中金表示，公司GB200出货加速，GB300等新平台有望在下半年开始逐步量产，同时看好公司AI数据产 品品类持续拓展带来可观业绩增量。此外，公司指引AI基础设施和平台升级的资本开支将持续，看好 产能扩张后公司3+3战略进一步推进。 智通财经APP获悉，中金发布研报称，维持鸿腾精密(06088)2025年盈利预测不变，看好公司AI数据产 品品类拓展有望在2026年贡献较大业绩增量，遂上调公司2026年盈利预测11%至3.01亿美元。对应 2025、2026年31.6倍、18.7倍市盈率，维持跑赢行业评级;综合考虑盈利预测调整及行业估值中枢上移， 上调目标价76.8%至6.4港元，分别对应今明两年33.9倍及20倍市盈率，较当前股价有7.2%的上行空间。 鸿腾精密今年上半年收入同比增长11.5%至23.05亿美元，纯利同比降7.5%至3,000万美元，业绩符合该 行预期。对应次季收入同比升9.1%至12.02亿美元，纯利升4%至2,380万美元。中金表示，今年次季，公 司净利润弹性小于收入，判断主因两方面因素综合影响，包括由于产品结构变化及汇率波动影响，今年 第二季公司毛利率同比下降2.7百分点至17.8%;公司 ...

中金发布研报称，维持鸿腾精密(06088)2025年盈利预测不变，看好公司AI数据产品品类拓展有望在 2026年贡献较大业绩增量，遂上调公司2026年盈利预测11%至3.01亿美元。对应2025、2026年31.6倍、 18.7倍市盈率，维持跑赢行业评级;综合考虑盈利预测调整及行业估值中枢上移，上调目标价76.8%至6.4 港元，分别对应今明两年33.9倍及20倍市盈率，较当前股价有7.2%的上行空间。 鸿腾精密今年上半年收入同比增长11.5%至23.05亿美元，纯利同比降7.5%至3,000万美元，业绩符合该 行预期。对应次季收入同比升9.1%至12.02亿美元，纯利升4%至2,380万美元。中金表示，今年次季，公 司净利润弹性小于收入，判断主因两方面因素综合影响，包括由于产品结构变化及汇率波动影响，今年 第二季公司毛利率同比下降2.7百分点至17.8%;公司持续精简生产成本，次季费用率同比下降1个百分点 至15.3%。展望未来，中金看好高毛利AI业务增长优化产品结构、及公司提升营运效率控费下盈利能力 有望稳中向好。 中金表示，公司GB200出货加速，GB300等新平台有望在下半年开始逐步量产，同时看好公司 ...

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is driven by a positive cycle of capital pricing and industrial implementation under policy guidance, with macro policies anchoring industrial direction and capital markets facilitating value discovery [1] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment cycle [1] - The initial phase of the "innovation bull" is likely to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [1] Economic Outlook - The report anticipates that China's export growth may continue to exceed market expectations due to the dual easing of U.S. fiscal and monetary policies, suggesting resilience in external demand [2] - The expectation of interest rate cuts by the Federal Reserve is highlighted, with predictions of two cuts in September and December, although there is caution regarding overly optimistic market pricing [2] Fixed Income Market - The fixed income market has shown a "desensitization" to fundamental data, with the yield on 10-year government bonds rising to 1.745% despite disappointing economic indicators [4] - The report notes that structural policy tools may replace total monetary policies as the main line of easing in the third quarter [4] Company Performance - 瑞芯微 (Rockchip) reported a significant revenue increase of 63.85% year-on-year in H1 2025, with a net profit growth of 190.61%, driven by strong performance in AIoT products [8] - 禾赛科技 (Hesai Technology) achieved a revenue increase of 53.9% year-on-year in Q2 2025, with a net profit growth of 161.2%, supported by strong demand for ADAS and robotics [9] - 道通科技 (Dautong Technology) reported a revenue increase of 27.3% year-on-year in H1 2025, driven by advancements in digital repair and energy solutions [10] Industry Trends - The report emphasizes the growth potential in the AI and robotics sectors, with companies like 禾赛科技 and 瑞芯微 leading in their respective fields [9][8] - The demand for 3D vision technology is highlighted as a key growth driver for 奥比中光 (Orbbec), with expected rapid revenue growth in the coming years [20] Investment Ratings - The report maintains a "buy" rating for several companies, including 瑞芯微, 禾赛科技, and 道通科技, based on their strong performance and growth prospects in innovative sectors [8][9][10]

