智通财经APP获悉，港股恒生指数涨0.42%，涨98点，报23752点；恒生科技指数涨0.92%。港股早盘成 交1241亿港元。 金力永磁(06680)再涨超13%，海外中重稀土价格大幅上涨，有望逐步向国内传导。 快手-W(01024)涨超4%，可灵AI近期推出全新2.1系列模型，机构看好其盈利能力加速提升。 鸿腾精密(06088)涨超13%，海外AI龙头维持积极资本开支规划，公司AI业务显著受益。 心动公司(02400)涨6.5%，《伊瑟》国际服今日上线，机构看好公司业绩增长。 阅文集团(00772)再涨5.72%，近日收购艺画开天26.67%股权，IP+AI战略有望释放更多价值。 巨子生物(02367)再跌超5.63%，较前高已跌近28%，旗下生物护肤品牌可复美深陷成分争议。 龙蟠科技(02465)跌超4%，拟折让近9%配股，净筹1.17亿港元。 微盟集团(02013)涨4.76%，微盟导购Agent产品再度升级，公司有望受益微信电商发展。 中国同辐(01763)再涨超11%，近日氟[18F]贝他嗪注射液启动III期临床试验。 天立国际控股(01773)涨近12%，机构称民办高中学历学校中长期或持续受益行 ...

加科思-B(01167)再涨超4%，年内已涨超3倍，戈来雷塞片获批上市并冲刺医保国谈。 鸿腾精密(06088)涨超6%，英伟达数据中心收入大涨超70%，供应商已解决机架过热问题。 黑芝麻（000716）智能(02533)涨超9%，近日展示面向机器人、辅助驾驶及边缘计算领域的全栈解决方 案。 港股恒生指数涨0.64%，涨149点，报23407点，恒生科技指数涨1.56%。港股早盘成交1109亿港元。 当地时间5月28日，美国联邦法院阻止了美国总统特朗普在4月2日"解放日"宣布的关税政策生效，并裁 定特朗普越权。CRO概念股涨幅居前，凯莱英（002821）(06821)涨4%；药明生物(02269)涨8.76%；康 龙化成（300759）(03759)涨4.38%；药明康德（603259）(02359)涨5%。 药明巨诺-B(02126)涨超18%，瑞基奥仑赛第四项新适应症上市申请获受理。 君实生物(01877)再涨超9%，君适达新增两项适应症获批，公司加速推进在研管线临床进度。 重庆机电(02722)涨2%，康明斯业绩体现数据中心景气需求，重庆康明斯为发动机供应商。 小鹏汽车-W(09868)涨近4%，MONA ...

Group 1 - The telecommunications equipment sector in Hong Kong has shown strength, with notable gains in several companies [1] - VITEC (06133.HK) increased by 5.88%, indicating strong market performance [1] - Hongteng Precision (06088.HK) rose nearly 4%, contributing to the overall positive trend in the sector [1] Group 2 - Other companies such as Huiju Technology (01729.HK), BYD Electronics (00285.HK), and ZTE Corporation (00763.HK) also experienced upward movement in their stock prices [1]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [9] Core Views - The company relies on a "3+3" strategy, balancing external mergers and internal growth, quickly entering high-growth sectors, and is expected to form three growth poles: high-voltage connectors for electric vehicles, AI optical modules, and consumer electronics acoustics. The recovery of the main business, along with the resonance of AI, new energy, and consumer electronics acoustics, combined with global capacity layout cost reduction, is expected to continuously release profits [2][6] Summary by Sections Company Overview - In Q1 2025, the company achieved revenue of 1,102.91 million USD, a year-on-year increase of 14.28%, while net profit from continuing operations was 6.24 million USD, a year-on-year decrease of 38.80% [6] Business Developments - The company showcased its CDFP SMT connectors and passive direct-connect copper cables at DesignCon 2025, achieving efficient signal transmission for PCI Express 6.0 and PCIe 7.0, which are suitable for modular architecture in data centers [9] - The company announced the launch of Smart Mobility in partnership with Saleh Suleiman Alrajhi & Sons, focusing on the EV charging market in Saudi Arabia, with the Voltaira charging station series already certified for the local market [9] - The company is optimizing its global capacity layout to respond to market changes and customer demands, enhancing manufacturing capabilities in emerging markets like Southeast Asia and India [9] Financial Projections - The company projects revenues of 4,915 million USD, 5,454 million USD, and 6,097 million USD for 2025, 2026, and 2027 respectively, with net profits of 177 million USD, 204 million USD, and 238 million USD for the same years [9]

Investment Rating - The report maintains a BUY rating for FIT Hon Teng with a new target price of HK$3.48, reflecting a potential upside of 69.8% from the current price of HK$2.05 [3][17]. Core Insights - FIT Hon Teng's 1Q25 revenue grew by 14% year-over-year, but net profit declined by 38% year-over-year, primarily due to lower gross profit margin (GPM) and foreign exchange headwinds [1][9]. - The management has lowered the 2025 guidance for smartphone sales by 15% year-over-year and for system products by 5% to 5% year-over-year, citing macroeconomic uncertainties and the impact of US tariffs [1][9]. - Despite near-term challenges, the report remains optimistic about the demand for AI server products, the ramp-up of AirPods production in India, and progress in automotive mergers and acquisitions in 2025 [1][9]. Financial Performance Summary - For FY25E, revenue is projected at US$5,132 million, reflecting a 15.3% year-over-year growth, while net profit is expected to reach US$225.5 million, a 46.1% increase year-over-year [2][16]. - The report indicates a decrease in earnings per share (EPS) estimates for FY25-26E by 10-18% due to the 1Q25 results and revised guidance [1][17]. - The gross profit margin is expected to improve to 20.5% in FY25E, with operating profit margin projected at 7.8% [16][24]. Segment Performance - In 1Q25, smartphone and system product revenues declined by 6% and 4% year-over-year, respectively, while networking, computing, and automotive segments showed strong growth of 46%, 13%, and 89% year-over-year [9][14]. - The management anticipates a revenue decline of 15% year-over-year for smartphone/system products in 2Q25, while networking/mobility is expected to grow by 15% year-over-year [9][14]. Valuation Metrics - The stock is currently trading at a price-to-earnings (P/E) ratio of 8.3x for FY25E and 6.3x for FY26E, which is considered attractive compared to industry peers [3][18]. - The report highlights that the new target price of HK$3.48 is based on a P/E of 14.1x for FY25E, indicating a favorable valuation outlook [17][18].

开源证券此前发布研报称，全球军事力量再平衡将给资本市场带来更多的不确定性，资产的"地缘风险 溢价"或导致军工股避险属性的估值重估。军工股延续近期强势，中航科工(02357)涨超9%，中船防务 (00317)涨超6%。 鸿腾精密(06088)涨5.85%， 一季度收入同比增长14%，AI基建带动网络基础设施业务高增长。 中国投融资(01226)一度飙涨1.5倍，早晨收盘涨超30%。公司探讨配售10亿港元新股，拟委任李小加为 新董事。 小米集团-W(01810)一度跌超3%，公司再陷入舆论漩涡，报道称众多车主要求退车。 黄金股全线走低，关税及地缘冲突缓和，国际金价明显承压。灵宝黄金(03330)跌6%；山东黄金(01787) 跌2.97%。 医药股全线重挫，特朗普宣布将强制要求美国药品降价，现有药价体系将被颠覆。医药股全线重挫，康 诺亚-B(02162)跌4.76%；诺诚健华(09969)跌2.8%。 中美贸易谈判有进展，港股苹果概念股拉升，舜宇光学科技（02382）涨超10%，瑞声科技（02018）涨 9%，丘钛科技（01478）涨超7%，高伟电子（01415）涨超5%、比亚迪电子（00285）涨超5%。 中美 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [4]. Core Insights - The company experienced a year-on-year revenue growth of 14% in Q1 2025, reaching $1.103 billion, but net profit declined by 38% to $6.24 million, primarily due to adverse currency fluctuations [1]. - The revenue from the automotive and network businesses showed significant growth, while smartphone revenue decreased. The company has adjusted its revenue growth guidance for smartphone and system terminal products downward for the full year 2025 [1][2]. - The company aims to increase the revenue contribution from its three main business areas—5G AIoT, EV, and Audio—from 33% in 2024 to 40% by 2025 [2]. Summary by Sections Q1 2025 Performance - Revenue for Q1 2025 was $1.103 billion, a 14% increase year-on-year, while net profit was $6.24 million, a 38% decrease year-on-year, with a net profit margin of 0.56% [1]. - Revenue breakdown: smartphone (-6%), network infrastructure (+46%), computers and consumer electronics (+13%), electric vehicles (+89%), and system terminal products (-4%) [1]. Business Growth Areas - The network infrastructure segment is expected to maintain double-digit growth (>15%) in Q2 2025, driven by demand for AI servers and platform upgrades [2]. - The automotive business is also projected to grow at a double-digit rate (>15%) in Q2 2025, aided by localization efforts to mitigate tariff impacts [2]. Acoustic and Consumer Electronics - The acoustic production line's yield exceeded expectations, and a new production line in India is expected to be operational by 2025 [3]. - Smartphone revenue accounted for 17% of total revenue in Q1 2025, with a decline in average selling price (ASP) attributed to an increase in low-end models [3]. Financial Forecasts - The net profit forecasts for 2025-2027 have been revised down to $224 million, $292 million, and $341 million, respectively, reflecting a decrease of 8%, 10%, and 13% from previous estimates [4]. - The projected revenue for 2025 is $5.046 billion, with a growth rate of 13.4% [5].

