投資概要
瑞聲科技公佈公司截至 2021 年 9 月 30 日的前三季業績，期內收入為 128.6 億元人民
幣，同比增加 4.0%，毛利率為 26.3%，同比增加 3.0 個百分點，淨利潤為 11.0 億元人
民幣，同比增長 47.1%。而 2021 年第三季的業績承壓，主要國內客戶(如 OPPO、Vivo)
因晶片短缺而推遲及取消部分機型導致需求減弱和受海外疫情的影響，導致安卓聲學
業務上的毛利率下跌。第三季收入為 42.5 億元人民幣，同比下降 6.1%，毛利率為
22.7%，同比下跌 0.9 個百分點，而淨利潤和淨利率則分別為 1.8 億元人民幣和 4.3%，
同比下跌 57.4%和 5.2 個百分點。我們預期公司第四季整體業績有望維持環比增長，並
維持 2021 年全年淨利潤恢復同比增長的預期，惟下調 2021 年全年淨利潤的預測約 23%
至 15.8 億元人民幣(前預計：20.5 億元人民幣)。
安卓聲學產品佔比提升 預期第四季毛利率環比回升
3Q21 公司聲學業務收入為人民幣 22.0 億元人民幣，同比增長 1.9%，環比增長 7.8%；
毛利率則為 26.3%，同比輕微下跌 0.3 個有分點，環比下跌 2.1 個百分點，主要因海外
疫情的影響延續到第三季，導致安卓聲學產品的毛利率環比下降了 7.4 個百分點。隨著
第四季越南工廠已經全面恢復正常生產，產能和良率將得到改善。以及公司的標準化
小腔體聲學模組，在安卓聲學產品上的佔比已接近 10%，並持續提升，預計標準化產
品出貨量的提升將會進一步提高安卓聲學產品上的毛利率水平，並通過逐漸滲透中低
端智能手機市場，擴闊公司的客戶群。另外，公司正與車企合作開發全新概念車的智
能座艙音響系統，同時亦與一家國內頭部造車新勢力合作開發量產產品，預計公司車
載聲學系統產品未來將搭載於其新車型上。

Investment Summary
AAC Technology announced the company’s interim results as of 30 September 2021. During
the period, the Group’s revenue was RMB 12.9 billion (+4.0% yoy). The Gross profit margin is
26.3% (+3.0% yoy) and the net profit is RMB 1.1 billion (+47.1% yoy). The performance of the
third quarter of 2021 was under pressure. Major domestic customers (such as OPPO, Vivo)
delayed or cancelled some models due to the chip shortages, which led to weaker demand
and the impact of overseas epidemics, resulting in a decline in the gross profit margin of
Android’s acoustics business. In 3Q21, the revenue was RMB 4.25 billion (-6.1% yoy) and the
gross profit margin was 22.7% (-0.9 ppts yoy), while net profit and net profit margin are RMB
180 million and 4.3% (-57.4% and -5.2 ppts yoy respectively). Looking ahead to the fourth
quarter, the company’s performance is expected to increase qoq, and the year-on-year
growth in net profit for the full-year net profit forecast is revised down by approximately 23%
(previous estimation: RMB 2.05 billion)
Increased proportion of Android acoustic products, the gross profit margin in 4Q21 is
expected to rebound from 3Q21
In 3Q21, the company’s acoustic business revenue was RMB 2.20 billion (+1.9% yoy and +7.8%
qoq). The gross profit margin was 26.3% (-0.3ppts yoy and -2.1 ppts qoq). Mainly due to the
impact of the overseas epidemic that continued into the third quarter, the gross profit margin
of Android acoustic products dropped by 7.4ppts. As the Vietnam factory has fully resumed
normal production in the fourth quarter, the production capacity and yield have been
improved, and the company’s standardized small-cavity acoustic modules accounted for close
to 10% of Android acoustic products, and continued to improve. The increase in shipments of
standardized products us expected to further increase the gross profit margin of Android
acoustic products and by gradually penetrating the low-end smart phone market to increase
the company’s customer base. In addition, the company is cooperating with a well-known
Chinese domestic automotive OEM to co-develop an audio system in smart cockpit for its new
concept car. At the same time, the company is also cooperating with a leading Chinese electric
vehicles manufacturer to co-develop mass-produced products. It is expected that the
company’s in-vehicle acoustic system products will be installed on new models in the future.

投資概要
瑞聲科技公佈公司截至 2021 年 6 月 30 日的中期業績，期內收入為約 86 億元人民幣，
同比增長 9.9%，按季增加 0.6%；毛利為人民幣 24 億元，同比升 32.8%；毛利率為
28.1%，同比上升 4.9 個百分點，第二季毛利率為 25.0%，按季下跌了 6.1 個百分點；公
司淨利潤為 9.21 億元人民幣，同比升 187.4%，按季下滑 26.9%；淨利率達 10.7%，同
比上升 6.6 個百分點，第二季的淨利率為 9.0%，按季下跌了 3.4 個百分點。公司第二季
表現低於預期，主要因：1）第二季疫情反覆，特別是越南地區；2）上游芯片短缺，
公司海外工廠產能利用率不足；3）主要客戶產品平均單價下降。

Investment Summary
AAC Technology announced the company’s interim results as of 30 June 2021. During the
period, the Group’s revenue was RMB 8.6 billion (+9.9% yoy and + 0.6% qoq). The gross profit
was 2.4 billion (+32.8% yoy) and the gross profit margin was 28.1% (+4.9 ppts yoy). The Q2
gross profit margin was 25.0% (-6.1 ppts qoq). The net profit was RMB 921 million (+ 187.4%
yoy and -26.9% qoq). The net profit margin was 10.7% (+6.6 ppts) and the Q2 profit margin
was 9.0% (-3.4 ppts qoq). The company’s performance in the second quarter was lower than
expected, mainly due to: 1) the recurring epidemic in the second quarter, especially in
Vietnam, 2) the shortage of upstream chips and insufficient capacity utilization of the
company’s overseas factories, 3) the average unit price of major customer products decreased