Non-acoustic 9M and Q3 Revenue increased 79% and 29% respectively;
Acoustic 9M and Q3 Revenue increased 21% and 17% respectively;
9M EPS grew 43% YoY, Annualized ROE up to 31.2%;
Accelerating Capital Investment on Optics
HONG KONG, Nov 10, 2017 - (ACN Newswire) - AAC Technologies Holdings Inc. today announced its unaudited results for the nine months ended 30 September 2017, reporting revenue for the period of RMB13,967.8 million and net profit of RMB3,492.7 million. The highlights and business review in the Results Announcement share more insights of the performance.
2017 Nine Months Highlights (unaudited):
- Record first nine months revenue and net profit, up 43% and 42% year-on-year respectively;
- Gross profit and net profit margin at 41.1% and 25.0% respectively;
- Non-acoustic segment, grew 79% year-on-year, accounting for 47% of total sales; acoustic segment continued to deliver growth of 20% year-on-year;
- Good progress on optical business development, unique innovative solutions (WLG) much welcomed by market. All monthly production capacity of 10M of plastic lens becoming monthly shipment volume. Accelerating CAPEX for further capacity expansion;
- Annualized ROE at 31.2%, up from 27.5% of same period of 2016;
- Earnings per share for 9 months up 43% year-on-year to RMB2.85.
AAC Technologies continued to report new highs in both sales and earnings for the nine months ended 30 September 2017. The revenue and net profit rose 43% and 42% year-on-year to RMB13,967.8 million and RMB3,492.7 million respectively, due to solid growth across all major business segments. Sales of the acoustic segment increased by 20% year-on-year, contributing 48% of total revenue, with growth mainly driven by increasing shipments of major products and the increase in the ASP caused by wider adoption of higher specification acoustic solutions, namely stereo sound designs and waterproof features. The non-acoustic business grew 79% year-on-year, accounting for 47% of total revenue, representing greater penetration of our unique solutions into more new customers and the growth of ASP on upgrading design on this segment. New platforms started in the latter half of the third quarter and overall gross profit margin achieved 41.1%. Increased R&D investment incurred mostly in the new acoustic and optics directions to deliver innovative designs for customers and R&D expenses rose 39% year-on-year, representing 8.2% of revenue. Net profit margin was 25.0% and basic earnings per share was up 43% to RMB2.85 per share.
Being the start of the high traditional season, the third quarter would be packed with new flagship smartphone launches across different major brand names. Due to product mix improvement, strong growth in major platforms shipments has largely outperformed the overall smartphone market growth. Q3 revenue rose 27% year-on-year to RMB5,323.5 million, a new Q3 record. Acoustic sales recorded a growth of 17% to RMB2,522.5 million in Q3 compared to the same quarter of 2016, representing 47% of total revenue. Non-acoustic business grew by 29% year-on-year, contributing over 45% of total revenue in the third quarter of 2017. High profitability was maintained for Q3 with gross and net profit margin at 41.3% and 25.7% respectively.
About AAC Technologies Holdings Inc.
AAC Technologies is a constituent stock of Hang Seng Index, Hang Seng Corporate Sustainability Index, Hang Seng (Mainland and HK) Corporate Sustainability Index, Hang Seng China(Hong Kong Listed) 25 Index, Hang Seng Composite LargeCap Index, Hang Seng Composite Industry Index (Information Technology), Hang Seng IT Hardware Index, MSCI China Index, MSCI China ESG Index and FTSE Hong Kong Index.
AAC Technologies is a total solution provider utilizing the latest miniaturized technology components across acoustic, haptics, RF wireless and optical segments. The Company is already an established leading global supplier of miniaturized acoustic components including a broad range of speakers, receivers and MEMS microphones. The Company delivers integrated solutions across multiple segments incorporating advanced proprietary technologies haptics vibrators, RF antennas and optical components. The Company's products are found in mobile devices such as smartphones, tablets, wearables, and PC notebooks. The Company is global in scope with research and development centers and has established sales offices in key markets serving a large number of geographically diverse customers in the mobile electronics market.
PAST PERFORMANCE AND FORWARD-LOOKING STATEMENTS
The performance and the results of operation of the Group as set out in this document are historical in nature and past performance is not a guarantee of future performance. This document may contain certain statements that are forward-looking or which use certain forward-looking terminologies. These forward-looking statements are based on the current beliefs, assumptions and expectations of the Board of Directors of the Company regarding the industry and markets in which it operates. Actual results may differ materially from expectations discussed in such forward-looking statements and opinions. The Group, the Directors, employees and agents of the Group assume (a) no obligation to correct or update the forward-looking statements or opinions contained in this results announcement of the Company; and (b) no liability in the event that any of the forward-looking statements or opinions do not materialise or turn out to be incorrect.
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AAC Technologies Holdings Inc.
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Tel: 852 3470 0076
Email: RickyMan @aactechnologies.com
Investor Relations Manager
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