Bank of America Securities has issued a research report stating that AAC TECH (02018) first-half operating revenue was broadly in line with its expectations. Net profit increased 3% year-on-year to RMB 901 million, surpassing the bank's forecast by 7%, primarily due to a lower tax rate.

Management projects full-year 2026 revenue to achieve double-digit year-on-year growth, alongside steady improvements in gross margin. In response, the bank has raised its price target from HK$49 to HK$52, reaffirming a "Buy" rating.

Bank of America Securities believes that AAC TECH's stable traditional business, combined with a growing contribution from AI-related operations, serves as the primary rationale for reiterating the "Buy" stance. The firm has made minor adjustments to its 2026-2027 earnings forecasts to reflect recent performance, while also introducing projections for 2028.

The bank estimates earnings per share of HK$2.68 for 2026, HK$3.14 for 2027, and HK$3.85 for 2028.