主题：歌尔声学的扬声器、受话器、麦克风等是否已经全面进入Apple的采购体系？

歌尔声学(002241)：三季报符合预期 产业链持续延伸

维持买入评级。由于苹果三季度订单低于预期，我们微调公司2013-15 年盈利预测为 0.90 元，1.35 元，1.90 元，目前股价对应13-15 年PE 为43.5X、29.0X、20.6X，考虑到公司作为电子行业优质成长股标杆，享受估值溢价，长期受益于电声、电子制造新产品突破，6 个月合理估值水平为2014 年35X，对应股价为47.25 元，维持买入评级。

2013 三季报符合预期。公司2013 年1-9 月实现营业收入62.36 亿元，同比增长37.63%，归属上市公司股东的净利润8.39 亿元，同比增长45.01%，附属上市公司股东的扣除非经常性损益的净利润7.96 亿元，同比增长40.46%，基本EPS 为0.55 元，符合市场预期。

3 季度盈利能力维持稳定。公司2013 年3 季度实现营业收入25.70 亿元，同比增长29.6%，环比增长24.6%；毛利率28.2%，相比2 季度毛利率28.3%，下滑0.1 个百分点，相比2013 年3 季度毛利率25.6%提升2.6 个百分点。公司第3 季度三项费用合计2.82 亿元，同比增长48.1%，环比增长13.6%。

苹果订单略低预期。由于三季度苹果新品iPhone 5S 其他供应链环节遭遇良率瓶颈，导致公司三季度出货低于预期。同时三季度三星主力产品Galaxy S4、Note 3 需求并未大幅提升，导致公司三季度成长面临压力，公司凭借管理优化等方式降低管理费用。

产业链持续延伸，进入下游电子产品制造及新应用方向。歌尔声学凭借电声领域的优势为起点，不断扩张电子制造能力，依靠客户认可度的不断提升，持续开发新产品，提升产业规模优势。未来公司在将在MEMS 电声器件、家庭娱乐产品、游戏机、智能电视、汽车电子等领域持续进行产品线扩张，公司可望持续保持业绩的高速成长。

(来源：中国财经)

(16 August 2013 – Hong Kong) – AAC Technologies Holdings Inc. (“AAC Technologies” or “the Company;” HKEx: 02018), a world-leading miniature technologies components solution provider, today announced its unaudited results for the first six months ended 30 June 2013 (“the period”).

On a year-on-year basis, the Company recorded a commendable 48% growth in first-half revenue to RMB3,831 million, mainly attributable to higher average selling prices of products and increased contribution from tablet sales. Although higher labour cost and transition of customer product models caused a slight 0.7 point drop in gross profit margin, net profit margin rose 0.3 percentage point to 28.1%, supported by implementation of cost control measures and the benefits of higher operating leverage.

The Board has declared an interim dividend of HK25.0 cents per share, a 25% growth to the previous year.

On a quarter-on-quarter basis, revenue of second quarter increased to RMB1,926 million or 1% sequentially. Increasing sales penetration into a broader portfolio of major handset customers has enabled revenue to remain stable despite slow mobile consumer electronics segment market sentiments amid macro-economic headwinds. Gross profit margin improved 0.1 percentage point to 42.8%.

The Company has succeeded in further enhancing its market share in tablets by winning new projects. In addition, the Company’s development in non-acoustic segments such as radio frequency and optical solutions has received positive feedbacks from customers. The Company will continue to pursue innovative solutions to anticipate the demand for next generation projects.

Mr. Benjamin Pan, Chief Executive Officer of AAC Technologies, said, “Our strong R&D foundation positions us well to maintain our profitability. Our solid track record, broad customer coverage and production know-how will enable us to capture the growing potential in non-acoustic segments, and we are confident that the Company can deliver further growth and widen leadership in the smart-devices solutions market.”

仅从半年报看，AAC跟歌尔总产值旗鼓相当。但歌尔的毛利率仅相当于AAC的净利率，两者的差距可想而知。

有人说歌尔的技术强于AAC，不知是指声学水平还是吹牛水平？

客户的依赖程度太高，不是值得吹牛的资本。

泄露客户的具体信息，也不是君子之道。