Financial Performance - Revenue for the fiscal year ended December 31, 2024, was $4,451,494 thousand, representing an increase of 6.1% compared to $4,195,550 thousand in 2023[7] - Gross profit increased to $878,646 thousand, with a gross margin of 19.7%, up from 19.2% in the previous year[7] - Operating profit rose to $326,757 thousand, reflecting an operating margin of 7.3%, compared to 6.3% in 2023[7] - Profit attributable to owners of the company was $153,732 thousand, with a profit margin of 3.5%, up from 3.1% in the prior year[7] - The company's revenue for the fiscal year ending December 31, 2024, was $4.451 billion, representing a 6.1% increase compared to the previous year, while operating profit rose by 19.1% to $154 million[19] - Annual profit rose by 19.1% from $130 million in 2023 to $154 million in 2024, with the profit margin increasing from 3.1% to 3.5%[39] Asset and Liability Management - Current assets increased to $3,159,618 thousand, while total assets reached $5,470,183 thousand[7] - Total liabilities increased to $2,987,095 thousand, with current liabilities at $2,241,300 thousand[7] - Cash and cash equivalents decreased from $1,316 million as of December 31, 2023, to $1,113 million as of December 31, 2024[40] - Total bank borrowings increased from $1,383 million in 2023 to $1,538 million in 2024, with short-term borrowings rising from $1,383 million to $904 million[41] - As of December 31, 2024, the company's debt-to-equity ratio was 15.4%, a significant increase from 2.6% as of December 31, 2023[53] Market Segments and Growth Strategies - The electric vehicle market revenue increased by 57.6% year-over-year, driven by the acquisition of FIT Voltaira Group GmbH, which will accelerate the development of the company's EV products[21] - The network infrastructure market revenue grew by 39.1% year-over-year, benefiting from increased demand for AI-driven server solutions and new platform rack connectors and cables[20] - The smartphone component revenue decreased by 9.7% year-over-year due to structural changes in high-end smartphone products and increased competition[19] - The company is focusing on AI-driven solutions and has developed high-speed AIoT connector solutions to meet the demands of new data centers[10] - The company is optimizing its product portfolio to align with next-generation platform demands, including new acoustic solutions and EV charging solutions[10] - Future strategies will leverage the 3+3 transformation to capture opportunities in AI infrastructure investment growth, aiming for sustainable growth and substantial returns for shareholders[14] Operational Efficiency - The average inventory turnover days improved to 87 days from 95 days in 2023, indicating better inventory management[7] - Distribution costs and selling expenses increased by 25.6% from $105 million in 2023 to $131 million in 2024, primarily due to the acquisition of Voltaira, contributing approximately $9 million to the increase[33] - Administrative expenses rose by 26.6% from $191 million in 2023 to $242 million in 2024, with Voltaira's administrative costs contributing approximately $16 million to this increase[35] - Research and development expenses increased by 7.3% from $308 million in 2023 to $330 million in 2024, with Voltaira contributing approximately $3 million to the increase and a focus on AI and acoustic product development[36] Corporate Governance and Management - The company has appointed new independent non-executive directors to strengthen its governance and oversight capabilities[73] - The management team is committed to strategic decision-making based on financial forecasting and analysis to support growth initiatives[68] - The board emphasizes a strong corporate culture based on core values such as integrity and collaboration, which supports the company's long-term strategic goals[194] - The board has established four committees to oversee specific areas of the company's affairs, including the audit committee and the remuneration committee[195] Strategic Partnerships and Acquisitions - The company completed the acquisition of the German automotive component design and manufacturing company Prettl SWH Group in July 2023, now renamed FIT Voltaira Group GmbH, to enhance its EV strategy[86] - A further acquisition of the German Auto-Kabel Group is planned by the end of 2024 to strengthen capabilities in high-voltage systems and automotive wiring harnesses[86] - The company has established a strategic partnership with PacBridge to identify specific projects for market expansion and risk management[155] Employee and Talent Management - The total employee benefits expenditure for 2024 was $927 million, up from $783 million in 2023, despite a decrease in the number of employees from 66,148 to 61,720[55] - Employee compensation is determined based on performance, skills, qualifications, and industry standards, with additional benefits including cash bonuses and retirement plans[55] - The company has experienced a decrease in employee count, indicating potential restructuring or efficiency measures[55] Compliance and Risk Management - The company emphasizes compliance with relevant laws and regulations, as well as maintaining relationships with employees, customers, and suppliers[91] - The company has adopted a prudent foreign exchange hedging policy, with a nominal principal amount of $235 million in forward foreign exchange contracts as of December 31, 2024[58] - The company faces significant foreign exchange risks due to operations in multiple currencies, including USD, EUR, TWD, and RMB, which could impact operational performance[56] Shareholder and Financial Policies - The company does not recommend a final dividend for the fiscal year ending December 31, 2024[89] - The company has entered into agreements with PacBridge Capital Partners (HK) Limited, agreeing to pay a total of $3,000,000 for business consulting services during the reporting period[109] - The beneficial ownership of shares by directors includes 420,651,000 shares (5.77%) held by Lu Songqing, 12,512,000 shares (0.17%) held by Lu Boqing, and 1,790,000 shares (0.02%) held by PIPKIN Chester John[117]

