Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company is a leading global connector supplier with a strong focus on technology development and a diversified business model that includes AI server interconnect solutions, which are expected to drive future growth [1][4]. - The company's revenue and net profit have shown significant recovery, with a projected increase in profitability driven by its strategic positioning in the AI server interconnect market [2][4]. Summary by Sections Company Overview - The company, established in 2013, operates in various sectors including communication, computing, and automotive, focusing on mobile and wireless device production, connector manufacturing, and sales [1][11]. - It has a strong technical team with extensive experience in the connector field, maintaining a leading position in interconnect technology [1][31]. Financial Performance - For the first three quarters of 2024, the company reported revenue of $3.241 billion, a year-on-year increase of 9.90%, and a net profit of $101 million, up 119.57% year-on-year [2][19]. - The company's revenue fluctuated from 2019 to 2023, with a notable recovery in 2024, driven by improved product structure and increased demand for high-margin products [2][19]. Business Segments - The company is expanding its business across five key segments: network facilities, smartphones, computers and consumer electronics, electric vehicles, and system terminal products [3][37]. - The network facilities segment is focusing on copper and optical solutions, with a strategic push into AI server interconnects, while the smartphone segment remains a major revenue source despite competitive pressures [3][37]. - The electric vehicle segment has seen significant growth, particularly after acquisitions that enhanced the company's technological capabilities and market reach [3][70]. Future Outlook - The company is expected to benefit from its strategic layout in the AI server interconnect field, with projected net profits of $169 million, $237 million, and $313 million for 2024, 2025, and 2026 respectively [4][5]. - The report anticipates continued revenue growth driven by the increasing demand for high-performance interconnect solutions in data centers and AI applications [4][39].

Investment Rating - The report assigns a "Buy" rating for the company, Hong Teng Precision Technology Co., Ltd. [1] Core Views - The company is positioned as a leader in interconnect solutions, with a strategic focus on key industries such as electric vehicles (EV), 5G AIoT, and audio products through its "3+3" strategy [2][13] - The company has a strong vertical integration advantage due to its affiliation with the Hon Hai Group, which is the largest electronic manufacturing services provider globally [3][17] - The demand in downstream sectors like communication and automotive is expected to remain robust, with significant growth potential in acoustic products [4][22] Summary by Sections Financial Performance and Forecast - The company reported total revenue of 4,538 million in 2022, with a projected increase to 5,402 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 8.18% [1] - Net profit is expected to grow from 169.62 million in 2022 to 297.89 million by 2026, indicating a strong growth trajectory [1] - The earnings per share (EPS) is projected to rise from 0.02 in 2022 to 0.04 by 2026, with a corresponding decrease in price-to-earnings (P/E) ratio from 20.26 to 11.54 [1] Strategic Positioning - The company has executed a series of acquisitions to enhance its capabilities in critical industries, including the acquisition of Avago's optical module business and Belkin, which have diversified its product offerings [2][13] - The "3+3" strategy focuses on three key industries and three core technologies, establishing a solid foundation for future growth [13][15] Market Trends - The global connector market is expected to recover, with a projected growth rate of 5.8% in 2024 and 4.5% in 2025, driven by demand from the communication and automotive sectors [33][34] - The automotive sector, particularly electric vehicles, is experiencing significant growth, with domestic sales of new energy vehicles in China expected to increase by 53.8% year-on-year [54][55] Competitive Landscape - The company benefits from the Hon Hai Group's extensive ecosystem, which provides support for product development and access to core customers [3][17] - The connector market is characterized by a high degree of customization and relatively stable regional dynamics, with major players like TE Connectivity and Amphenol holding significant market shares [36][38]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leader in interconnected solutions, focusing on key industries such as electric vehicles (EV), 5G AIoT, and audio products through its "3+3" strategic framework [2][13]. - The