China Post Securities released a research report stating that AAC TECH (02018) has fully acquired Finnish optical waveguide company Dispelix, accelerating the commercialization of AR technology. Additionally, the company leverages its core hardware to empower the "Doubao AI Phone" and Kuake AI Glasses, providing critical support in areas such as X-axis linear motors, acoustic systems, and innovative sound pickup solutions. This drives AI interaction towards an integrated hardware-software evolution and strengthens the "AI + Sensing" strategy. The "Buy" rating is maintained.
**Key Insights from China Post Securities:**
**Acquisition of Dispelix to Accelerate AR Waveguide Commercialization** AAC TECH has signed a definitive agreement to acquire shares and other equity securities of Dispelix Oy, a Finnish leader in AR diffractive waveguide technology. The transaction is expected to close in the first half of 2026, after which Dispelix will become a wholly-owned subsidiary. This acquisition builds on the long-term strategic partnership established in 2022, aiming to deepen synergies—combining Dispelix’s expertise in waveguide design and manufacturing with AAC TECH’s strengths in optics, precision manufacturing, and system-level integration. Leveraging AAC TECH’s global presence and top-tier client resources, the deal will accelerate the commercialization of AR waveguide technology in consumer and enterprise wearable devices.
Currently, the two companies are collaborating with leading OEMs to develop next-gen AR devices and working with global mobile ecosystem leaders to advance XR reference hardware platforms. Post-acquisition, Dispelix’s products will enhance AAC TECH’s XR portfolio and solution capabilities, reinforcing their leadership in diffractive optics and providing comprehensive system design, integration, and mass production support. This move also marks AAC TECH’s strategic expansion into new product domains to cultivate future growth engines.
**Empowering Doubao AI Phone with Core Hardware, Enabling Evolution from "Tool" to "Smart Agent"** On December 1, ByteDance’s Doubao and ZTE jointly launched the nubia M153, an engineering prototype featuring the Doubao Phone Assistant preview—the first mass-market "AI Phone" supporting voice and side-button wake-up functions. It can simulate human operations to execute complex cross-app tasks, representing a generational leap from "tool" to "smart agent." As a key contributor, AAC TECH provides core sensory support with its self-developed high-performance X-axis linear motor and dual-speaker system, enabling natural and reliable intelligent interaction. This collaboration aligns with the industry trend of AI transitioning from software to integrated hardware-software solutions as large models migrate to end devices.
Furthermore, AAC TECH’s acquisition of Dispelix strengthens its optical and XR capabilities, positioning it to deliver diverse sensing solutions for next-gen AI phones and wearables through partnerships with leading firms. The company will continue driving multi-domain experience innovation under its "AI + Sensing" vision.
**Innovative Sound Pickup Solution Elevates Kuake AI Glasses S1’s Voice Interaction** On November 27, 2025, Alibaba officially launched its first self-developed flagship dual-display AI glasses, the Kuake AI Glasses S1, featuring a lightweight design with ultra-thin frames and legs for a conventional eyewear aesthetic. Equipped with dual-optical engines and swappable dual-battery systems, the glasses enhance usability. To address industry pain points in voice interaction, Kuake’s team collaborated with AAC TECH to develop an innovative high-precision 5-microphone array + bone conduction sound pickup system. This premium setup reduces size by 25% and power consumption by 50%, with bone-conduction mics achieving a 77dB SNR for precise voice capture and noise suppression. Paired with advanced algorithms, it ensures low false wake-up rates, enabling seamless interaction in noisy environments like commutes or outdoors, accurately executing navigation, translation, and other voice commands—truly delivering "instant response" smart interaction.
**Investment Recommendation** The firm forecasts AAC TECH’s 2025/2026/2027 revenue at RMB 32.2/36.0/40.0 billion, with net profits attributable to shareholders of RMB 2.5/3.0/3.3 billion, maintaining a "Buy" rating.
**Risk Factors** Risks related to the smartphone market, dependency on key clients, production disruptions from unforeseen events or supply chain challenges, operational and technological obsolescence, ESG considerations, liquidity and interest rate risks, forex risks, and global trade tensions.
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