Core Viewpoint - The Hong Kong stock market saw a decline in Apple-related stocks, with significant drops in several key companies [1] Group 1: Stock Performance - Hong Teng Precision fell nearly 5%, closing at 5.100 with a market capitalization of 372.49 million and a year-to-date increase of 39.73% [2] - Q Technology dropped 3.72%, with a latest price of 10.600 and a total market value of 12.609 billion, reflecting a year-to-date increase of 70.14% [2] - Lens Technology decreased by 3.16%, priced at 24.540 and a market cap of 129.677 billion, with a year-to-date rise of 35.80% [2] - Tongda Group fell 3.05%, trading at 4.450 with a market capitalization of 866 million, showing a year-to-date increase of 9.88% [2] - Sunny Optical Technology declined by 2.90%, with a latest price of 67.050 and a market cap of 73.407 billion, down 1.86% year-to-date [2] - BYD Electronics saw a drop of 2.37%, priced at 33.800 and a market value of 76.158 billion, reflecting an 18.42% decrease year-to-date [2] Group 2: Other Notable Stocks - FIH Mobile experienced a slight decline of 0.86%, with a price of 18.470 and a market cap of 14.465 billion, showing a year-to-date increase of 100.76% [2] - East China Group Holdings fell by 0.79%, trading at 2.500 with a market capitalization of 2.083 billion, reflecting a year-to-date rise of 16.88% [2] - Gao Wei Electronics decreased by 0.48%, priced at 28.840 and a market cap of 25.035 billion, with a year-to-date increase of 1.91% [2] - VST Holdings saw a minor drop of 0.34%, trading at 8.680 with a market value of 12.411 billion, reflecting a year-to-date increase of 75.60% [2]

Core Viewpoint - The Hong Kong stock market's Apple-related stocks have weakened, with notable declines in several companies [1] Company Summaries - Hongteng Precision has experienced a drop of over 5% [1] - Other companies such as QiuTai Technology, Lens Technology, and Sunny Optical Technology have also seen declines [1]

Core Insights - Hongteng Precision reported a revenue of 3.629 billion USD for Q3 2025, marking an 11.98% year-on-year increase, with a profit of 105 million USD, up 3.88% [1] - The company showcased its advanced 224G high-speed interconnect and liquid cooling technologies at the OCP Global Summit 2025, addressing the challenges of high bandwidth and power consumption in AI data centers [1][2] - Hongteng is transitioning from a connector manufacturer to a key enabler of AI infrastructure, focusing on building a green and efficient data center ecosystem [2] AI Data Center Solutions - Hongteng presented a complete interconnect and cooling solution for next-generation data centers, including a leading 224G OSFP cold plate liquid cooling architecture that enhances energy efficiency and cabinet density [1] - The company introduced a 1.6T passive copper cable solution that balances performance, cost, and power consumption, catering to the economic and scalability needs of large-scale AI deployments [1] Electric Vehicle Charging Market - Hongteng is expanding into the Middle East charging market through its joint venture, Smart Mobility, which showcased a comprehensive EV charging ecosystem at the EV Auto Show Riyadh 2025 [3] - Smart Mobility plans to commercialize its charging pile operation management platform (CPMS) by early 2026, supporting the development of localized and intelligent charging infrastructure in Saudi Arabia [3] Strategic Outlook - The company is leveraging its "3+3" strategy to strategically position itself in the AI data center and electric vehicle sectors, focusing on breakthroughs in optical modules, high-speed connectors, and liquid cooling technologies [4] - Revenue projections for 2025-2027 are estimated at 4.915 billion USD, 5.558 billion USD, and 6.274 billion USD, with net profits of 177 million USD, 219 million USD, and 269 million USD respectively [4]

Investment Rating - The investment rating for the company is "Buy" and maintained as "Increase" [6]. Core Insights - The company is leveraging its "3+3" strategy to strategically position itself in the AI data center and electric vehicle sectors, accelerating breakthroughs in optical modules, high-speed connectors, and liquid cooling technologies. The company is transforming the AI wave into sustainable profit growth momentum, making its profit outlook promising [3][6]. Summary by Relevant Sections Financial Performance - For the third quarter of 2025, the company reported revenue of $3,629 million, representing a year-on-year growth of 11.98%. The profit for the period was $105 million, showing a year-on-year increase of 3.88% [3]. Technological Advancements - The company showcased its capabilities at the OCP Global Summit 2025, focusing on high bandwidth and high power consumption challenges in AI and high-performance computing. Key highlights included the global leading 224G OSFP liquid cooling architecture and high架 OSFP connector system, which enhance energy efficiency and cabinet density [6]. - The company is transitioning from a connector manufacturer to a key enabler of AI infrastructure, promoting the construction of green and efficient data center ecosystems [6]. Market Expansion - The company is accelerating its entry into the Middle East charging market through its joint venture, Smart Mobility, which aims to establish a localized and intelligent charging infrastructure in Saudi Arabia. The company plans to commercialize its charging management platform in early 2026 [6]. Revenue Projections - The company expects its revenue to reach $4,915 million, $5,558 million, and $6,274 million for the years 2025, 2026, and 2027, respectively, with net profits projected at $177 million, $219 million, and $269 million [6].

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） 重續持續關連交易 (1)框架銷售協議 (4)物流框架協議 (5)一般服務及費用分擔（開支）框架協議（鴻海作為服務供應商） (6)物業租賃框架協議 (7)退休金墊付框架協議 (8)設備購買框架協議 重續框架協議 (1) 框架銷售協議 於二零二五年十一月十四日，本公司與鴻海協定框架銷售協議之條款及條 件，期限自二零二六年一月一日起至二零二六年十二月三十一日止，據 此，本集團已同意向鴻海集團出售各種互連解決方案及其他相關產品。本 公司曾與鴻海訂立一份條款大致相同之協議，期限自二零二三年一月一日 起至二零二五年十二月三十一日止。 1 (2)框架購買協議 (3)框架模具零件協議 (2) 框架購買協議 於二零二五年十一月十四日，本公司與鴻海協定框架購買協議之條款及條 件，期 ...

Core Insights - The company reported Q3 2025 revenue of $1.32 billion, a year-on-year increase of 12.8%, exceeding previous high single-digit growth guidance, with net profit attributable to shareholders at $74.375 million, up 9.4% year-on-year, primarily driven by the increasing share of AI-related business [1][2] Revenue Breakdown - Revenue from various segments in Q3 2025 showed significant variation: - Smartphones: -20% to $210 million - Cloud Network Infrastructure: +34% to $215 million - Computers and Consumer Electronics: +0.5% to $221 million - Automotive: +116% to $240 million - System Products: +3% to $382 million - Other Businesses: +27% to $61 million - The cloud network infrastructure business's revenue share increased to 16%, driven by strong demand for connectors and gradual ramp-up of downstream cabinets [1] Profitability Improvement - Gross margin in Q3 2025 improved to 23.5% quarter-on-quarter, attributed to the ramp-up of AI connector products and optimization of the product mix, leading to sustained improvement in profitability [1] Strategic Outlook - The company is optimistic about the ongoing "3+3" strategic transformation and has raised its future revenue growth guidance [1][2] - For FY Q4 2025, the company expects nearly 30% growth in cloud network infrastructure, mid-teens growth in automotive, and a nearly 20% decline in smartphone business, with AI-related business rapidly expanding [2] Earnings Forecast and Valuation - The company maintains its earnings forecast for 2025/2026, projecting revenues of $4.998 billion and $5.588 billion, with net profits of $178 million and $301 million, corresponding to P/E ratios of 27.8x and 16.4x for 2025/2026 [2] - The target price remains at HKD 6.4, implying a potential upside of 21.9% from the current stock price [2]

Core Viewpoint - FIT's 3Q25 revenue and net profit growth of 13% and 9% YoY is in line with expectations, driven by AI server momentum and automobility synergy, with a record-high gross profit margin (GPM) of 23.5% [1][2] Group 1: Financial Performance - 3Q25 revenue and net profit growth of 13% and 9% YoY, supported by strong AI product demand (+33% YoY) and automobility business (+116% YoY), while smartphone and consumer segments faced declines (-20% and flat YoY) [2] - Record-high GPM of 23.5%, an increase from 17.8% in 2Q25 and 21.7% in 3Q24, attributed to higher revenue contributions from AI server and automobile businesses [2] Group 2: Future Outlook - Management reiterated a positive 2025 outlook with high-single-digit revenue growth and GPM around 20%, detailing expectations for 4Q25 and FY25E [3] - Cloud/datacenter expected to deliver high-20% to 30%+ YoY growth in 4Q/FY25E due to new AI server rack ramp-up and general server upgrades [3] - Automobility projected to grow mid-double-digit to 40% YoY in 4Q/FY25E, while consumer interconnects are expected to remain flat YoY [3] Group 3: Long-term Guidance - Management provided updates on AI product launches, including advanced connectors and cooling solutions, indicating robust AI demand and a strong product pipeline [4] - Guidance for FY27-28E includes mid-20% YoY revenue growth and a cloud/datacenter sales mix of low/mid/high-20% in FY26/27/28E, enhancing long-term profitability [4]