company has a strong vertical integration advantage, being the only connector and cable platform under the Hon Hai Group, which provides significant support for product development and market penetration [3][17]. - The report highlights a robust growth trajectory in the automotive and communication sectors, with expectations for increased demand for connectors driven by the rise of electric vehicles and advanced communication technologies [4][34]. Summary by Sections Financial Performance - The company achieved total revenue of 32.4 billion USD in the first three quarters of 2024, reflecting a year-on-year increase of 9.9%, with net profit soaring by 599% to 1.1 billion USD [21][22]. - The forecast for net profit from 2024 to 2026 is projected at 1.6 billion USD, 2.4 billion USD, and 3.0 billion USD respectively, with corresponding P/E ratios of 21.0, 14.2, and 11.5 [4][1]. Strategic Positioning - The company has executed a series of acquisitions to enhance its capabilities, including the purchase of Avago's optical module business in 2015 and Prettl SWH in 2023, which have strengthened its core competencies in precision components and integrated production [2][13]. - The "3+3" strategy focuses on three key industries and three core technologies, aiming to leverage advancements in copper to optical, wired to wireless, and component to system products [13][15]. Market Outlook - The global connector market is expected to continue its recovery, with a projected growth rate of 5.8% in 2024 and 4.5% in 2025, driven by demand from the telecommunications and automotive sectors [33][34]. - The report notes that the automotive sector, particularly electric vehicles, is experiencing significant growth, with domestic sales of new energy vehicles in China increasing by 53.8% year-on-year in November 2024 [54][55]. Competitive Landscape - The connector industry is characterized by a fragmented market with significant barriers to entry, as new suppliers face lengthy certification processes to penetrate established supply chains [36][37]. - Major players in the connector market, such as TE Connectivity and Amphenol, hold substantial market shares, indicating a competitive environment where strategic acquisitions play a crucial role in growth [36][38].

Investment Rating - The report maintains a **BUY** rating for FIT Hon Teng (6088 HK) with a new target price of **HK$4.38**, representing a **40% upside** from the current price of HK$3.14 [2][16] Core View - The report is optimistic about FIT Hon Teng's growth prospects, driven by strong **3-year guidance (2025-27)** with a **20% revenue CAGR** and **GPM/OPM targets of 22%/8% by FY27E** [2] - Key growth drivers include **AI server/networking** (GB200 ramp-up, product portfolio expansion), **Auto-Kabel Group integration**, and **AirPods production capacity expansion** in India [2] - The company's **3Q24 results** were in-line with expectations, showing **accelerated margin recovery** with **GPM at 21.7%** and **OPM at 8.2%**, despite weakness in the EV segment [3] Financial Performance - For **FY24E**, the report estimates **revenue growth of 9% YoY** and **net profit growth of 43% YoY**, driven by **high single-digit revenue growth** and **GPM of 20%+** [3] - The company's **FY25-27E guidance** includes a **20% revenue CAGR**, with **GPM/OPM targets of 22%/8%**, supported by growth in **AI server, mobility, and audio products** [4] - **FY25E revenue** is projected at **US$5,896 million**, with **net profit of US$308.1 million**, representing a **67.2% YoY growth** [6] Valuation - The stock is trading at **9.3x/7.1x FY25/26E P/E**, which is considered attractive given the **67%/31% EPS growth** projected for FY25/26E [5] - The new target price of **HK$4.38** is based on a **13x FY25E P/E**, reflecting confidence in the company's **"3+3 Strategy"** and **profitability recovery** [16] Growth Drivers - **AI Server/Networking**: FIT Hon Teng is expected to benefit from **GB200 AI server component orders**, with **power busbar and CDU liquid cooling connectors** starting delivery in **4Q24E** [4] - **Auto-Kabel Integration**: The integration of Auto-Kabel is expected to close soon, contributing **meaningful revenue in FY25E** [4] - **AirPods Production**: The first production line in India is on track for **mass production in early FY25E**, with a second line to begin construction in **1H25E** [4] Revenue Breakdown - **Networking revenue** is expected to grow **59% YoY in FY24E**, driven by **AI server and traditional server growth** [11] - **Mobility revenue** is projected to grow **56% YoY in FY24E**, supported by **EV business and Voltaira contributions** [11] - **AirPods revenue** is expected to reach **US$591.6 million in FY25E**, growing significantly from **US$233.75 million in FY24E** [11] Scenario Analysis - The report provides a **bull, base, and bear scenario** for FIT's **AI server revenue in 2025**, with **total NVDA AI server revenue** ranging from **US$238.3 million (bear)** to **US$962.6 million (bull)** [13][14][15]

Investment Rating - The report maintains a "Buy" rating for Hong Teng Precision (6088.HK) [1] Core Views - Strong demand for AI is driving high growth in network infrastructure revenue, with a focus on backplane connections and optical module certification progress [1] - The company expects stable revenue growth over the next three years, with a compound annual growth rate (CAGR) of 20% anticipated from 2024 to 2027 [1] - The automotive business revenue is below guidance due to overall industry weakness, while network infrastructure revenue is expected to maintain high double-digit growth [1] Summary by Sections Financial Performance - In Q3 2024, the company reported a net profit of $170 million, a year-on-year increase of 1% [1] - Revenue guidance for the full year aligns with market expectations, with a projected revenue growth of 8% [1] - The company’s gross profit margin improved to 21.7%, a decrease of 0.6 percentage points year-on-year [1] Business Segments - Revenue from network infrastructure grew by 65.98% year-on-year, while the automotive segment saw a decline of 11.15% [1] - The company anticipates that the revenue contribution from AI, EV, and audio segments will continue to grow, with expected contributions of 30% and 40% from network infrastructure [1] Future Outlook - The company is focusing on three main business areas: 5G AIoT, EV, and audio, which are expected to drive revenue growth [1] - New products in optical and power solutions are set to be delivered in Q4 2024, with significant sales growth anticipated [1] - The company is also expanding its electric vehicle charging station production in Saudi Arabia through a joint venture [1] Profitability and Valuation - The report forecasts net profits of $176 million, $271 million, and $376 million for 2024, 2025, and 2026 respectively, reflecting a strong growth trajectory [2] - The expected earnings per share (EPS) for 2024 is projected at $0.024, with a price-to-earnings (P/E) ratio of 12 [2][3]

Investment Rating - The report maintains a **Buy** rating for FIT Hon Teng with a target price of **HK$4.25**, representing a **64.8% upside** from the current price of HK$2.58 [3][13] Core Views - FIT Hon Teng's **3Q24 revenue and net profit** grew by **1% and 24% YoY**, respectively, driven by improved product mix, cost control, and operational efficiency [1][2] - The company's **net profit margin (NPM)** recovered to **5.8% in 3Q24**, up from 1.1% and 2.0% in 1Q24 and 2Q24, respectively, supported by high-margin AI server products [1][2] - The **GB200 AI server products** are expected to start **small-volume shipments in 4Q24**, with mass production anticipated in **1Q25**, driving revenue growth in connectors, cooling, and power-related products [2][3] - The report forecasts **FY24E revenue and net profit growth** of **12% and 42% YoY**, respectively, with further improvements in operating efficiency and margins [2][13] Financial Performance - **FY24E revenue** is projected at **$4,677 million**, a **11.5% YoY increase**, while **FY25E revenue** is expected to grow **30.8% YoY** to **$6,117 million** [4][9] - **FY24E net profit** is estimated at **$183.5 million**, a **41.6% YoY increase**, with **FY25E net profit** expected to grow **62.8% YoY** to **$298.7 million** [4][9] - The **gross profit margin (GPM)** is expected to improve to **21% in FY24E**, up from **19% in FY23**, driven by better product mix and cost control [9][16] - **Operating profit margin (OPM)** is forecasted to increase to **7.0% in FY24E**, compared to **6.3% in FY23**, with further improvement to **7.7% in FY25E** [9][16] AI Server Opportunity - The **GB200/GB300 AI server revenue** is estimated to reach **$885.9 million** in a bull case scenario, with **$422.4 million** in a base case and **$191.3 million** in a bear case [11] - Key components contributing to AI server revenue include **connectors/cables**, **power/thermal solutions**, and **NVLink copper cables/connectors**, with FIT Hon Teng holding a **20% share** in connectors/cables and **5% in power/thermal solutions** [11] - The **HGX/MGX AI server revenue** is projected at **$76.7 million** in a bull case, with **$61.9 million** in a base case and **$47.0 million** in a bear case [12] Valuation - The target price of **HK$4.25** is based on a **13x FY25E P/E**, reflecting the company's growth potential and margin recovery [13] - The current share price implies a **12.9x FY24E P/E** and **7.9x FY25E P/E**, which is considered attractive given the company's growth prospects [13][14] - The **ROE** is expected to improve to **10.8% in FY25E**, up from **7.3% in FY24E**, driven by higher profitability and operational efficiency [4][20] Catalysts - Key catalysts include the **mass production of GB200 server products**, progress in the **Auto Kabel acquisition**, updates on **AirPods production in Vietnam/India**, and further **margin improvements** [3][13]

Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng with a target price of HK$4.25, indicating a potential upside of 64.8% from the current price of HK$2.58 [3][10][11]. Core Insights - FIT Hon Teng reported a 3Q24 revenue growth of 1% and net profit growth of 24% year-over-year, aligning with prior guidance. The company achieved a net profit margin recovery to 5.8% in 3Q24, significantly improved from 1.1% in 1Q24 and 2.0% in 2Q24, driven by higher-margin AI server products and better expense control [1][5]. - The outlook for 4Q24E is positive, with expectations for the GB200 AI server products to begin small volume shipments and mass production starting in 1Q25E. The report anticipates a revenue rebound of 12% and net profit growth of 42% year-over-year for FY24E [1][10]. Financial Performance Summary - For 3Q24, revenue was reported at US$1,174 million, with a net profit of US$68 million, reflecting a year-over-year growth of 0.8% and 23.9% respectively. For the first nine months of 2024, revenue and net profit grew by 9.9% and 118.8% year-over-year [5][13]. - The forecast for FY24E includes revenue of US$4,677 million and net profit of US$183 million, with respective year-over-year growth rates of 11.5% and 41.8% [6][13]. Earnings Forecasts - The report projects revenue growth for FY25E to reach US$6,117 million, representing a 30.8% increase year-over-year, and net profit is expected to grow to US$298 million, a 62.8% increase [6][13]. - The company is expected to maintain a gross profit margin of 20.6% and an operating margin of 7.0% for FY24E, with improvements anticipated in subsequent years [15]. Market Position and Strategy - FIT Hon Teng is positioned to benefit from the rollout of GB200 server products and ongoing mergers and acquisitions in the mobility sector. The report highlights the importance of product qualifications and updates on various projects, including AirPods production in Vietnam and India [1][10]. - The company's strategy includes a focus on high-margin AI server products, which are expected to drive significant revenue growth in the coming quarters [1][8].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Viewpoints - The company has turned a profit after previously being in the red, with a net profit of $32.524 million in the first half of the year, compared to a loss of $8.952 million in the same period last year [1] - The company's revenue for the first half of the year was $2.07 billion, a year-on-year increase of 15.8%, with a gross margin of 20.4%, up 4.5 percentage points year-on-year [1] - The company's net profit margin is 1.6%, and the operating profit margin is 5.5% [1] - The company's management has provided guidance for full-year revenue growth in the high single digits, with gross margin expected to increase by 2.1 percentage points [1] - The company is advancing its "3+3" strategy, focusing on three key industries (EV, 5G AIoT, Audio) and three core technologies (copper to optical, wired to wireless, components to system products) [1] - The company plans to increase the revenue contribution from its "3+3" strategy to 30% in 2024 and 40% in 2025 [1] - The company's network infrastructure business is expected to benefit from NVIDIA's AI server and optical module development [1] - The company has secured orders from NVIDIA for compute trays, with a total value in the billions [1] - The company recently completed the acquisition of 70% of Huayun Optoelectronics to enhance its R&D capabilities in high-speed networks and optical markets [1] - The company is collaborating with MediaTek to develop CPO sockets, which will provide low-power solutions for AI servers [1] - The company's EV business is expected to grow by more than 50% for the full year, benefiting from synergies from acquisitions [1] - The company's Belkin brand business is expected to generate revenue of $700-800 million this year, with stable revenue and improving gross margins [1] Industry and Market Performance - The company operates in the TMT (Technology, Media, and Telecommunications) industry [1] - The company's stock price is currently at HKD 2.98, with a market capitalization of HKD 21.724 billion [1] - The company's 52-week high/low is HKD 3.95/HKD 0.88 [1] Strategic Developments - The company has been actively integrating resources through mergers and acquisitions, such as acquiring Belkin and Prettl SWH (renamed Voltaira) [1] - The company's network infrastructure business is expected to benefit from NVIDIA's AI server developments, with management raising guidance for network infrastructure revenue growth from mid-double digits to high double digits [1] - The company is focusing on expanding its presence in the EV market, particularly through its involvement in Tesla's supply chain and the production of CPD products [1] - The company is also working on developing 800G DR8 and SR8/DR8 optical products, with completion expected by the end of 2025 [1]

Investment Rating - Maintain BUY rating with a target price of HK$4 25 based on 13x FY25E P/E [1][30] Core View - FIT Hon Teng is identified as the GB200 server winner in the H-share tech space, benefiting from the GB200 server ramp in 2025 [1] - AI server revenue is estimated to reach US$484mn/823mn, accounting for 11%/16% of FIT's earnings in 2025/26E [1] - In the bull case, revenue could reach US$886mn in FY25E [1] - FIT is expected to benefit from GB200 server rack ramp with share gains over the next few years [1] Earnings Summary - Revenue is forecasted to grow from US$4 531mn in FY22 to US$7 347mn in FY26E, with a YoY growth of 30 8% in FY25E [2][26] - Net profit is expected to increase from US$170 1mn in FY22 to US$384 9mn in FY26E, with a YoY growth of 62 8% in FY25E [2][26] - EPS is projected to rise from US$2 42 cents in FY22 to US$5 42 cents in FY26E [2][26] AI Server Opportunity - FIT is a key component supplier for GB200 NVL72/36, including compute tray connectors/cables, NVLink copper cables, power busbar, liquid cooling components, and GPU sockets [1] - GB200 server revenue is estimated to reach US$422mn/886mn (base/bull) in FY25E [1] - Compute tray connector/cables and NVLink copper cables are expected to deliver US$115mn/291mn in FY25E [1] - Liquid cooling components and GPU sockets are forecasted to generate US$0 6mn/4 6mn in FY25E [1] Latest Developments - FIT is developing CPO solutions and launched the conceptual design of FITConn 800G high-speed connector module for AI connectivity [1] - Hon Hai showcased GB200 NVL72 racks and liquid cooling components at HHTD 2024 [1] - FIT is under qualification for server UQDs and is developing UDQs for use inside the server and on the CDM [19] Valuation - Trading at 9 5x FY25 P/E, valuation remains attractive compared to 42%/63% EPS growth in FY24/25E [1] - Upcoming catalysts include GB200 updates and 3Q24 results in November [1] Financial Summary - Revenue is expected to grow from US$4 531mn in FY22 to US$7 347mn in FY26E, with a YoY growth of 30 8% in FY25E [26] - Net profit is forecasted to increase from US$170 1mn in FY22 to US$384 9mn in FY26E, with a YoY growth of 62 8% in FY25E [26] - EPS is projected to rise from US$2 42 cents in FY22 to US$5 42 cents in FY26E [26]

Financial Performance - Revenue for the six months ended June 30, 2024, was $2,067 million, an increase of 15.8% compared to $1,784 million for the same period in 2023[6]. - Gross profit rose to $421 million, reflecting a 48.8% increase from $283 million in the prior year, resulting in a gross margin of 20.4%[6]. - Operating profit surged by 97.5% to $93 million from $47 million year-over-year, with an operating margin of 4.5%[6]. - The company reported a net profit of $33 million for the six months ended June 30, 2024, compared to a net loss of $9 million in the same period last year, achieving a net profit margin of 1.6%[6]. - Revenue for the six months ended June 30, 2024, was $2,066,760 thousand, an increase from $1,784,080 thousand in the same period of 2023, representing a growth of 15.8%[35]. - Gross profit for the six months ended June 30, 2024, was $421,193 thousand, compared to $283,154 thousand in 2023, reflecting a significant increase of 48.9%[35]. - Operating profit increased to $93,175 thousand for the six months ended June 30, 2024, up from $47,170 thousand in 2023, marking a growth of 97.6%[35]. - Net profit for the period was $32,672 thousand, a turnaround from a loss of $8,679 thousand in the same period of 2023[36]. - The company reported a total comprehensive loss of $51,780 thousand for the six months ended June 30, 2024, compared to a loss of $74,630 thousand in 2023[36]. Revenue Breakdown - Revenue from the electric vehicle (EV) end market increased by 217.0% year-over-year, driven by the acquisition of Prettl SWH Group, now FIT Voltaira Group GmbH[9]. - Revenue from the network infrastructure end market grew by 19.2% year-over-year, benefiting from increased demand in the server market due to artificial intelligence[9]. - Revenue from smartphone components decreased by 4.8% year-over-year, indicating a shift in product structure among brand companies[9]. - The company maintained competitiveness in the system end products market, achieving a 14.2% increase in revenue despite a weak overall consumer electronics market[9]. - Revenue from the electric vehicle segment increased by 217.0% to $227 million, primarily due to the acquisition of FIT Voltaira Group GmbH[15]. - Revenue from the network facilities segment rose by 19.2% to $261 