AAC Technologies Plans To Ramp Up Volume at Margins’ Expense; FVE Slashed to HKD 29

Over the past decade, AAC has benefited from the rise of Apple, which accounts for over 30% of the firm’s sales, by supplying acoustics and haptics component to the latter. However, AAC has had to endure a slowdown in the adoption of new speaker and touch feedback technology by Apple and intensifying competition within Apple’s supply chain. As a result, its return on invested capital declined to 4.5% in 2020 from 38.9% in 2010.