证券研究报告 FIT Hon Teng (6088 HK) 港股通 云端网络设施和汽车业务驱动 26 年 增长 基于对公司智能手机、电脑及系统终端产品更加谨慎的增长预期，以及 Auto-Kabel 并表短期稀释毛利率，我们预计公司 2026/2027/2028 年归母净 利润或达 1.9/2.5/2.8 亿美元，给予目标价 6.3 港币，基于 27.3x 2026 年 PE （vs 可比公司：17.1x 2026 年 PE，港元兑美元汇率为 0.13）。给予溢价主 要考虑到公司正向"AI 互连+汽车电源"平台型公司转型，云端网络收入有望 进一步提升，叠加港股"苹果+AI"双重概念稀缺性。维持"买入"评级。 风险提示：高利润率业务发展慢于预期；中美贸易摩擦加剧；印度新产能管 理面临诸多不确定因素。 2026 年 3 月 16 日│中国香港 鸿腾精密公布 2025 年业绩：营收 50.0 亿美元（yoy+12.4%），受益于 AI 服务器需求增长及 Auto-Kabel 全年并表，但整体消费电子产品收入表现偏弱。 毛利率 18.9%（yoy-0.84pp）；归母净利润达到 1.56 亿美元（yoy+1.5%）， ...

Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng, with a target price of HK$7.42, representing a potential upside of 35.8% from the current price of HK$5.46 [3][13]. Core Insights - FIT Hon Teng's FY25 revenue increased by 12% year-over-year to US$5.0 billion, which is largely in line with expectations, while net profit grew by 2% year-over-year to US$156 million, falling short of both the report's and consensus estimates by 8% and 12% respectively, primarily due to a higher effective tax rate [1][8]. - Management expressed optimism regarding the cloud and datacenter segments, forecasting a 70% year-over-year revenue growth for these areas in FY26, and has raised the guidance for the cloud revenue mix for FY26-28 to mid-20%/high-20%/low-30% [1][7]. - The report highlights upcoming catalysts such as GTC/OFC events and AI server product launches, which are expected to drive further growth [1][13]. Financial Performance Summary - FY25 revenue was reported at US$5,003 million, reflecting a 12.4% year-over-year growth, while net profit was US$156.7 million, a modest increase of 1.5% year-over-year [2][8]. - The gross profit margin for FY25 was 18.9%, slightly down from 19.7% in FY24, while the operating profit margin decreased to 5.7% from 7.3% in FY24 [8][10]. - For FY26, revenue is projected to reach US$5.754 billion, with a year-over-year growth of 15%, and net profit is expected to increase significantly to US$315.2 million, representing a 101.2% growth [2][10]. Segment Performance - The cloud/datacenter segment showed strong momentum with a 38% year-over-year growth, driven by AI connectivity solutions and new AI server deliveries [7][9]. - The automotive segment experienced a remarkable 94% year-over-year growth, attributed to the consolidation of the Auto-Kabel business [7][9]. - The smartphone segment faced a decline of 13% year-over-year, while consumer interconnects grew by 7% year-over-year, indicating mixed performance across different product lines [7][9]. Valuation Metrics - The report indicates an attractive valuation with a P/E ratio of 15.7x for FY26 and 11.5x for FY27, suggesting potential for re-rating as AI revenue contributions increase [1][13]. - The target price of HK$7.42 is based on a P/E of 21x for FY26, reflecting a higher valuation multiple due to the anticipated increase in AI revenue mix [3][13].

AI 驱动收入明显增长，战略聚焦高附加值赛道 鸿腾精密(06088) 分析师 郝艳辉 SAC 证书编号：S0160525080001 haoyh@ctsec.com 分析师 景柄维 SAC 证书编号：S0160525090009 jingbw@ctsec.com 相关报告 1. 《智能"神经网络"平台厂商 》 2026- 01-06 投资评级:增持(维持) | 基本数据 | 2026-03-13 | | --- | --- | | 收盘价(港元) | 5.46 | | 流通股本(亿股) | 73.04 | | 每股净资产(美元) | 0.35 | | 总股本(亿股) | 73.04 | 最近 12 月市场表现 -38% 1% 39% 78% 117% 155% 鸿腾精密 恒生指数 证券研究报告 通信设备 / 公司点评 / 2026.03.14 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (美元) | 2024A | 2025A | 2026E | 2027E | 2028E | ...

