WinstonWınston
Back
Stock

AAC Technologies Holdings

2018.HK
60
Hardware, Equipment & Parts · Technology
Price
HK$42.96
+0.64 (+1.51%)
Market Cap
HK$49.65B
Exchange
Hong Kong Stock Exchange
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Exceptional
Cash Flow
Exceptional
Stability
Strong
Valuation
Strong
Dividends
Weak
Track this stock — start free trial

Share count falling — buybacks

−4.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.21B (2021) → 1.15B (2025)

§Winston Score History

The full picture

AAC Technologies Holdings Inc., an investment holding company, delivers comprehensive solutions for smart devices across an expansive global footprint, including Mainland China, Hong Kong, Taiwan, other parts of Asia, the United States, and Europe. Its operations are segmented into four main areas: Acoustic Products, Electromagnetic Drives and Precision Mechanics, Optics Products, and Micro Electro-Mechanical System (MEMS) Components. The Acoustic Products division specializes in sound solutions for a variety of applications, such as smartphones, automotive systems, wearables, tablets, and notebook computers. The Electromagnetic Drives and Precision Mechanics segment manufactures haptic feedback motors used in an array of intelligent devices, including smartphones, smartwatches, tablets, intelligent automobiles, smart glasses, game controllers, virtual and augmented reality (VR/AR) controllers, and bone conduction headphones. This segment further provides precision mechanical components, such as metal casings and other intricate parts, for tablets, wearables, and notebooks. The Optics Products segment supplies an extensive range of lenses—from general plastic lenses to specialized automotive options for front-view, surround-view, occupant monitoring, and driver monitoring systems—along with camera modules and integrated voice coil motor (VCM) and optical image stabilizer (OIS) technologies. The MEMS Components division focuses on producing advanced MEMS microphone products, which find applications in true wireless stereo (TWS) earphones, smart speakers, tablets, and the automotive sector. In addition to its core product lines, the company engages in research and development activities, the fabrication and sale of tooling, precision components, electronic components, and related accessories, as well as offering electroplating services. AAC Technologies Holdings Inc. also maintains a strategic alliance with Dispelix to advance solutions in augmented and mixed reality. Established in 1993 and headquartered in Shenzhen, People's Republic of China, the company underwent a name change in May 2011 from its former designation, AAC Acoustic Technologies Holdings Inc.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+114.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+105.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

¥2.5B/ year

↑ Rising (+12% vs prior year)

7.8% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Cash Position

Cash flow positive

¥8.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

AAC Technologies Holdings grew revenue 115% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
21.1%
Thin — 21.1% gross margin
Profit after running costs
Operating Margin
6.6%
Modest — 6.6% operating margin
Return on the money invested
ROCE
7.7%
Weak — 7.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth
Sales YoY
+44.3%
Fast-growing sales (+44.3% YoY)
Profit growth
EPS YoY
+51.7%
Earnings growing fast (+51.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash
Cash Conversion
284%
Turns 284% of profit into real cash
Spare cash per sale
FCF Margin
13.6%
Converts sales into free cash efficiently (13.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns
Debt / Equity
0.40
Conservative — low debt load (0.40)
Covers its interest
Interest Cover
6.23x
Adequate interest coverage (6.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
19.5x
Fair value — P/E 19.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+10.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (19.5 → 9.6)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend
Dividend Yield
0.81%
Small dividend — 0.81% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-10.0%
Dividend cut (-10.0% YoY) — warning sign

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial