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].

Investment Rating - The report initiates coverage on FIT HON TENG (6088 HK) with a "Buy" rating [2] Core Views - FIT HON TENG is a global leader in interconnect solutions with diversified business across AI Audio and EV sectors [2] - The company is well positioned to benefit from the growth in AI data center construction EV electrification and audio product demand [2] - Key growth drivers include potential entry into NVIDIA's GB200 NVL backplane connector supply chain increased TWS headset assembly share for a major client and synergies from the Voltaira acquisition [2] Business Overview - FIT HON TENG is a subsidiary of Foxconn Group specializing in connector products and precision manufacturing [5] - The company operates in six business segments: smartphones networking computing EV system products and others [14] - In 2023 the revenue breakdown was 25% smartphones 10% networking 18% computing 7% EV 34% system products and 6% others [14] Growth Drivers 5G AIoT - The company provides copper to optical interconnect solutions for AI data centers with potential to supply NVIDIA's GB200 NVL backplane connectors [2][24] - It retains optical interconnect capabilities including 800G optical modules and CPO technology [2][25] EV - The EV business is expected to grow significantly with the full consolidation of Voltaira in 2024 [2][29] - Voltaira's expertise in automotive sensors and connectors complements FIT HON TENG's EV strategy [29] Audio - The company has a comprehensive audio product portfolio through acquisitions of SSI and Belkin [2][31] - It is expected to increase its share in TWS headset assembly for a major client with new production lines in India [35] Financial Performance - Revenue in 2023 was $4 196 million down 7 4% YoY while net profit was $129 57 million down 23 93% YoY [15] - The EV and system products segments showed strong growth in 2023 with EV revenue up 99 66% and system products up 5 97% [15] - For 2024 2026 the company forecasts revenue growth of 7 5% 39 1% and 25 6% respectively with net profit growth of 36 7% 53 5% and 38 8% [46] Valuation - The stock is trading at 11x 7x and 5x 2024 2026 P E ratios which are below the peer average of 20x 16x and 13x [53] - The 2024 and 2025 PEG ratios are 0 3 and 0 2 respectively indicating attractive valuation [53]

Investment Rating - The report maintains a "Buy" rating for FIT Hon Teng with a new target price of HK$4.25, reflecting an attractive risk-reward profile based on a 13x FY25E P/E ratio [11][12]. Core Insights - FIT Hon Teng reported strong Q2 2024 results, with revenue of US$1.102 billion, a year-on-year increase of 20%, and a net profit of US$22.3 million, significantly up from US$0.35 million in Q2 2023 [1][6]. - The company is optimistic about its AI server product line, with new power bus and liquid cooling CDU products passing customer certification, expected to contribute 1-3% to FY24E sales [1][11]. - The network business revenue is projected to grow at a high double-digit rate year-on-year, driven by robust demand in AI applications [1][11]. Financial Performance Summary - Revenue for FY24E is estimated at US$4.677 billion, with a year-on-year growth of 11.5%, and net profit is projected at US$183 million, reflecting a 41.8% increase [9][10]. - Gross profit margin (GPM) is expected to stabilize around 21% for FY24E and FY25E, with operating profit margin (OPM) targeted at 7% for FY24E [8][10]. - The company anticipates a rebound in revenue and net profit for FY24E, with expected growth rates of 12% and 42%, respectively [1][11]. Segment Performance - The automotive segment saw a remarkable year-on-year growth of 231%, primarily due to the integration of Voltaira [1][6]. - The network segment experienced a 29% increase in demand, attributed to the growth in AI applications [1][6]. - The smartphone segment's performance was better than expected, aided by improved shipping strategies with major clients [1][6]. Earnings Revisions - FY25E earnings per share (EPS) estimates have been revised upwards by 13-23%, reflecting stronger performance expectations [2][9]. - The report highlights a significant increase in EPS for FY24E to 2.58 cents and for FY25E to 4.20 cents, indicating a positive outlook for profitability [9][10].

Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng with a new target price of HK$ 4.25, indicating an upside potential of 88.1% from the current price of HK$ 2.26 [4][12]. Core Insights - FIT Hon Teng reported strong 2Q24 results, with revenue of US$ 1,102 million, reflecting a 20% year-over-year increase, and a net profit of US$ 22.3 million, a significant improvement from US$ 0.35 million in 2Q23 [2][6]. - The company has raised its FY24E guidance for networking business revenue to high double-digit year-over-year growth, up from a previous estimate of 5-15% [2][12]. - The earnings growth is driven by the networking business and the EV segment, which saw a remarkable 231% year-over-year increase due to the Voltaira merger [2][6]. Financial Summary - Revenue projections for FY24E are set at US$ 4,677 million, with expected growth of 11.5% year-over-year, and net profit is projected to reach US$ 183.5 million, reflecting a 41.6% increase [3][10]. - The gross profit margin (GPM) is expected to improve to 20.6% in FY24E, with operating profit margin (OPM) targeted at 7.0% [8][10]. - The company anticipates a rebound in revenue and net profit for FY24E, with expectations of 12% and 42% year-over-year growth, respectively [2][12]. Segment Performance - The EV segment's revenue surged by 231% year-over-year, while the networking segment grew by 29% year-over-year, driven by strong AI demand [2][6]. - The smartphone segment also performed better than expected, benefiting from key customer shipment improvements [2][6]. Earnings Revision - The report indicates that FY25-26E EPS estimates are 13-23% above consensus, reflecting confidence in the company's growth trajectory [2][10]. - Adjustments to FY24-26E EPS have been made to account for higher gross profit margins, offset by increased operating expenses for new products [2][10]. Valuation - The stock is currently trading at 11.2x FY24E P/E and 6.9x FY25E P/E, which is considered attractive given the projected 42% and 63% year-over-year EPS growth for FY24 and FY25, respectively [2][12].

