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

Current PostionHomeAbout AACLatest News2014 Q3 Results - Q3 Revenue Rises 11% QoQ to RMB 2,064 million

2014 Q3 Results - Q3 Revenue Rises 11% QoQ to RMB 2,064 million

 

AAC Technologies Q3 2014 Revenue Rises 11% QoQ to RMB 2,064 million

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RF and Haptics Solutions Unlock New Revenue Streams,

Together Contribute 13% of Sales for the first nine months, Up 7-fold YoY



Financial Highlights

 

 

 

 

For the first Nine Months

(RMB’ Million)

Q3 2014

Q2 2014

QoQ

2014

2013

YoY

Revenue

2,064

1,862

10.9%

5,780

5,914

-2.3%

Gross Profit

873

785

11.3%

2,403

2,524

-4.8%

Gross Profit Margin

42.3%

42.1%

0.2pt

41.6%

42.7%

-1.1pt

Net Profit

550

493

11.6%

1,529

1,973*

-22.5%

Net Profit Margin

26.6%

26.5%

0.1pt

26.5%

33.4%

-6.9pt

Basic EPS (RMB cents)

44.77

40.12

11.6%

124.55

160.70

-22.5%

 

 

 

 

 

 

 

Underlying recurring:

 

 

 

 

 

 

Net Profit

 

 

 

1,529 1,650* -7.3%
Net Profit Margin

 

 

 

26.5% 27.9% -1.4pt

*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).

 

(7 November 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 third quarter results for the nine months ended 30 September 2014.

 

On a quarter-on-quarter basis, the launch of new products by major customers spurred better market sentiment, sustained positive growth. Revenue and gross profit rose to RMB 2,064 million and RMB 873 million, representing increases of 10.9% and 11.3% respectively. Gross profit margin improved to 42.3%. New solutions of RF mechanical structure and haptics are gaining more traction and well adopted by major customers.

 

For the nine-month period, revenue was RMB 5,780 million, representing a 2.3% year-on-year decrease primarily related to customers transiting to new products. Our continuous investment in production automation for core acoustic solutions has driven cost down to largely offset the effect of average selling price falling as product life cycles mature. Gross profit margin thus declined only marginally for the period to 41.6%, compared with 42.7% for the same period in 2013. For the remaining of this year, momentum will pick up as we see acoustic components with higher specifications delivered as customers launched their new products. RF and haptics have become meaningful revenue streams, together contributing 13% of sales, 7-fold rise year-on-year. During the period, we made good progress in our 3-tier approach to marketing which enabled us to gain market shares in mid to low-tier smartphones. Revenue from PRC customers grew 75% year-on-year to account for 27% of total sales.

 

Mr. Benjamin Pan, Chief Executive Officer of AAC Technologies, said, “We believe sales of RF and haptics solutions will continue to grow as the market increasingly appreciates AAC’s capabilities in these new areas. Our strong performance allows us to sustain a healthy level of investment in R&D, to align with and to anticipate our major customers’ needs in terms of technology upgrades and innovation.