AAC Technologies slips 5pc despite net profit surging to 1.8b yuan

Shares of AAC Technologies (2018) once dropped by more than 5 percent despite announcing that its 2024 net profit surged 1.4 times to 1.8 billion yuan (HK$1.93 billion) over a year prior, thanks to the gross profit growth.

The Apple supplier raised its final dividend by 140 percent to 24 HK cents.

Its revenue amounted to a record high of 27.33 billion yuan, reflecting 34 percent growth over the previous year.

The company said in a filing Thursday that this growth was mainly driven by an additional 3.49 billion yuan in revenue from its premium sound solutions-related business as well as an increase of 3.41 billion from existing business.

Gross profit last year came up to 6.04 billion yuan – surging 75 percent over 2023, bolstered by PSS-related business – while its gross profit margin stood at 22.1 percent, up 5.2 percentage points.

Its optics business garnered 5 billion yuan in revenue, up 38 percent year-on-year.

The company said 2024 marked a year of significant progress in its core businesses, adding that it will actively embrace the opportunities surrounding emerging such technological trends as artificial intelligence and new energy vehicles.

STAFF REPORTER