证券研究报告 FIT Hon Teng (6088 HK) 港股通 1H24 同比扭亏，上调评级至"买入" 华泰研究 中报点评 2024 年 8 月 13 日│中国香港 消费电子 投资评级(上调): 买入 目标价(港币): 3.02 1H24 同比扭亏，上调目标价至 3.02 港币 鸿腾发布 1H24 业绩报告，实现营收 20.7 亿美元（yoy：+16%），主要受益 于服务器需求回暖、Voltaira 并表以及苹果 AirPod 组装新业务；毛利率 20.4%（yoy：+4.5pp），主因收入结构改善；归母净利润 0.33 亿美元，同 比扭亏。考虑到 1）我们对终端（电脑、服务器以苹果手机）24-26 年出货 预期比此前更乐观；2）公司连接器产品新进入北美算力大客户最新 AI 服务 器 compute tray，并将从 2H24 开始放量，我们将公司 24/25/26 年盈利预 测上调 2%/11%/19%至 2.02/2.83/3.54 亿美元。经过"3+3"战略调整后， 公司盈利能见度增强，我们因此将目标价上调至 3.02 港币（前值：1.80 港 币），基于 14.0x 2024E PE（vs 可比公 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was $2,067 million, an increase of 15.9% compared to $1,784 million for the same period in 2023[2] - Profit for the six months ended June 30, 2024, was $33 million, compared to a loss of $9 million for the same period in 2023[2] - Basic earnings per share attributable to the company's owners for the six months ended June 30, 2024, was 0.46 cents, compared to a basic loss per share of 0.13 cents for the same period in 2023[2] - Operating profit for the six months ended June 30, 2024, was $93.175 million, up from $47.170 million in the same period in 2023[3] - The company reported a total comprehensive loss of $51.780 million for the six months ended June 30, 2024, compared to a total comprehensive loss of $74.630 million for the same period in 2023[4] - The company reported a profit before tax of $61,395 thousand for the six months ended June 30, 2024, compared to $7,525 thousand for the same period in 2023, indicating a strong improvement in financial performance[14][17] - The net profit attributable to the company's owners for the six months ending June 30, 2024, was $32,524,000, compared to a loss of $8,952,000 in the same period of 2023[28] - The company recorded 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 of 2023[49] Revenue Breakdown - The revenue from the semi-finished products segment was $1,765,915 thousand, while the consumer goods segment generated $300,845 thousand, indicating a significant contribution from the semi-finished products[15][16] - Major customers contributed significantly to revenue, with Customer A generating $812,794 thousand and Customer B contributing $244,853 thousand for the six months ended June 30, 2024[21] - The geographical revenue breakdown shows that the United States contributed $906,525 thousand, followed by China at $347,731 thousand, highlighting the importance of these markets[19] - Revenue from the smartphone component market decreased by 4.8% year-over-year, while revenue from the network infrastructure market increased by 19.2% due to AI-driven demand[36] - The electric vehicle market revenue surged by 217.0% year-over-year, bolstered by the acquisition of Prettl SWH Group[36] - Revenue from the electric vehicle segment increased by 217.0% to $227 million, primarily due to the acquisition of FIT Voltaira Group GmbH[42] - Revenue from network infrastructure increased by 19.2% to $261 million, attributed to a rebound in copper-based component shipments[42] - Revenue from system terminal products grew by 14.2% to $672 million, driven by new business from high-end wireless Bluetooth headsets[42] Assets and Liabilities - Total assets as of June 30, 2024, were $4,963 million, a decrease from $5,093 million as of December 31, 2023[5] - Total liabilities as of June 30, 2024, were $2,577 million, compared to $2,656 million as of December 31, 2023[6] - Cash and cash equivalents as of June 30, 2024, were $1,025 million, down from $1,316 million as of December 31, 2023[5] - Total bank borrowings increased to $1,501 million as of June 30, 2024, compared to $1,383 million as of December 31, 2023, with short-term borrowings at $902 million and long-term borrowings at $599 million[50] - The debt-to-equity ratio rose to 13.9% as of June 30, 2024, compared to 2.6% as of December 31, 2023[57] Expenses - The operating expenses for the six months ended June 30, 2024, were $352,180 thousand, which reflects the company's cost management strategies[14] - The total expenses for the six months ending June 30, 2024, were $1,997,645,000, compared to $1,757,560,000 in the same period of 2023[24] - Distribution and sales expenses rose by 31.9% to $62 million, mainly due to the integration of FIT Voltaira Group GmbH[44] - Administrative expenses increased by 66.2% to $118 million, reflecting the increase in personnel following the acquisition[45] - R&D expenses increased by 23.7% to $172 million, driven by increased investment in new product development[46] - Employee benefits expenses totaled $461 million for the six months ended June 30, 2024, up from $358 million for the same period in 2023[59] Dividends and Shareholder Information - The company did not declare any interim dividend for the six months ended June 30, 2024[2] - The company did not declare any interim dividends for the six months ending June 30, 2024, consistent with the previous year[31] - The company reported a total of 7,085,255,000 weighted average shares outstanding for the six months ending June 30, 2024[28] Market Outlook and Strategy - The company anticipates that the new accounting standards and amendments will not have a major impact on its consolidated interim financial information[12] - The company anticipates stable market demand in the second half of 2024, despite economic uncertainties and inflation affecting consumer spending[37] - The company is focusing on expanding its electric vehicle product offerings and enhancing its data transmission systems through the acquisition of FIT Voltaira Group GmbH[38] - The company expects growth in system terminal products driven by increasing demand for acoustic and wireless fast-charging products in the consumer electronics market[38] Compliance and Governance - The company has adopted a prudent foreign exchange hedging policy to mitigate foreign exchange risks[61] - The company has complied with all applicable corporate governance code provisions during the reporting period[65] - The independent auditor reviewed the interim financial information in accordance with international auditing standards[63] - The company has implemented restricted stock incentive plans to align employee interests with shareholder value[72] - The company has a compensation committee to oversee executive remuneration, promoting accountability[73] Foreign Exchange and Risk Management - The company has a foreign exchange risk due to operations in multiple currencies, primarily USD, TWD, and RMB, which can significantly impact financial performance[61] - As of June 30, 2024, the company has forward foreign exchange contracts with a nominal principal amount of $100 million for hedging purposes[61] Acquisitions and Investments - The company entered into a conditional sale agreement to acquire certain assets and shares of Auto-Kabel Group for €72.5 million, subject to adjustments[64] - There were no significant investments, acquisitions, or disposals during the six months ended June 30, 2024[53]

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 ...