Core Viewpoint - The company's 1H25 performance met expectations, with a revenue increase of 11.5% year-on-year to $2.305 billion, while net profit decreased by 7.5% to $30 million [1][2] Performance Summary - 1H25 revenue growth of 11.5% to $2.305 billion, net profit down 7.5% to $30 million, aligning with expectations [1] - 2Q25 single-quarter revenue increased by 9.1% year-on-year to $1.202 billion, with net profit rising by 4% to $23.8 million [1] Business Segment Trends - Smartphone business faced pressure due to ASP decline, while cloud network facilities and automotive sectors experienced rapid growth [1] - 2Q25 revenue breakdown: - Smartphones: -18% to $176 million - Cloud network facilities: +28% to $188 million - Computers and consumer electronics: +16% to $230 million - Automotive: +116% to $240 million - System products: -19% to $303 million - Other businesses: +12% to $65 million [1] Cost Control and Profitability - The company continued to reduce costs, resulting in a 4% year-on-year increase in net profit for 2Q25 [2] - Factors affecting profitability include a 2.7 percentage point decline in gross margin to 17.8% and a 1 percentage point decrease in expense ratio to 15.3% [2] Future Outlook - Positive outlook for AI data product expansion and ongoing "3+3" strategic transformation [2] - Anticipated acceleration in GB200 shipments and gradual mass production of GB300 and other new platforms in the second half of the year [2] - Continued CAPEX for AI infrastructure and platform upgrades expected to support capacity expansion and strategic initiatives [2] Earnings Forecast and Valuation - 2025 earnings forecast remains unchanged, with an 11% increase in 2026 earnings forecast to $301 million [2] - Target price raised by 76.8% to HKD 6.4, reflecting a 7.2% upside from the current stock price [2]

Group 1 - The Hong Kong stock market for Apple-related stocks has declined, with notable drops in several companies [1] - Hong Teng Precision (06088.HK) experienced a decline of over 7% [1] - Sunny Optical Technology (02382.HK), Weishi Jiajie (00856.HK), and BYD Electronics (00285.HK) all fell by more than 3% [1] Group 2 - Lens Technology (06613.HK) saw an increase of over 4%, contrasting with the overall trend [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.74%, Green Power Environmental (01330) at 69.84%, and China Shenhua (01088) at 68.35% [1][2] - Xiaomi Group-W (01810), BYD Electronic (00285), and FIT HON TENG LIMITED (06088) saw the largest increases in holding amounts over the last five trading days, with increases of +1.15 billion, +0.825 billion, and +0.755 billion respectively [2][3] - Kuaishou-W (01024), Yingfu Fund (02800), and Anta Sports (02020) experienced the largest decreases in holding amounts, with reductions of -2.931 billion, -2.610 billion, and -0.968 billion respectively [2][3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) holds 10.374 billion shares, representing 74.74% of its total [1] - Green Power Environmental (01330) holds 0.282 billion shares, representing 69.84% of its total [1] - China Shenhua (01088) holds 2.309 billion shares, representing 68.35% of its total [1] Recent Increases in Holdings - Xiaomi Group-W (01810) saw an increase of +1.15 billion in holding amount, with a change of +21.752 million shares [2] - BYD Electronic (00285) increased by +0.825 billion, with a change of +20.4615 million shares [2] - FIT HON TENG LIMITED (06088) increased by +0.755 billion, with a change of +126.476 million shares [2] Recent Decreases in Holdings - Kuaishou-W (01024) experienced a decrease of -2.931 billion, with a change of -39.1843 million shares [3] - Yingfu Fund (02800) decreased by -2.610 billion, with a change of -101.155 million shares [3] - Anta Sports (02020) saw a decrease of -0.968 billion, with a change of -10.5343 million shares [3]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company has shown steady revenue growth, with a projected increase in AI computing power contributing to additional revenue streams [3] - The company is expanding its presence in the electric vehicle (EV) charging market in Saudi Arabia, with significant revenue growth expected [3] - The company has a solid position in the connector and cable industry, with clear growth paths in network facilities, electric vehicles, and system terminal products [3] Financial Projections - Total revenue for FY2023 is reported at 4,207 million, with a projected increase to 4,704 million in FY2025, reflecting a growth rate of 5.68% [1] - The net profit attributable to the parent company is expected to rise from 128.97 million in FY2023 to 213.89 million in FY2025, indicating a growth rate of 39.13% [1] - The earnings per share (EPS) is projected to increase from 0.02 in FY2023 to 0.03 in FY2025 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 43.42 in FY2023 to 26.18 in FY2025, suggesting improved valuation [1] Business Segments - The network facilities segment is expected to see a revenue increase of 27.9% year-on-year in Q2 2025, driven by strong demand for AI computing [8] - The electric vehicle segment is projected to achieve over 15% year-on-year revenue growth in Q3 2025 and for the full year [3]

