"AAC Acoustic Holdings Inc." has changed to "AAC Technologies Holdings Inc."   

Current PostionHomeAbout AACLatest News2013 3Q Results-Quarterly Revenue Exceeds RMB2 billion for the first time

2013 3Q Results-Quarterly Revenue Exceeds RMB2 billion for the first time

 AAC Technologies Announces Record Q3 2013 Results

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Quarterly Revenue Exceeds RMB2 billion for the first time

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First Nine Months’ Revenue and Underlying Net Profit Grew 38% and 45% YoY Respectively

 

Financial Highlights

 

Nine Months Ended 30 Sept

(RMB Million)

2013

2012

YoY

 

3Q 2013

2Q 2013

QoQ

Revenue

5,914

4,286

+38%

 

2,083

1,926

+8%

Gross Profit

2,524

1,873

+35%

 

885

825

+7%

Gross Profit Margin

42.7%

43.7%

-1.0 pt

 

42.5%

42.8%

-0.3 pt

Net Profit

1,973

1,193

+65%

 

898

541

+66%

Net Profit Margin

33.4%

27.8%

+5.6 pts

 

43.1%

28.1%

+15 pts

Basic EPS (RMB cents)

160.70

97.18

+65%

 

73.13

44.10

+66%

 

 

 

 

 

 

 

 

Underlying recurring:

 

 

 

 

 

 

 

Net Profit

1,685

1,160

+45%

 

607

544

+12%

Net Profit Margin

28.5%

27.1%

+1.4 pts

 

29.1%

28.2%

+0.9 pt

(4 November 2013 – Hong Kong) – AAC Technologies Holdings Inc. (“AAC Technologies” or “the Company;” HKEx: 02018), a world-leading miniature technologies components solution provider, today announced its unaudited third quarter results for the nine months ended 30 September 2013.

During the quarter, the Company recorded non-cash items from deemed disposal of partial interest in an associate due to revaluation; and net fair value gain on available-for-sale investment. Also, a one-off deferred tax provision was charged in the period. Putting aside these items, net profit for the underlying recurrent business was RMB 607 million, representing an adjusted net profit margin of 29.1%, 0.9 percentage point higher than Q2 2013.

Mr. Benjamin Pan, Chief Executive Officer of AAC Technologies, said, “In spite of the challenging operating environment, the Company sustains positive trends in its operations and development, and maintains steady growth through its strategic transformation. The Company’s strong profitability and cash flow will continue to support its future sustainable development.”

During the nine-month period, driven by the higher average selling prices of its products, revenue and underlying net profit rose to RMB 5,914 million and RMB 1,685 million, representing a 38% and 45% year-on-year increase respectively. Given the rising production costs, gross profit margin declined marginally by 1.0 percentage point to 42.7%.

On a quarter-on-quarter basis, the launch of new products by major customers as well as the significant market share gain within the speaker box segment sustains the Company’s growth momentum. Revenue in the third quarter rose by 8% sequentially to RMB 2,083 million. In addition, high specification components continue to proliferate into mid and low end devices, boosting average acoustic content comprehensively. Gross profit margin remained stable at 42.5%.

For the non-acoustic segments such as radio frequency and optical solutions, progress has been realised through developing new technologies and acquiring more customers. Moreover, major phase in the automation of production facilities has been completed on schedule and set the milestone of high efficiency production for years to come.

Going forward, Mr. Pan said, “For our long term sustainable business growth, we are committed to investing in innovation and technology. Our investments in R&D of non-acoustic solutions in the past few years are beginning to bear fruit, with encouraging market response to our innovative solutions. ”

 -End-

About AAC Technologies Holdings Inc.

AAC Technologies is an established leading designer, developer and manufacturer of a broad range of miniaturised acoustic components. The Company also provides a range of innovative technology design solutions in non-acoustic segments. Most manufacturing is done in the Company’s state-of-the-art production facilities. The Company’s acoustic products include speakers, receivers and microphones. Its non-acoustic products include antennas, optical lenses, vibrators and ceramics products which are applied in smart mobile devices such as mobile handsets and tablets. Serving a large number of geographically diverse customers in the consumer electronics market, the Company is global in scope with research and development centers in the PRC and Singapore, testing laboratories in Singapore and Korea, manufacturing facilities in the PRC and sales offices throughout the world.

AAC Technologies is a constituent stock of Hang Seng Corporate Sustainability Benchmark Index, Hang Seng Mainland 100 Index, MSCI Hong Kong Index and FTSE Hong Kong Index.

For more details, please visit www.aactechnologies.com

 

Contact:

AAC Technologies Holdings Inc.

Connie Chin

Louis So

Head of Investor Relations

Senior Manager, Investor Relations

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For press enquiries:

Strategic Financial Relations Limited

Vicky Lee

Tel: (852) 2864 4834 / 9471 2009

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Cecilia Shum

Tel: (852) 2864 4890 / 9609 3609

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Fion Hu

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Fax: (852) 2527 1196