Guoyuan International released a research report maintaining a "Buy" rating on AAC TECH (02018) with a target price of HK$55.56. The report highlights AAC TECH's acquisition of Dispelix, a leader in AR diffraction waveguide technology, to deepen its strategic position in the "AI + Perception" field and drive technology applications in smartphones, wearables, and other areas. Additionally, the company has achieved breakthroughs in optical products, with advancements in WLG technology enabling hybrid glass-plastic lenses to deliver superior performance and smaller form factors in flagship models. Guoyuan International's key viewpoints are as follows.
The acquisition of Dispelix deepens the company's core strategic positioning in the "AI + Perception" field. AAC TECH has signed a definitive agreement to acquire shares and other equity securities of Dispelix Oy. This transaction is expected to be completed in the first half of 2026. Post-acquisition, combining Dispelix's leading expertise in waveguide design and manufacturing with AAC TECH's profound experience in optics, precision manufacturing, and system-level integration is expected to create powerful synergies.
Simultaneously, the company's global footprint and its close cooperative relationships with numerous leading smart device manufacturers will further accelerate technology commercialization and market expansion. Against the backdrop of the accelerating global evolution of "AI + Devices," AI functionalities are transitioning from software to integrated hardware-software experience innovations. Building on years of deep cultivation in multi-dimensional perception technologies like acoustics, haptics, and optics, the company is reinforcing its core layout in "AI + Perception," continuously providing the industry with underlying capabilities that are more powerful, responsive, and closer to human perception models.
The report believes AAC TECH has the potential to establish a new paradigm for smart terminals centered around "AI + Perception," driving continuous product innovation in smartphones, wearable devices, smart cars, and other fields, thereby continually expanding its own growth potential. Optical products, including hybrid glass-plastic lenses, are achieving continuous breakthroughs. Following upgrades to manufacturing processes and key equipment molds, the comprehensive output per WLG mold has increased by 6-7 times.
In applications for flagship models, WLG technology significantly surpasses traditional technologies in terms of yield, precision, and optical performance requirements, with the landscape for mass production and application now wide open. The company's newly developed products and optical solutions, such as the 1G6P WLG lens and the super light-gathering prism, have already been adopted in the latest mainstream flagship series launched by its customers. Among these, the 1G6P WLG hybrid glass-plastic lens demonstrates superior optical performance compared to traditional lenses, including advantages like a larger aperture, higher resolution, and a thinner lens profile.
The super light-gathering prism, manufactured using AAC TECH's WLG one-shot molding technology, increases light intake by 30%, enhancing the shooting performance of periscope telephoto lenses in complex lighting conditions. It also breaks through structural limitations, reducing module volume by 10% and thereby helping to compress smartphone thickness.