AAC TECH (02018) surged over 7%: Layout Apple, OpenAI, Google-Related Ecosystem, Strong Growth in AI Business

AAC TECH (02018) rose more than 7%, as of the time of writing, it increased by 6.85% to 36.20 Hong Kong dollars, with a turnover of 215 million Hong Kong dollars. On the news front, according to informed sources, Apple's first foldable phone will be unveiled later this year during the usual iPhone release period, which has dispelled concerns about major production issues. AAC TECH is a major supplier to Apple, producing products such as speakers, linear motors, MEMS microphones, and cooling systems. According to a report by UBS, AAC TECH is collaborating with OpenAI and Apple to layout AI desktop devices, supplying motors and microphones for mini Siasun Robot & Automation products. The average selling price (ASP) of these products is significantly higher than that of smartphone-related products. In addition, the humanoid Siasun Robot & Automation business has landed cooperation with early customers such as Xiaomi and Lingxi Siasun Robot & Automation (Linker Robot). UBS predicts that the company's automotive acoustics business will account for 13% of revenue by 2026, becoming a stable growth point for the company; in addition, it supplies optical waveguide components for Google and Samsung's AI glasses, and the related business has entered the mass production stage. In terms of cooling systems, there is potential to enter the supply chain for the folding screen iPhone 18 series, with prospects for integrating into the iPad and MacBook product lines by 2027. In the server liquid cooling sector, through the acquisition of Yuandi Tech, the company is entering the server liquid cooling field to provide cold plates and a full range of liquid cooling systems for domestic large-scale data center customers. UBS estimates that the global direct cooling liquid cooling market for data centers will have a compound annual growth rate of up to 51% from 2025 to 2030, indicating a vast industry space. CMB International pointed out that AAC TECH is in a stage of expanding on multiple new growth curves, especially in automotive audio systems, thermal management modules, AR optical waveguides, XR and AI terminal hardware, which will become important drives for the company's performance growth in the next two years. In addition, through the acquisitions of Hebei First Light (in-car PSS), Dispelix (AR waveguide), and Yuandi (AI server liquid cooling), the company is accelerating its layout in high-growth non-mobile phone tracks, further enhancing the certainty of medium to long-term growth.