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

Current PostionHomeAbout AACLatest News2013 Q4 Results - Full Year Revenue up 29% and Recurring Net Profit up 31% YoY

2013 Q4 Results - Full Year Revenue up 29% and Recurring Net Profit up 31% YoY

AAC Technologies Achieves Record for the 4th Consecutive Year

*     *     *

Full Year Revenue up 29% and Recurring Net Profit up 31% YoY

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New Wireless & Optical Solutions Receive Favourable Respons


Financial Highlights

 

Year Ended 31 December

 

 

 

 

(RMB’ Million)

2013

2012

YoY

4Q 2013

3Q 2013

QoQ

Revenue

8,096

6,283

+29%

2,182

2,083

+5%

Gross Profit

3,459

2,774

+25%

934

885

+6%

Gross Profit Margin

42.7%

44.2%

-1.5pts

42.8%

42.5%

+0.3pt

Net Profit

2,578

1,763

+46%

604

898

-33%

Net Profit Margin

31.8%

28.1%

+3.7pts

27.7%

43.1%

-15.4pts

Basic EPS (RMB)

2.10

1.44

+46%

0.49

0.73

-33%

Dividend per Share (HK$)

1.08

0.71

+52%

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Underlying Recurring:

 

 

 

 

 

 

Net Profit*

2,290

1,747

+31%

604

607

-0.5%

Net Profit Margin

28.3%

27.8%

+0.5pt

27.7%

29.1%

-1.4pts

*Underlying Recurring Net Profit is a performance indicator of the Group’s core business and is arrived at by excluding non-recurring items (such as disposals of long-term assets, fair value change on investments and tax provisions).

(25 March 2014 – Hong Kong) – AAC Technologies Holdings Inc. (“AAC Technologies” or “the Company;” HKEx: 02018), a world-leading miniature technologies components solution provider, today announced its audited annual results for the year ended 31 December 2013 (“the year”).

The Company delivered a full-year revenue and underlying recurring net profit of RMB 8,096 million and RMB 2,290 million, representing a strong annual growth of 29% and 31% respectively marking the fourth consecutive year it has set new records. The outstanding results were mainly driven by gaining significant market share in the smart devices market and the higher average selling prices of its products. During the year, improvement in production efficiency brought about by its ongoing automation programme has largely mitigated the impact of higher labour cost and customersprice adjustments, thus the Group delivered a gross profit margin of 42.7%. Supported by the implementation of cost control measures and benefitting from higher operating leverage, underlying recurring net profit margin improved to 28.3%. The Company has prudently managed its financial position despite heavy investments in automation, ending fiscal year 2013 with net cash of RMB 1,450 million.

The Board has proposed a final dividend of HK$ 0.83 per ordinary share, giving a total dividend for the year of HK$ 1.08, representing a 52% growth at a stable total payout ratio of about 40%.

The Company recorded an all-time quarterly high in revenue of RMB 2,182 million for the fourth quarter attributable to new product launches by our major customers. Gross profit margin rose slightly to 42.8%, benefitting from a favourable shift in product mix. Underlying recurring net profit margin decreased to 27.7%, mainly due to the loss in the Group’s share of the results of its associates.

Attaining qualification as a Laser Direct Structuring (LDS) antenna supplier for various handset projects in Q4, the Company has now extended its reach from domestic customers to international leaders. New integrated solutions including integrated mechanical structures with antennas and acoustic components were introduced into the international market. The Company has also started to ship 5MP traditional plastic lenses to a Chinese customer and continues to invest in R&D in both traditional and alternative handset camera solutions. The Company has continued to commit capital expenditure to further strengthen its technology capabilities, particularly in antennas and optical solutions, safeguarding its leading position in technology and product innovation within the industry.

Mr. Benjamin Pan, Chief Executive Officer of AAC Technologies, said, “Our previous R&D efforts in antennas and optical solutions started to bear fruit in Q4 2013 despite the challenging global business environment. The Company has successfully achieved initial favorable market response for its new products. We will continue to invest in R&D so that we can offer the most innovative, value-added design solutions to our customers thereby enhancing our core acoustic business and driving rapid growth in antenna and optical solutions. We are confident of replicating our success in the acoustic business in the non-acoustic segments as they become our next key growth drivers.                                                                                         

-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. Acoustic products include speakers, receivers and microphones and non-acoustic products include antennas, optical lenses, vibrators and ceramics products. The Company serves a large number of geographically diverse customers in the consumer electronics market. The Company’s products are found in mobile handsets, tablets, wearables, ultrabooks, notebooks and electronic book-readers. 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, Hang Seng Composite MidCap Index, Hang Seng Global Composite Index, Hang Seng Composite Industry Index (Information Technology), MSCI China Index and FTSE Hong Kong Index.

For more details, please visit www.aactechnologies.com

Contact:
AAC Technologies Holdings Inc.
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