M N 14 Mar 2024 CMB International Global Markets | Equity Research | Company Update FIT Hon Teng (6088 HK) FY23 in line; upbeat FY24E outlook on AI server/networking, EV and AirPods upside Target Price HK$2.21 FIT Hon Teng delivered in-line FY23 results and upbeat FY24E guidance. It (Previous TP HK$2.02) posted FY23 revenue of US$4,196mn (-7% YoY) and net profit of US$130mn (- Up/Downside 64.7% 24% YoY), largely in-line with guidance, mainly due to softer demand for Current Price HK$1.34 traditional servers ...

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） 截至二零二三年十二月三十一日止年度 全年業績公告 | --- | --- | --- | |-------|------------------|-----------------------------------------------------------------------------------------------------------------------------------| | | | | | | 財務摘要 | | | • | | 截至二零二三年十二月三十一日止年度的營收為 4,196 百萬美元，較截至二 零二二年十二月三十一日止年度的 4,531 百萬美元同比減少 7.4% 。 | | • | | 截至二零二三年十二月三十一日 ...

Financial Performance - For the six months ended June 30, 2023, revenue decreased by 15.1% to $1,784 million compared to $2,101 million in the same period of 2022[7]. - Gross profit declined by 19.4% to $283 million, resulting in a gross margin of 15.9%, down from 16.7% in the previous year[6]. - Operating profit fell by 60.8% to $47 million, leading to an operating margin of 2.6%, down from 5.7%[6]. - The net loss attributable to the company was $9 million, a significant decrease from a profit of $85 million in the same period last year, representing a 110.6% decline[7]. - Revenue for the first half of 2023 was $1,784 million, a decrease of 15.1% compared to $2,101 million in the same period of 2022[13]. - The company reported a loss of $9 million for the six months ended June 30, 2023, compared to a profit of $85 million for the same period in 2022, resulting in a profit margin decline from 4.1% to -0.5%[21]. - The company reported a total comprehensive loss of $74,630 thousand for the period, compared to a loss of $23,050 thousand in the previous year[41]. Revenue Breakdown - Revenue from the smartphone segment decreased by 22.8% due to a decline in shipments of high-end smartphones[10]. - Revenue from the network infrastructure segment dropped by 41.3%, impacted by inventory destocking in the server downstream[10]. - Revenue from the computer and consumer electronics segment decreased by 6.6%, despite opportunities in acoustic components[10]. - Revenue from the electric vehicle segment decreased by 5.9% due to product updates affecting component sales[10]. - Revenue from system terminal products increased by 1.3%, driven by higher demand for wireless charging products in new smartwatches[10]. - Smartphone revenue decreased by 22.8% to $445.9 million, primarily due to a decline in shipments of high-end smartphones[14]. - Network infrastructure revenue decreased by 41.3% to $218.9 million, impacted by changes in product mix and inventory destocking in the server downstream[15]. - Electric vehicle revenue decreased by 5.9% to $71.6 million, mainly due to product updates and reduced sales of automotive components[15]. - System terminal products revenue increased by 1.3% to $578.9 million, driven by higher demand for wireless charging products for new smartwatches[16]. Expenses and Costs - Total expenses for the six months ended June 30, 2023, amounted to $1,757,560 thousand, down 12.6% from $2,012,955 thousand in the prior year[82]. - The cost of goods sold was $1,052,310 thousand, a decrease of 13.3% from $1,213,514 thousand in the same period of 2022[82]. - R&D expenses increased by 2.2% to $139 million, attributed to higher costs related to molds and materials[18]. - Employee benefits expenses totaled $358 million for the six months ended June 30, 2023, down from $399 million for the same period in 2022, reflecting a reduction in workforce from 53,544 to 52,488 employees[32]. - Legal and professional expenses increased to $33,788 thousand, up 59.5% from $21,226 thousand in the same period of 2022[82]. Cash Flow and Liquidity - Cash and cash equivalents increased from $914 million as of December 31, 2022, to $1,384 million as of June 30, 2023, while total bank borrowings rose from $1,027 million to $1,402 million[22]. - The net cash flow from operating activities for the six months ended June 30, 2023, was $202,743 thousand, compared to $205,829 thousand for the same period in 2022[47]. - Cash and cash equivalents increased by $504,074 thousand for the six months ended June 30, 2023, compared to an increase of $131,160 thousand for the same period in 2022[47]. - The company incurred capital expenditures of $93,560 thousand for the purchase of property, plant, and equipment during the six months ended June 30, 2023[47]. Inventory and Receivables - The average inventory turnover days increased to 105 days, compared to 94 days in the previous year[8]. - Trade receivables decreased from $720 million as of December 31, 2022, to $615 million as of June 30, 2023, attributed to reduced product shipments from declining global demand for consumer electronics[27]. - Trade payables decreased from $661 million as of December 31, 2022, to $535 million as of June 30, 2023, mainly due to reduced procurement linked to lower global demand for consumer electronics[28]. - Inventory decreased to $792,037 thousand from $966,793 thousand, indicating a reduction in stock levels[42]. Strategic Initiatives - The company plans to strategically pursue opportunities in the electric vehicle market and expand its customer base through acquisitions[12]. - The overall market demand is expected to decline in the second half of 2023 due to economic uncertainties and inflation[12]. - The company aims to maintain product competitiveness and expand its global footprint despite a soft consumer electronics market[12]. Shareholder Information - The board did not declare any interim dividend for the six months ended June 30, 2023[36]. - The company did not declare any interim dividends for the six months ended June 30, 2023, consistent with the previous year[104]. - The company recognized share-based payment expenses of $862,000 for the six months ended June 30, 2023, down from $1,582,000 in the same period of 2022[122]. - The company had four subsidiaries in China eligible for a preferential income tax rate of 15% for the six months ended June 30, 2023[85]. Financial Position - Total assets as of June 30, 2023, amounted to $4,619,705 thousand, an increase from $4,547,183 thousand at the end of 2022[42]. - As of June 30, 2023, total equity amounted to $2,272,203 thousand, a decrease from $2,346,939 thousand as of January 1, 2023[44]. - The company’s total liabilities decreased from $979,030,000 to $798,852,000, a reduction of about 18.4%[120]. - The company reported total sales of $225,226,000 to related parties for the six months ended June 30, 2023, down from $296,672,000 in the same period of 2022[136].

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） 截至二零二三年六月三十日止六個月 中期業績公告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 截至二零二三年六月三十日止六個月的營收為 1,784 百萬美元，較截至二零 二二年六月三十日止六個月的 2,101 百萬美元同比減少 15.1% 。 | | • | 截至二零二三年六月三十日止六個月的虧損為 9 百萬美元，而截至二零二二 年六月 ...

FIT Hon Teng Limited 鴻騰六零八八精密科技股份有限公司 （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 二零二二年年度報告 wemo | --- | --- | |-------|------------------| | | | | | | | | | | | 目錄 | | | | | | 公司資料 | | | 財務摘要 | | | 主席報告 | | | 管理層討論及分析 | | | 董事及高級管理層 | | | 董事會報告 | | | 企業管治報告 | | | 獨立核數師報告 | | | 綜合收入表 | | | 綜合全面收入表 | | | 綜合資產負債表 | | | 綜合權益變動表 | | | 綜合現金流量表 | | | 綜合財務報表附註 | | | 釋義 | | | | 2 4 5 8 18 23 51 73 79 80 81 83 85 87 210 公司資料 本公司之法定名稱 鴻騰六零八八精密科技股份有限公司（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 ...