2026 年 3 月 13 日 公司研究 25 全年业绩同比增长，全面布局光互联领域有望打开 AI 数据中心业务成长空间 ——鸿腾精密（6088.HK）2025 年业绩点评 要点 点评：2025 全年收入、净利润同比上升。1）收入、利润情况：2025 全年公 司实现收入 50.03 亿美元，同比+12.4%；毛利润 9.46 亿美元，同比+7.6%， 对应毛利率 18.9%，同比-0.8pct，主要系产品结构变化、汇率影响及贵金属成 本增加；净利润 1.57 亿美元，同比+1.9%，对应净利率 3.1%，同比-0.4pct。 2）云端数据中心业务收入高速增长，智能手机业务收入下降：2025 全年智能 手机/云端数据中心/电脑及消费性电子/电动汽车业务/系统终端产品收入分别 为 8.24/8.13/8.69/9.32/13.55 亿美元，同比-13%/+38%/+7%/+94%/-4%。3） 26 全年指引：根据 2025 业绩会，公司预计 2026 全年营收同比增长 5%~15%， 毛利润&经营利润保持双位数同比增长（同比>+15%）。 公司指引数据中心业务收入贡献持续提升，28年收入占比有望上升至30%+ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島以鴻騰精密科技股份有限公司的名稱註冊成立的有限公司， 並以鴻騰六零八八精密科技股份有限公司於香港經營業務） （股份代號：6088） 截至二零二五年十二月三十一日止年度 全年業績公告 財務摘要 1 • 截至二零二五年十二月三十一日止年度的營收為5,003百萬美元，較截至二 零二四年十二月三十一日止年度的4,451百萬美元同比增加12.4%。 • 截至二零二五年十二月三十一日止年度的利潤為157百萬美元，較截至二零 二四年十二月三十一日止年度的154百萬美元同比增加1.9%。 • 截至二零二五年十二月三十一日止年度的本公司擁有人應佔每股基本盈利 為2.20美分，較截至二零二四年十二月三十一日止年度的2.17美分同比增加 1.4%。 • 董事會並無就截至二零二五年十二月三十一日止年度宣派任何末期股息。 董事會欣然公佈本集團截至二零二五年十二月三十一日止年度的經審核綜合全年 業績連同過往期間相應期間 ...

Core Insights - The article emphasizes the increasing importance of SerDes technology in AI infrastructure, highlighting its role in enhancing data exchange efficiency among GPUs and other components in large-scale systems [2][5][10] - Companies like Broadcom and Marvell dominate the ASIC design market due to their advanced SerDes capabilities, which create significant competitive advantages [6][8][9] Summary by Sections SerDes Technology - SerDes (Serializer/Deserializer) is a critical technology for high-speed data transmission, allowing for efficient chip-to-chip communication with fewer connections [4] - The evolution of SerDes from earlier standards to current high-speed versions (e.g., 224Gbps) reflects its growing significance in various applications, including AI, high-performance computing, and networking [5][6] Market Leaders - Broadcom and Marvell capture 80% of the ASIC market profits, largely due to their expertise in SerDes technology, which provides a competitive edge in connection stability [6][8] - Broadcom's Tomahawk series exemplifies high-performance SerDes integration, with the upcoming Tomahawk 6 expected to push the boundaries of data center interconnectivity [6][8] - Marvell's advancements in SerDes, particularly for Chiplet designs, position it favorably in the server and storage controller markets [7][9] Competitive Landscape - Broadcom's AI revenue is projected to reach $25 billion in 2026, while Marvell aims for over $5 billion, indicating a significant market share disparity [7][9] - New entrants like MediaTek are emerging, leveraging their SerDes technology to secure contracts with major players like Google [8][9] GPU Manufacturers - NVIDIA and AMD are also enhancing their SerDes capabilities, with NVIDIA's NVLink technology evolving to support higher bandwidths essential for AI workloads [11][12] - AMD's strategy focuses on open standards like PCIe and CXL, contrasting with NVIDIA's proprietary approach, indicating a diverse competitive landscape [12][13] Emerging Companies - New companies such as Credo, Astera Labs, and Alphawave Semi are gaining traction in the high-speed interconnect market, driven by the demand for efficient SerDes solutions [14][15][16] - Credo's focus on analog front-end optimization and Astera Labs' intelligent connectivity solutions highlight innovative approaches to address signal integrity challenges in AI data centers [15][16] Industry Trends - The shift towards 448G SerDes technology is becoming a focal point for future developments in AI infrastructure, with companies like Marvell and NVIDIA leading the charge [21][23] - The transition to optical interconnects (CPO) is anticipated as a necessary evolution to meet the demands of high-speed data transmission, further emphasizing the critical role of SerDes technology [23][24] Conclusion - The article concludes that the AI computing revolution is fundamentally tied to advancements in high-speed interconnect technology, with SerDes being a key determinant of scalability in AI systems [26]