Core Viewpoint - The report from Everbright Securities maintains the net profit forecast for Hongteng Precision (06088) at $171 million for 2025, with upward revisions for 2026 and 2027 net profit forecasts by 23% and 29% to $297 million and $400 million respectively, driven by substantial progress in the high-speed interconnection sector and recognition from clients [1] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of $1.324 billion, a year-on-year increase of 13%, and a net profit of $74 million, up 9% year-on-year, with a net profit margin of 5.62%, down 0.2 percentage points [1] - The increase in net profit is attributed to the higher contribution from AI server-related products, continuous optimization of production processes, and stable shipments of high-margin products [1] Group 2: Business Segment Performance - Revenue from the cloud data center and electric vehicle (EV) businesses grew significantly, while smartphone revenue declined; Q3 2025 revenues for smartphones, cloud data centers, computers and consumer electronics, EVs, and system terminal products were $210 million, $215 million, $221 million, $240 million, and $382 million respectively, with year-on-year changes of -20%, +34%, +0%, +116%, and +3% [2] - The company raised its revenue growth guidance for system terminal products for Q4 2025, while maintaining the full-year revenue growth guidance unchanged [2] Group 3: Growth Areas - The data center business saw a 34% year-on-year revenue increase in Q3 2025, driven by rising demand for AI server-related products; the company launched the industry's first 102.4Tbps CPO connector in September 2025 and showcased a full suite of AI solutions at the Open Compute Project global summit in October 2025 [3] - The company expects double-digit growth (year-on-year > +15%) for data center business revenue in Q4 2025 and for the full year [3] Group 4: Automotive Business - The automotive business revenue surged 116% year-on-year in Q3 2025, driven by the advancement of the One Mobility strategy and increased demand for data connectivity and high-power solutions in the automotive sector; the company launched the One Mobility brand and partnered with Al Bassami Transport Group to promote EV charger deployment [4] - The company anticipates double-digit growth (year-on-year > +15%) for automotive business revenue in Q4 2025 and for the full year [4] Group 5: System Terminal Products and Consumer Electronics - Revenue from system terminal products grew 3% year-on-year, exceeding guidance, due to a rebound in consumer demand; the company expects stable revenue for Q4 2025 (year-on-year -5% to +5%) [5] - Smartphone revenue declined 20% year-on-year in Q3 2025, primarily due to changes in product specifications, with guidance indicating a double-digit decline (over 15%) for Q4 2025 and the full year [5] - Revenue from computers and consumer electronics accounted for 16% of total revenue in Q3 2025, with guidance for Q4 2025 and the full year indicating stability (year-on-year -5% to +5%) [5]

Core Viewpoint - The report from Everbright Securities maintains a net profit forecast of $171 million for Hongteng Precision over the next 25 years, with upward revisions of 23% and 29% for 2026 and 2027 net profit estimates to $297 million and $400 million respectively, driven by growth in AI data centers and automotive cable demand, maintaining a "Buy" rating [1] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of $1.324 billion, a year-on-year increase of 13%, and a net profit of $74 million, up 9% year-on-year, with a net profit margin of 5.62%, down 0.2 percentage points [2] - Revenue from the smartphone, cloud data center, computer and consumer electronics, electric vehicle, and system terminal products in Q3 2025 were $210 million, $215 million, $221 million, $240 million, and $382 million respectively, with year-on-year changes of -20%, +34%, +0%, +116%, and +3% [2] - The company has raised its revenue growth guidance for system terminal products for Q4 2025, while maintaining the full-year revenue growth guidance unchanged [2] Group 2: Business Segments - The data center business saw a 34% year-on-year revenue increase in Q3 2025, primarily due to rising demand for AI server-related products, with expectations of double-digit growth (over 15% year-on-year) for Q4 2025 and the full year [3] - The automotive business experienced a significant revenue increase of 116% year-on-year in Q3 2025, driven by the One Mobility strategy and increased demand for data connectivity and high-power solutions, with expectations of double-digit growth (over 15% year-on-year) for Q4 2025 and the full year [4] - Revenue from system terminal products grew by 3% year-on-year, exceeding guidance, driven by a rebound in consumer demand, with expectations of stable revenue (year-on-year change of -5% to +5%) for Q4 2025 [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company reported a revenue of $1.324 billion in Q3 2025, representing a year-on-year increase of 13%, and a net profit of $74 million, up 9% year-on-year, with a net profit margin of 5.62% [1]. - The growth in revenue is attributed to increased contributions from AI server-related products, ongoing production efficiency improvements, and stable shipments of high-margin products [1]. - The data center and electric vehicle (EV) businesses experienced significant revenue growth, while smartphone revenue declined [1][2]. Summary by Sections Revenue and Profit Performance - In Q3 2025, revenue from various segments was as follows: smartphones $210 million (down 20%), data centers $215 million (up 34%), computers and consumer electronics $221 million (no change), electric vehicles $240 million (up 116%), and system terminal products $382 million (up 3%) [1][3]. - The company has raised its revenue growth guidance for system terminal products for Q4 2025, while maintaining the overall revenue growth guidance for the year [1]. Business Segments - The data center business is expected to maintain double-digit growth (over 15% year-on-year) in Q4 2025 and for the full year, driven by increased demand for AI server products [2]. - The automotive business saw a 116% year-on-year increase in revenue, supported by the One Mobility strategy and rising demand for data connectivity and high-power solutions [3]. - The system terminal products segment is projected to have stable revenue in Q4 2025, with a slight decline expected for the full year [3]. Financial Forecasts and Valuation - The net profit forecast for 2025 is $171 million, with subsequent years projected at $297 million for 2026 and $400 million for 2027, reflecting growth rates of 11.4% and 73.7% respectively [5]. - The company’s price-to-earnings (P/E) ratios are projected to be 29x for 2025, 17x for 2026, and 12x for 2027, indicating a favorable valuation outlook [4].