AAC Technologies Holdings Inc saw its shares surge 5.05% during the intraday trading session on Friday, as the company expected a strong profit rebound for the full year 2024, driven by the recovery in the global smartphone market.
According to a regulatory filing, AAC Tech forecasted its unaudited consolidated profit attributable for 2024 to be between RMB 1.7 billion and RMB 1.815 billion. The positive outlook comes as the company benefits from the improving smartphone demand, particularly for its core products such as camera modules, optics, and haptics solutions.
The Hong Kong-listed firm, a key supplier to major smartphone brands like Apple and Samsung, has faced challenges in recent years due to the sluggish smartphone sales and supply chain disruptions. However, with the easing of COVID-19 restrictions and pent-up consumer demand, analysts expect AAC Tech to regain its footing and capitalize on the recovering smartphone market.
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