Core Viewpoint - The optical communication sector is experiencing a collective rebound, driven by significant investments from Nvidia in advanced optical technology, indicating a strong future for optical communication technologies [1] Group 1: Stock Performance - Cambridge Technology (603083) saw an increase of 8.63%, trading at 77.4 HKD [1] - Hong Teng Precision (06088) rose by 5.49%, reaching 5.96 HKD [1] - Huijun Technology (01729) increased by 5.31%, priced at 17.45 HKD [1] - Huahong Semiconductor (01347) gained 2.2%, trading at 88.15 HKD [1] Group 2: Strategic Investments - Nvidia announced a strategic partnership with two leading companies in the optical communication field, Lumentum and Coherent, investing 20 billion USD in each, totaling 40 billion USD for advanced optical technology research and manufacturing [1] Group 3: Market Outlook - According to Open Source Securities, the optical communication technology is expected to become a core technology for future AIDC interconnects, highlighting opportunities in silicon photonics, CPO, OCS, hollow-core fibers, and thin-film lithium niobate [1] - China Galaxy Securities noted that the optical module market is still in an upward trend, with high demand from overseas cloud service providers expected to continue through 2026, driven by GPU performance improvements [1] - The trend of upgrading to high-speed, high-value optical modules is anticipated to accelerate, with a clear shift from optical to copper expected to further increase the demand for optical modules [1]

Group 1: Pharmaceutical and Biotechnology Sector - Four Seasons Pharmaceutical (00460) saw a stock increase of 3.7% after receiving approval from the NMPA for its innovative drug, Pyrocilin Tablets, for treating HR+/HER2- advanced breast cancer [1] - Hengrui Medicine (01276) rose over 5% following the approval of a clinical trial for HRS-1780 Tablets aimed at treating primary hyperaldosteronism [3] - Mirxes-B (02629) experienced a stock surge of 10.86% after announcing a strategic partnership with Apollo Health to develop advanced cancer early detection solutions in India [3] - Cornerstone Pharmaceuticals-B (02616) increased by 12.37% after receiving FDA approval for its IND application for CS2009, a tri-specific antibody for advanced solid tumors [4] - Deciphera Pharmaceuticals-B (06996) rose 16.77% after signing an agreement with U.S. Biotech for the global development and commercialization of ATG-201, a dual-specific T-cell engager [5] Group 2: Automotive Sector - Automotive stocks showed a collective rebound, with XPeng Motors-W (09868) up 3.14% and NIO-SW (09866) up 3.43%, driven by news of BYD's upcoming launch of its second-generation blade battery and fast-charging technology [2] Group 3: Technology and Communication Sector - Optical communication stocks rallied, with Cambridge Technology (06166) up 8.7% after NVIDIA announced a $40 billion investment in optical technology through partnerships with Lumentum and Coherent [1] - Brain-computer interface stocks surged, with Nanjing Panda Electronics (00553) increasing by 24.64% following government reports emphasizing the development of future industries, including brain-computer interfaces [2] Group 4: Cryptocurrency Sector - Cryptocurrency-related stocks rebounded, with Okex Cloud Chain (01499) rising 15.89% as Bitcoin surpassed $72,000, driven by short-covering amid geopolitical concerns [5][6]

Core Viewpoint - The optical communication sector is experiencing a collective rebound, driven by significant investments from Nvidia in leading companies within the field, indicating a strong future for optical technologies [1] Group 1: Market Performance - Cambridge Technology (06166) increased by 8.63%, reaching HKD 77.4 [1] - Hong Teng Precision (06088) rose by 5.49%, reaching HKD 5.96 [1] - Huijun Technology (01729) saw a 5.31% increase, reaching HKD 17.45 [1] - Huahong Semiconductor (01347) grew by 2.2%, reaching HKD 88.15 [1] Group 2: Strategic Investments - Nvidia announced a strategic partnership with two leading companies in the optical communication sector, Lumentum and Coherent, investing USD 2 billion in each, totaling USD 4 billion for advanced optical technology research and manufacturing [1] Group 3: Industry Outlook - Open Source Securities believes that this move reinforces the potential of optical communication technology as a core technology for future AIDC interconnects, highlighting opportunities in silicon photonics, CPO, OCS, hollow-core fibers, and thin-film lithium niobate [1] - China Galaxy Securities notes that the optical module market is still in an upward trend, with high overseas demand and capital expenditure from major cloud providers expected to exceed forecasts through 2026 [1] - The trend of upgrading GPU performance is driving a clear upgrade in overseas optical module speeds, with an anticipated acceleration in the volume and demand for high-speed, high-value optical modules [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06088 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 15,360,000,000 | USD | 0.01953125 | USD | | 300,000,000 | | 增加 / 減少 (-) | | | | 0 | | USD | | 0 | | 本月底結存 | | | 15,360,000,000 | USD | 0.01953125 | USD | | 300,000,000 | 本月底法定/註冊股本總額： USD 300,000,000 FF301 第 1 ...