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

Current PostionHomeAbout AACLatest News2014 Q2 Results - Q2 Gross Profit Margin rises 1.9pts QoQ, Revenue from Domestic Chinese Customers up 29% QoQ, 77% YoY

2014 Q2 Results - Q2 Gross Profit Margin rises 1.9pts QoQ, Revenue from Domestic Chinese Customers up 29% QoQ, 77% YoY

 

Customers’ Product-transition Impacts 1H2014 YoY Performance

*     *     *

Q2 Gross Profit Margin rises 1.9pts QoQ,

Revenue from Domestic Chinese Customers up 29% QoQ, 77% YoY

*     *     *

Increasing contribution from Haptics and RF Solutions

 

 

Financial Highlights

 

(RMB’ Million)

For the Three Months Ended

QoQ

1H 2014

1H 2013

YoY

30 Jun 2014

31 Mar 2014

Revenue

1,862

1,854

0.4%

3,716

3,831

-3%

Gross Profit

785

745

5%

1,530

1,639

-7%

Gross Profit Margin

42.1%

40.2%

1.9pts

41.2%

42.8%

-1.6pts

Net Profit

493

487

1%

980

1,075

-9%

Net Profit Margin

26.5%

26.3%

0.2pt

26.4%

28.1%

-1.7pts

Basic EPS (RMB cents)

40.12

39.66

1%

79.78

87.57

-9%

Dividend per Share

(HK cents)

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25.00

25.00

-

 

(27 August 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 unaudited interim results for the first six months ended 30 June 2014 (“the period”).

 

On a quarter-on-quarter basis, revenue remained stable at RMB 1,862 million or increased 0.4% sequentially. The Company attained a growth in gross profit and net profit by 5% and 1% respectively in spite of the ongoing product transition and projects timing of customers. Thanks to increasing automation and greater production efficiency, gross profit margin and net profit margin rose to 42.1% and 26.5% respectively even though the operating expenditure was driven up by increasing labor costs and research and development expenditure for new projects. Revenue from PRC customers rose 29% and reached a record high. The favorable growth momentum from Haptics and RF solutions continued from the previous quarter, increased by 201% and 37% respectively.

 

On a year-on-year basis, the Company posted first-half revenue of RMB 3,716 million, representing a decrease of 3%. Gross profit and net profit were RMB 1,530 million and RMB 980 million respectively. Gross profit margin and net profit margin dropped 1.6pts and 1.7pts respectively due to the shift in customers’ product mix. Nevertheless, while maintaining revenue from acoustic business, RF solutions posted a growth of 435% due to its rising popularity. Revenue from PRC customers rose 77%. The Company has prudently managed its financial position, ending the first six months in 2014 with net cash at RMB 938 million.

 

The Board has declared an interim dividend of HK25.00 cents per ordinary share to maintain a consistent interim payout amount.

 

Mr. Benjamin Pan, Chief Executive Officer of AAC Technologies, said, “We foresee a growth in the second half of the year in light of our customers’ product revamps and anticipated major launches in the market. Business from RF solutions and haptics is expected to pick up, further driving growth in these two addressable markets. We see potential in these new areas and believe that AAC Technologies will achieve a competitive position with our focus on upgrading our technology and delivering innovation aimed at satisfying the growing demand from customers.”