Market Overview - Hong Kong stock market opened lower and closed down 0.98% due to concerns over the upcoming US-Russia summit, while A-shares surged, with the Shanghai Composite Index returning to around 3700 points and a trading volume exceeding 2.2 trillion yuan, marking the 29th trading day in A-share history to surpass 2 trillion yuan [1][5] - The anticipated US-Russia summit is expected to yield limited results, with no plans for signed agreements, and discussions likely to focus on underlying strategies rather than public outcomes [2][3] Sector Focus - The banking sector in Hong Kong is underperforming, primarily due to a perceived lack of value compared to insurance stocks, which are increasingly favored by institutional investors [3] - The sentiment in the market remains positive, with over ten stocks in the Hong Kong Stock Connect rising more than 10%, particularly in the robotics sector, driven by upcoming events like the World Humanoid Robot Games [4] - The semiconductor and AI-related sectors are experiencing significant growth, with companies like Hongteng Precision rising over 33% due to their involvement in NVIDIA's supply chain [5] Individual Company Highlights - Xiexin Technology has entered a strategic partnership with Taibao Asset Management, aiming to explore tokenization solutions for real-world assets and develop compliant digital asset products [10][12] - The solar industry is showing signs of recovery, with significant price increases in photovoltaic glass and a reduction in production, indicating a potential shift towards better market conditions [7][8] - GCL-Poly Energy has secured a procurement contract for silicon materials worth up to 450 million yuan, reflecting the ongoing demand and price increases in the solar component market [10][11]

Core Viewpoint - 招银国际's report indicates that 鸿腾精密 (06088) achieved second-quarter results that largely met expectations, with revenue and net profit increasing by 9% and 13% year-on-year respectively [1] Financial Performance - The company has adjusted its earnings per share forecast for 2023 to 2027 down by 5% to 15%, reflecting the performance in the first half of the year, new business guidance, and project acquisitions [1] - The target price for the company has been raised from HKD 3.48 to HKD 4.96, which corresponds to a projected price-to-earnings ratio of 16 times for next year, aligning with the eight-year average [1] Business Strategy and Growth - The management's efforts in accelerating the company's transformation in the second quarter are viewed positively, with the strategic cloud and automotive sectors accounting for 36% of quarterly sales, showing year-on-year growth of 28% and 115% respectively [1] - Despite a downward adjustment in guidance for smartphones, consumer internet, and system products due to tariffs and macro uncertainties, the outlook remains positive for the company's cloud and AI server products, as well as the accelerated production of AirPods, supporting the 3+3 strategy for performance through 2027 [1]

Core Viewpoint - 招银国际's report indicates that 鸿腾精密 (06088) achieved second-quarter results that largely met expectations, with revenue and net profit increasing by 9% and 13% year-on-year respectively [1] Financial Performance - The company has adjusted its earnings per share forecast for 2023 to 2027 down by 5% to 15%, reflecting the performance in the first half of the year, new business guidance, and project acquisitions [1] - The target price for the company has been raised from HKD 3.48 to HKD 4.96, which corresponds to a projected price-to-earnings ratio of 16 times for next year, aligning with the eight-year average [1] Business Strategy and Growth - The management's indication of accelerated business transformation in the second quarter is viewed positively, with the strategic cloud and automotive sectors accounting for 36% of quarterly sales, showing year-on-year growth of 28% and 115% respectively [1] - Despite a downward adjustment in guidance for smartphones, consumer internet, and system products due to tariffs and macro uncertainties, the outlook remains positive for the company's cloud and AI server products, as well as the accelerated production of AirPods, supporting the company's 3+3 strategy for performance through 2027 [1]