Investment Rating - The report assigns a "Buy" rating for the company [13]. Core Views - The company leverages its "3+3" strategy, balancing external acquisitions and organic growth, to rapidly enter high-growth sectors, potentially establishing three growth engines: high-voltage connectors for electric vehicles, AI optical modules, and acoustic components for consumer electronics [4][11]. - The recovery of core business, combined with the growth in AI, new energy, and consumer electronics, along with a global production layout to reduce costs, is expected to continuously release profit elasticity [4][11]. Summary by Sections Company Overview - The company is a leader in connection solutions, focusing on the "3+3" strategy, which emphasizes three key industries: EVs, 5G AIoT, and audio, while promoting three core technology transformations: copper to optics, wired to wireless, and components to modules [7][21]. Electric Vehicles - The company accelerates its electric vehicle electrification layout through external acquisitions, aiming to establish product lines for high-voltage connectors, battery management systems, and charging stations. The acquisition of the German Prettl SWH Group in 2022 and Auto-Kabel Group in 2024 enhances its capabilities in this sector [8][58]. Consumer Electronics - Backed by the Foxconn Group, the company expands its consumer electronics footprint through both organic growth and acquisitions, including the purchase of Belkin in 2018, which provided global channels and facilitated a transition from OEM to OBM [9][81]. Infrastructure and Networking - The company is advancing its optical module and CPO technology through strategic acquisitions, including a 70% stake in Huayun Optoelectronics for RMB 220 million, with plans to accelerate product development in high-speed optical modules [10][87]. Financial Performance - The company expects revenue growth from 2025 to 2027, with projected revenues of $4.915 billion, $5.454 billion, and $6.097 billion, and net profits of $177 million, $205 million, and $240 million respectively [11]. The revenue for 2024 is anticipated to be $4.451 billion, a 5.8% increase year-on-year, driven by high demand in the electric vehicle and infrastructure sectors [36][45]. Market Position - The global connector market is expanding, with the market size growing from $60.1 billion in 2017 to $84.1 billion in 2022, reflecting a compound annual growth rate of 6.95% [67]. The company benefits from its affiliation with Foxconn, which holds a significant market share in the EMS sector [72]. Future Outlook - The company is well-positioned to capitalize on the AI-driven transformation in consumer electronics, with expectations for increased demand for AI-enabled devices [74]. The anticipated growth in AI smartphones and PCs is expected to drive further demand for connectors [79].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.87 [6][4]. Core Views - The company's revenue for 2024 is projected to be USD 4.45 billion, representing a year-over-year growth of 6%, primarily driven by a recovery in server demand and the integration of Voltaira [1][3]. - The company's performance in 2H24 is expected to be impacted by a decline in smartphone connector prices and adjustments in the acoustic production line in Vietnam, leading to a revenue decrease of 1% year-over-year [2][1]. - The anticipated growth drivers for 2025 include 5G, AIoT, and audio products, with significant contributions expected from new AI server contracts and the establishment of AirPods assembly lines in India [3][4]. Summary by Sections Financial Performance - The company achieved a revenue of USD 4.20 billion in 2023, with a projected increase to USD 4.45 billion in 2024 and USD 4.70 billion in 2025, reflecting growth rates of -7.4%, 6.1%, and 5.7% respectively [5][20]. - The net profit attributable to the parent company is expected to rise from USD 128.97 million in 2023 to USD 208.76 million in 2025, with growth rates of -23.97%, 19.20%, and 35.79% [5][20]. Segment Analysis - The smartphone segment is projected to decline by 10% in 2025 due to lower connector prices, while the network equipment segment is expected to grow significantly by 55% in 2025 due to increased demand from AI server clients [11][13]. - The audio segment is anticipated to become a core revenue source in 2025, supported by the launch of new assembly lines in India [3][4]. Valuation Metrics - The target price has been adjusted to HKD 2.87, based on a 12.9x PE ratio for 2025, aligning with comparable companies [4][14]. - The company's market capitalization is reported at HKD 18.02 billion, with a closing price of HKD 2.47 as of March 28 [7][14].