OpenAI's first AI hardware "Donut" supply chain overview: AAC TECH (02018) and other core beneficiaries

Title context: OpenAI's first AI hardware "Donut" supply chain overview: AAC TECH (02018) and other core beneficiaries Text: Recently, rumors about OpenAI's first consumer-grade AI hardware have continued to intensify. According to Bloomberg's Mark Gurman, this product, created by OpenAI in collaboration with former Apple design director Jony Ive's team, closely resembles a "donut" in appearance and is a screenless AI speaker. The product is expected to launch in 2027, priced at around US$400. OpenAI's entry into consumer hardware is essentially a migration of the AI interaction entry point. In the past, large models relied on web pages and mobile apps. Now that large-model contextual conversation capabilities have matured, screenless devices focused on pure voice interaction do not occupy users' visual attention, are suitable for deployment in various scenarios, and are expected in the long term to become the hub of AI interaction. Recently, a market research institution comprehensively mapped OpenAI's device-side industry chain targets, covering assembly, acoustics, motors, CIS, batteries, structural parts, chips, shielding components, and other segments, and quantitatively estimated each manufacturer's shipments, per-unit value, profitability level, and earnings elasticity: under the base-case assumption of 10 million Donut units shipped, while also modeling profit elasticity under an optimistic scenario of 50 million units shipped, value across different segments of the industry chain diverges enormously. Changes in interaction form have also significantly raised the performance threshold of the underlying hardware. Far-field sound pickup, real-time conversation, and voice output quality standards are extremely high, making the acoustic chain the core bottleneck determining product experience and the key to differentiated hardware competition in this track. Across the entire supply chain, AAC TECH (02018) is a relatively scarce high-value supplier target, providing an integrated package solution combining acoustics + motors + magnetic attachment modules, while possessing the triple advantages of high per-unit value, high net profit margin, and considerable volume-growth elasticity. Per-unit ASP is as high as RMB500-700, and its comprehensive profitability level is well ahead among all core suppliers. Based on the estimated data, Luxshare Precision Industry (02475) has an ASP of RMB1,200-1,500, but its business is mainly whole-device assembly. Shenzhen Goodix Technology (603160.SH) supplies fingerprint recognition chips, with an ASP range of RMB20-40. In addition, Zhuhai CosMX Battery is a battery supplier, with an ASP of RMB50-70; Freewon China, Shenzhen Sunway Communication, and others supply structural parts, shielding components, and related products, with ASPs also falling in the RMB50-70 range. According to market rumors, Donut is only the first product in OpenAI's consumer hardware lineup, and it will subsequently launch multiple AI hardware terminals such as AI earphones, AI glasses, and smart pens. As the product matrix gradually materializes, core suppliers in the industry chain are expected to continue receiving orders and realize long-term growth.