million, driven by a rebound in copper-based component shipments[14]. - The smartphone segment generated revenue of $415 million, a decrease of 4.8% due to changes in product structure among brand companies[13]. - The computer and consumer electronics segment saw a slight revenue increase of 0.2% to $378 million, reflecting a slowdown in market growth[14]. - The system terminal products segment revenue increased by 14.2% to $672 million, supported by new business from high-end wireless Bluetooth headsets[15]. Expenses and Costs - Distribution costs and selling expenses rose by 31.9% to $62 million, attributed to the integration of FIT Voltaira Group GmbH[16]. - Administrative expenses increased by 66.2% from $71 million for the six months ended June 30, 2023, to $118 million for the same period in 2024, primarily due to the acquisition of FIT Voltaira Group GmbH[17]. - R&D expenses rose by 23.7% from $139 million for the six months ended June 30, 2023, to $172 million for the same period in 2024, driven by increased investment in new product development following the acquisition of FIT Voltaira Group GmbH[18]. - The total cost of sales, distribution costs, selling expenses, administrative expenses, and R&D expenses amounted to $1,997,645 thousand, an increase of 13.7% from $1,757,560 thousand in the same period of 2023[80]. Cash Flow and Liquidity - Cash and cash equivalents decreased from $1,316 million as of December 31, 2023, to $1,026 million as of June 30, 2024, while total bank borrowings increased from $1,383 million to $1,501 million during the same period[22]. - Cash flow from operating activities showed a net outflow of $41,722 thousand for the six months ended June 30, 2024, a significant decline from a net inflow of $202,743 thousand in the same period of 2023[42]. - The company’s financing activities generated a net cash inflow of $97,653 thousand for the first half of 2024, compared to $351,290 thousand in the same period of 2023[42]. - The company continues to monitor cash flow needs and maintain sufficient unused committed borrowing facilities to meet operational requirements[51]. Inventory and Receivables - Average inventory turnover days improved to 90 days from 105 days year-over-year, indicating better inventory management[7]. - Inventory increased from $802 million as of December 31, 2023, to $814 million as of June 30, 2024, with average inventory turnover days improving from 105 days to 90 days[23]. - Trade receivables remained stable at $807 million as of December 31, 2023, and $814 million as of June 30, 2024, with average trade receivables turnover days increasing from 67 days to 72 days[23]. - As of June 30, 2024, total trade receivables amounted to $818,734,000, a slight increase from $811,717,000 as of December 31, 2023, representing a growth of 2.5%[112]. - The net trade receivables after impairment losses were $814,233,000, compared to $807,282,000 at the end of 2023, indicating a 0.9% increase[112]. Debt and Equity - The debt-to-equity ratio increased from 2.6% as of December 31, 2023, to 13.9% as of June 30, 2024, indicating a significant rise in leverage[25]. - Total liabilities as of June 30, 2024, were $2,577,675 thousand, down from $2,656,358 thousand at the end of 2023[38]. - Total assets as of June 30, 2024, were $4,963,273 thousand, a decrease from $5,093,736 thousand as of December 31, 2023[37]. - Total equity amounted to $2,385,598 thousand as of June 30, 2024, a decrease from $2,437,378 thousand as of January 1, 2024[40]. Strategic Initiatives - The company continues to implement strategies to strengthen its position as a global leader in interconnect solutions and related products[9]. - The company plans to invest further in electric vehicle electronic systems and autonomous driving components[11]. - The company has completed a strategic acquisition valued at $300 million to enhance its product offerings[165]. - Market expansion plans include entering two new countries, which are projected to increase user base by 30%[167]. Shareholder Information - The company did not declare any interim dividend for the six months ended June 30, 2024[31]. - The company did not declare or distribute any dividends for the six months ended June 30, 2024, and 2023[104]. - As of June 30, 2024, major shareholder Foxconn holds 5,179,557,888 shares, representing 71.05% of the total equity[146]. - The beneficial ownership structure indicates a concentration of shares among a few key individuals and entities, with significant control by Foxconn[146]. Future Outlook - The overall business outlook remains cautious due to uncertainties in the macroeconomic environment, particularly affecting the smartphone market[11]. - The company provided a positive outlook for the next quarter, projecting revenue growth of 10% to 12%[167]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[165].