Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng with a target price of HK$ 4.24, indicating a potential upside of 14.0% from the current price of HK$ 3.72 [5][14]. Core Insights - The acquisition of Auto-Kabel Group for EUR 72.5 million is viewed positively, as it is expected to enhance FIT's product portfolio and client base in the automotive connector market, particularly in electromobility [3]. - The deal is anticipated to close by the end of 2024, pending regulatory approval, and is expected to add 8% to FIT's revenue in FY25E [3]. - The financial metrics of Auto-Kabel, including a gross profit margin (GPM) of 34% and a revenue of EUR 430 million in FY24, suggest potential margin support for FIT [3][9]. - The report highlights the long-term synergies expected from the integration of Auto-Kabel and FIT Voltaria, which will strengthen FIT's global automotive client base and expand its presence [3]. Financial Summary - Revenue for FIT is projected to grow from US$ 4,531 million in FY22 to US$ 7,497 million in FY26, reflecting a compound annual growth rate (CAGR) of approximately 18.4% [17]. - Net profit is expected to increase from US$ 170.1 million in FY22 to US$ 373.4 million in FY26, with a notable growth rate of 25.2% in FY25E [17]. - The report indicates a significant improvement in gross profit margin, expected to rise from 19.2% in FY23 to 20.6% in FY25E [19]. Valuation Metrics - The report notes that FIT is trading at a P/E ratio of 17.4x for FY24E and 11.4x for FY25E, which is considered attractive compared to its peers [14]. - The P/B ratio is projected to decrease from 1.3x in FY24E to 1.0x in FY26E, indicating a potential undervaluation [19]. - The report emphasizes the attractive risk-reward profile of FIT, particularly with upcoming catalysts such as AirPods progress and AI server product updates [14].

2024 年 7 月 12 日 CMB 国际全球市场 | 股票研究 | 公司更新 FIT Hon Teng ( 6088 香港 ) 积极收购 Auto - Kabel 集团 ; 重申买入 FIT 宣布,其全资子公司 FIT Voltia 将以 7250 万欧元的总对价收购德国汽车电子产品供应商 Ato - Kabel Grop ( 意味着 0.5 倍 P / B,低于 FIT 的 1.3 倍和全球同行的 3.4 倍 ) 。该交易 预计将在监管部门批准后在 2024 年底完成。Ato - Kabel 是电动汽车领域的全球领导者,拥有 9 个全球生产基地,专注于汽车系统和功耗组件 ( 充电插座、驱动电缆和电池连接器 ) 。我 们预计 Ato - Kabel 的产品组合和已建立的客户群将增强 FIT 在汽车连接器市场的领导地位, 并加快其在 F25 / 26E 的 "3 + 3 战略 " 计划。维持买入。 Auto - Kabel 将为 Voltaira 汽车业务提供长期协同效应。两家总部都设在德国,我们相 信 Ato - Kabel 和 Voltaira 的整合将加强 FIT 的全球汽车客户群,并在全球范围内拥有 ...

Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng, with a target price (TP) raised to HK$4.24 based on a rolled-over 13x FY25E P/E, up from the previous 11x P/E [2][13]. Core Insights - FIT Hon Teng has announced a positive profit alert for 1H24, projecting earnings between US$28-33 million, a significant recovery from a net loss of US$9 million in 1H23, primarily driven by stronger demand in the computing and networking segments [2][7]. - The stock price has faced pressure due to concerns regarding the pace of earnings recovery in 2024 and increased operating expenses (OPEX) related to AirPods and Voltaira businesses. However, the report suggests that the recent stock correction is overdone, and the company is expected to benefit from multiple product launches and operating leverage in the second half of 2024 [2][8]. - The management has maintained a core operating profit margin (OPM) estimate of 5.5% for FY24, up from 4.9% in 2023, indicating improved operational efficiency [2][7]. Financial Summary - Revenue is projected to grow from US$4,196 million in FY23 to US$5,108 million in FY24, reflecting a year-on-year growth of 21.8%. This growth is expected to continue, reaching US$6,332 million in FY25 and US$7,497 million in FY26 [3][16]. - Net profit is forecasted to rebound significantly, from US$131.8 million in FY23 to US$194.3 million in FY24, representing a 47.4% year-on-year increase. The net profit is expected to further rise to US$298.3 million in FY25 and US$373.4 million in FY26 [3][16]. - The report revises FY25 and FY26 EPS estimates upward by 12% and 10%, respectively, reflecting stronger demand for AI servers and progress in AirPods production [2][8]. Market Outlook - The management has expressed optimism regarding the outlook for FY24, driven by recovery in the PC market, networking demand, and AirPods shipments. The company anticipates a 48% and 54% year-on-year increase in net profit for FY24 and FY25, respectively [2][8]. - Near-term catalysts include the progress of AirPods shipments, potential auto mergers and acquisitions, and updates on AI server products, which are expected to enhance earnings visibility [2][13].

