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Makes acoustic components (speakers, microphones) and precision mechanical parts for smartphones and other devices.
Makes acoustic components (speakers, microphones) and precision mechanical parts for smartphones and other devices.
Wins its place in a phone design a year or more before launch, then sells components in volume for that model, so sales follow a few big phone makers' launches and its share of each phone's parts. Beyond audio it makes haptics, the vibration motors that give touch feedback, optical lenses and precision mechanical parts.
In one line: A Chinese Knowles Corporation for smartphone acoustics.
Moat: narrow (IP / patents, customer qualification, process know-how). Precision acoustic engineering and long design-in relationships with major phone brands create switching costs.
Headquarters: Shenzhen, China · Founded: 1993 · Employees: 41,674
Size AAC Technologies (2018.HK) is a Hong Kong Information Technology company (Electronic Production Equipment) with a market value of $5.60B, the 243rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$37.64 on 6 Nov 2026.
Performance Over six months the shares fell 3.8%, against -26.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 15.9% over the last twelve months (peer median +22.2%); the operating margin is 8.4% (peer median 6.8%).
Valuation It trades at 13.8× forward earnings against a peer median of 20.2× (5th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points above its cost of capital (6.6% WACC).
Credit AAC Technologies has 1 bond outstanding ($292M), rated Baa2 by the agencies and trading like BBB- at a weighted spread of 134 bp.
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$36.8B | HK$34.5B | HK$29.6B | HK$22.6B | HK$24.0B |
| Revenue growth | — | +16% | +31% | -6% | — |
| Gross profit | HK$8.00B | HK$7.28B | HK$6.23B | HK$3.52B | HK$4.10B |
| EBITDA | HK$6.41B | HK$6.11B | HK$5.69B | HK$3.79B | HK$4.34B |
| Net income | HK$2.82B | HK$2.72B | HK$1.95B | HK$818M | HK$955M |
| Free cash flow | HK$3.65B | HK$4.77B | HK$3.13B | HK$3.48B | HK$2.72B |
| Capital expenditure | HK$3.23B | HK$2.91B | HK$2.46B | HK$1.70B | HK$2.24B |
| Total debt | n/a | HK$12.1B | HK$11.7B | HK$10.5B | HK$11.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| AAC Technologies 2018.HK | $5.60B | -4% | +16% | 8% | 13.8× | 1.2% |
| Knowles KN | $2.65B | -11% | +16% | 15% | 19.1× | 26.3% |
| GoerTek 002241.SZ | $13.1B | 0% | -3% | 2% | 25.5× | n/a |
| Cirrus Logic CRUS | $5.69B | -34% | +6% | 23% | 16.9× | 1.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2018.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.3% | -24.2% | 5th highest of 21 |
| 6-month return | -3.8% | -26.0% | 6th highest of 21 |
| Distance from 52-week high | -25.2% | -49.6% | 3rd highest of 21 |
| Revenue growth (TTM) | +15.9% | +22.2% | 6th lowest of 21 |
| Operating margin | 8.4% | 6.8% | 10th highest of 21 |
| Forward P/E | 13.8× | 20.2× | 5th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 1.2% | 16.3% | 3rd least demanding of 15 |
| Growth delivered (Del g) | +12.4% | +9.3% | 7th highest of 15 |
| Hurdle (Req g minus delivered) | -11.2 pp | +9.2 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +1.2 pp | +1.2 pp | 11th highest of 21 |
| EV / EBITDA | 7.6× | 15.9× | 2nd cheapest of 10 |
| Net debt / EBITDA | 0.6× | -0.1× | 3rd most indebted of 10 |
| Bond spread | 134 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AAC Technologies 2018.HK | Hong Kong | $5.60B | -4% | +16% | 8% | 13.8× | 1.2% | +12.4% |
| Guobo Electronics 688375.SS | China | $5.61B | -49% | -12% | 13% | 83.0× | 39.7% | +1.4% |
| Guangdong Fenghua Advanced Technology (Holding) 000636.SZ | China | $5.42B | +26% | +36% | 8% | 45.0× | 28.6% | +5.9% |
| 3Peak 688536.SS | China | $5.26B | -5% | +74% | 16% | 50.7× | 46.0% | +30.6% |
| Plexus PLXS | United States | $5.12B | -28% | +23% | 5% | 17.9× | n/a | n/a |
| BYD Electronic 0285.HK | Hong Kong | $6.15B | -24% | +4% | 1% | 19.5× | -0.8% | +18.8% |
| Asmpt 0522.HK | Hong Kong | $5.02B | -47% | +21% | 9% | 20.4× | 12.1% | -1.3% |
| Universal Scientific Industrial (Shanghai) 601231.SS | China | $6.50B | -52% | +4% | 3% | 19.6× | n/a | n/a |
| Lagercrantz LAGR-B.ST | Sweden | $4.72B | -6% | +17% | 15% | 30.8× | 20.6% | +21.0% |
| Quectel Wireless Solutions 603236.SS | China | $4.71B | +50% | +30% | 5% | 21.1× | n/a | n/a |
| MDA Space MDA.TO | Canada | $4.65B | -14% | +38% | 5% | 28.1× | n/a | n/a |
| LG Innotek 011070.KS | South Korea | $4.62B | -54% | +20% | 4% | 9.6× | -0.3% | +18.1% |
| Shenzhen Sunlord Electronics 002138.SZ | China | $4.55B | +11% | +20% | 16% | 24.4× | 14.5% | +14.2% |
| JoulWatt Technology 688141.SS | China | $4.44B | -30% | +50% | -28% | n/a | n/a | n/a |
| Sanmina SANM | United States | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% | +3.2% |
| Universal Display OLED | United States | $3.98B | -4% | -2% | 35% | 19.6× | 14.3% | +8.7% |
| Advanced Energy Industries AEIS | United States | $7.98B | -45% | +32% | 17% | 11.7× | 17.8% | +4.9% |
| Jones Tech 300684.SZ | China | $3.83B | +20% | +15% | 20% | 45.3× | 42.9% | +9.8% |
| Changsha Jingjia Microelectronics 300474.SZ | China | $3.59B | -30% | +50% | -77% | n/a | n/a | n/a |
| Vishay Intertechnology VSH | United States | $3.57B | -32% | +18% | 5% | 13.2× | 18.8% | +4.2% |
| Fositek 6805.TW | Taiwan | $3.50B | -15% | +46% | 27% | 20.0× | 14.7% | +41.1% |
AAC Technologies has 1 bond outstanding with $292M face value. The agencies rate it Baa2; its bonds trade like BBB-. Weighted yield 5.97%, a spread of 134 bp over government bonds.