted vs. 2015.
Earnings revisions
We maintain our 2016/17 earnings forecasts ofRmb3.00/3.41.
Valuation and recommendation
We believe AAC can still enjoy content per box increases ofhaptic/acoustics/RF mechanical product lines. The stock iscurrently trading at 15.8x 2016e P/E and we believe its solidoutlook should mostly be priced in. We maintain our HOLDrating with new TP of HK$56.6, raised up by 5.8%,based on 15.5x 2016e P/E.
Risks
Continued decline of smartphone shipments; FX losses.
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