2024 年 7 月 9 日 CMB 国际全球市场 | 股票研究 | 公司更新 FIT Hon Teng ( 6088 香港 ) 股票压力过头了 ; 提高对 AirPods / AI 服务器上涨的预 期 FIT Ho Teg 宣布 2016 年上半年收益为 28 - 3, 300 万美元 ( 而上半年为 900 万美元的净亏 损 ),主要是由更强大的计算 ( PC ) / 网络 ( 服务器 ) 部门和更好的运营效率推动。然 而,股价受到 2024 年盈利复苏速度以及 AirPods 和 Voltaira 业务更高 OPEX 的质疑的压力 。我们是疲软的买家,考虑到下半年的 2H24E 有多个产品发布和 2H24E 的运营杠杆。我们 将 FY25 / 26E 每股收益估计上调 12% / 10%,以反映更好的 AI 服务器需求和 AirPods 进展 。我们将 TP 上调至 4.24 港元,基于 2012 财年的 13 倍市盈率 ( 与之前的 11 倍市盈率相比 ),用于多产品周期和更高的收益可见性。我们认为,最近的股票调整过度了。重申购买。 在更强劲的 PC / 服务器需求下 , 1H24 的积极警报 , 但 ...

FIT Hon Teng ( 6088 香港 ) CMBI Corp Day 外卖 : FY24 / 25E 中 AI 服务器 , AI PC / 电话 和 AirPods 的多个增长动力 我们于 6 月 25 日在 CMBI 技术公司日主持了 FIT Ho Teg ( FIT ) 。在 6 月初 Comptex 和 WWDC 后上涨 50 % 之后,投资者对 1 ) 2025 年下半年 AI 服务器上涨,2 ) 越南 / 印度 AirPods 增加,3 ) 新的 EV 合资企业和机会,以及 4 ) AI PC / 电话周期表示强烈兴趣。管 理。在智能手机 / 网络领域,2Q24 版本 / GPM 指导有望实现上行潜力。总体而言,我们对 FIT 在 FY24 / 25E 的多个增长动力 ( AI 服务器连接器,AirPods,EV 业务 ) 持积极态度, 并预计 AI 服务器内容价值,一般服务器恢复和 AI PC / 智能手机的上升周期将进一步上升。 在审查 TP 的情况下保持买入。 | | | | | | | | | | |------------------------------------------ ...

Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng with the target price currently under review [2][9][10]. Core Insights - The company is expected to benefit from multiple growth drivers in FY24/25, including AI server connectors, AirPods production ramp-up, and new opportunities in the electric vehicle (EV) sector [2][9]. - Management has indicated that revenue and gross profit margin (GPM) guidance for Q2 2024 is on track, with potential upside in the smartphone and networking segments [2][9]. - The report highlights a positive outlook for the iPhone replacement cycle and potential order wins in AI server connectivity, which could significantly enhance revenue in the networking segment [2][9]. Revenue and Profit Forecasts - Revenue is projected to grow from US$4,196 million in FY23 to US$4,715 million in FY24, representing a year-over-year growth of 12.4% [3][12]. - Net profit is expected to increase from US$132 million in FY23 to US$200 million in FY24, reflecting a growth rate of 51.5% [3][12]. - The earnings per share (EPS) is forecasted to rise from 2.81 cents in FY23 to 3.73 cents in FY24 [3][12]. Growth Drivers - Key growth drivers identified for 2025 include AirPods, AI server connectors/cables, and the auto business, particularly through a new joint venture in the EV charger market [2][9]. - The company is expected to ramp up production in Vietnam and India for AirPods, with management anticipating six additional production lines in India by 2025 [2][9]. Valuation Metrics - The company is trading at a price-to-earnings (P/E) ratio of 14.3x for FY24 and 10.8x for FY25, which is considered attractive given the expected EPS growth of 51% and 33% for FY24 and FY25, respectively [2][9][10]. - The report notes that the valuation remains appealing compared to the anticipated recovery in the AI server and smartphone markets [2][9].

Investment Rating - The report maintains a "Buy" rating for FIT Hon Teng with a target price of HK$2.42 [1][2] - The target price is based on a 12.5x P/E ratio for 2024, reflecting the company's growth prospects and historical valuation levels [1] Core Views - FIT Hon Teng's Q1 2024 performance met expectations, with revenue increasing by 12.0% YoY to USD 965 million and gross margin improving by 4.5 percentage points to 20.3% [1] - The company's TWS business for a major North American customer is expected to see incremental growth in H2 2024 and accelerate in 2025 [1] - The first Airpods production line in Vietnam began shipments in Q1 2024, with the business expected to contribute 5%-7% of total revenue in 2024 [1] - The company plans to add 6 more production lines in India by 2025, leading to a surge in capacity and revenue growth [1] - Management expects double-digit revenue growth for 2024, with gross margin stabilizing around 20% and operating profit increasing significantly [1] - The company aims to reduce its three major operating expenses to below 13% by 2025 (from 14.4% in 2023) [1] - Revenue from electric vehicles, next-gen 5G AIoT, and acoustic businesses is expected to reach 30% in 2024 and 40% in 2025 [1] Financial Performance - Q1 2024 revenue breakdown: Smartphones (USD 202 million, -10.2% YoY), Network Infrastructure (USD 114 million, +8.6% YoY), PC & Consumer Electronics (USD 180 million, +5.9% YoY), Electric Vehicles (USD 116 million, +205.3% YoY), and System Terminal Products (USD 296 million, +6.9% YoY) [6] - Net profit for Q1 2024 was USD 10.2 million, compared to a net loss of USD 9.3 million in Q1 2023 [6] - Forecasted EPS for 2024-2026: USD 0.025, USD 0.034, and USD 0.042, respectively [1][5] Strategic Initiatives - The company's "3+3" strategy focuses on electric vehicles, 5G AIoT, and acoustic products, with electric vehicle business expected to be a strong growth driver [7] - The company is well-positioned to benefit from the AI-driven data center construction boom, with products like EDSFF connectors, MCIO, MXIO, and PCIE 6.0-compatible cables expected to drive growth in the network infrastructure segment [6] Market Opportunities - The company is targeting opportunities in the USD 1.7 billion server connector and cable market, with plans to mass-produce AI-related products in H2 2024 [6] - The Airpods business is expected to capture over 30% market share in the future [1]

h 股 c r 票 a e s e R 研 y 究 tiu [ CTa ob mle_ pT ait nle y] Report: FIT Hon Teng (06088 HK) Gin Yu 余劲同 q E (852)2509 2113 公司报告： 鸿腾精密 (06088 HK) gin.yu@gtjas.com.hk 13 May 2024 1[T Qab 2le 0_S 2u 4m m Ra ery s] ults Were in Line with Expectations; 3+3 Strategy to Bring Continuous Increment, "Buy" tr 公 o p e 司 R  We maintain the investment rating as "Buy" and set TP to HK$2.42. We y [RTaabtlien_gR:a nk] Buy 报 n a forecast 2024-2026 EPS to be US$0.025/ US$0.034/ US$0.042, Maintained 告 p m respectively. Consider ...

2024 年 5 月 13 日 CMB 国际全球市场 | 股票研究 | 公司更新 FIT Hon Teng （ 6088 香港 ） 第 1 季度上线 ； AI 服务器 / 网络和 AirPods 在 2H24E 升级方面取得积极进展 目标价 2.40 港元 FIT Hon Teng 发布了可靠的第 1 季度业绩 ， 与其积极的利润预警和管理层保持一致。重申 （ 先前 TP 2.42 港元 ） 其 FY24E 指导 （ 年环比低两位数 ， GP 涨 / 跌 23.1% + 年环比两位数，OPM 5.5% ） 。使用 mgmt 托管结果后 NDR 调用后。5 月 10 日，我们认 现价 1.95 港元中国技术 为最近的股票调整主要是由于过去三个月上涨 101% 后的获利回吐，我们对其 2H24E 前景保 持乐观，这得益于 AirPods 的增长，Voltaira 汽车电子业务的整合以及 AI 服务器 / 网络产品的 亚历克斯 NG 订单获胜 （ 每个计算托盘的内容价值为 500 - 1, 000 美元 ） 。我们略微调整了 FY24 - 26E (852) 3900 0881 的预测，以反映更高的 GPM 和更好 ...

Investment Rating - FIT Hon Teng maintains a BUY rating with a new target price of HK$2 40 based on 11x FY24E P/E [2][13] Core View - FIT Hon Teng's 1Q24 results were in line with expectations driven by recovery in PC/server markets solid Voltaira business and strong Networking segment [2] - The company is expected to benefit from AirPods ramp-up integration of Voltaira auto electronics business and AI server/networking products in 2H24E [2] - Revenue and net profit are forecasted to rebound 12% and 52% YoY respectively in FY24E [2] - The stock's recent correction is attributed to profit-taking after a 101% rally in the past three months [2] Financial Performance - 1Q24 revenue reached US$965mn a 12% YoY increase while net profit was US$10 2mn compared to a loss of US$9 3mn in 1Q23 [2] - Gross profit margin improved by 450bps YoY to 20 3% due to a better product mix [2] - EV segment revenue surged 205% YoY driven by the Voltaira merger while Computing and Networking segments grew 6% and 9% YoY respectively [2] - FY24E revenue is projected at US$4 715mn with a 12 4% YoY growth and net profit is expected to reach US$199 6mn a 51 4% YoY increase [3][9] Segment Analysis - EV Mobility segment revenue jumped 205% YoY in 1Q24 due to the Voltaira merger [7] - Networking segment grew 9% YoY driven by AI demand and new CPU-related products [2] - Computing segment increased 6% YoY supported by market recovery [2] AI Server Opportunity - FIT Hon Teng expects US$500-1 000 content value per compute tray for AI servers in FY24E [2] - AI revenue share is projected to be 7-9% in FY24E up from 1% in FY23 [2] Valuation - The stock is trading at 8 9x/6 7x FY24/25E P/E which is considered attractive given multiple growth drivers [2][13] - The new target price of HK$2 40 is based on 11x FY24E P/E reflecting accelerated growth and profitability recovery [13] Growth Drivers - Key catalysts include AirPods shipments AI server product updates and continued revenue upside from auto business consolidation [13] - The company's "3+3 Strategy" is expected to drive accelerated growth and profitability recovery [13]