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FIT HON TENG:Beneficiary of GB200 server ramp in 4Q24E; Assessing the AI server opportunity
招银国际· 2024-10-23 13:23
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$5 42 cents in FY26E [26]
百度:Awaiting recovery of ads revenue growth
招银国际· 2024-10-23 08:14
23 Oct 2024 CMB International Global Markets | Equity Research | Company Update Baidu (BIDU US) Awaiting recovery of ads revenue growth We expect Baidu Core business to deliver broadly inline-with-consensus revenue, and slightly better-than-consensus non-GAAP operating profit for 3Q24E. Although proactive business adjustments to embed more GenAI-related results in search results weigh on short-term monetization, we view the adjustments as vital for Baidu's long-term business development and monetization imp ...
达势股份:Our view on placement by Domino’s Pizza
招银国际· 2024-10-23 01:41
18 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update DPC Dash (1405 HK) Our view on placement by Domino's Pizza What is new? Sales of shares by the 2nd largest shareholder of DPC Dash (1405 HK). Domino's Pizza (DPZ US), the 2nd largest shareholder of DPC Dash (1405 HK), has sold 10mn shares (about 7.66% of total shares issued), at the price of HK$ 65.0 per share, with a 12.8% discount to last closing price of HK$ 74.55. After this trade, Domino's Pizza's ownership ...
药明康德:地缘政治扰动有限,业绩企稳复苏
招银国际· 2024-10-21 08:10
2024 年 10 月 21 日 财务资料 招银国际环球市场 | 睿智投资 | 公司更新 药明康德 (603259 CH) 地缘政治扰动有限,业绩企稳复苏 美国众议院在当地时间 2024 年 9 月 9 日投票通过了《生物安全法案》(法案编号 H.R.8333)。我们在 9 月 12 日发布报告,认为即使法案通过,可能仅影响极少 部分政府资助的项目,公司的美国业务有望维持基本稳健。此外,我们认为药明 康德相比印度和欧美的化学药 CDMO 公司积累了显著的产能优势,预计海外同行 中期内不太可能承接中国化学药 CDMO 行业的产能。基于公司快速增长的在手订 单,特别是多肽业务的强劲增长趋势,以及美联储降息趋势下医药融资的恢复, 我们认为公司盈利有望复苏。 生物安全法案预计影响有限。我们认为,众议院版本的议案限制美国政府机 构以及接受美国政府补贴或者贷款的实体从相关中国公司采购商品或者服 务,这大概率对药明康德的业务影响范围有限,并且议案内具有允许现有合 同执行至 2032 年的"祖父条款"。虽然法案在众议院获得通过,但其中 49%的 民主党议员未投赞成票,包括 36%的反对票,因此我们预计生物安全法案在 民主党主 ...
贝克微:NDR takeaways
招银国际· 2024-10-21 03:13
21 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update BaTeLab (2149 HK) NDR takeaways We hosted an NDR with BaTeLab's management on 15 Oct. Co-founders Mr. Li (Chairman) and Mr. Zhang, and Investment Director Mr. Zhao attended our meeting. Key takeaways are summarized below. Business strategy: 1) Why industrial market? Mgmt. explained that the market has lower R&D costs, given its long-tail characteristics (~80% of the total sales in the market is attributed to a l ...
招财日报2024.10.17 中国工程机械行业点评
招银国际· 2024-10-17 08:08
点击蓝字 关注我们 招商银行全资附属机构 行业点评 中国工程机械行业 - 9月工程机械销量:出口增长趋势良好;中国需求仍然疲弱 中国工程机械工业协会公布了9月份工程机械全销售数据。出口方面,总体保持强劲增长,特别是塔式起重 机、汽车起重机和叉车。相反,国内主要产品(除挖掘机外)的销量均出现下降,主要是由于整体经济仍然疲 软,特别是房地产建设。个股方面,我们看好浙江鼎力(603338 CH,买入),因为其海外销售比例较高,但 我们建议在美国总统大选后才布局,以避免如果由特朗普胜出后出现关税上调的风险。我们仍认为中联重科 (1157 HK / 000157 CH, 买入)存在一些下行风险,主要由于国内起重机需求恶化可能抵消海外增长。我们 对三一重工(600031 CH,持有)持保守看法, 主要由于市场共识预期仍然较高。 免重 本档仅供参考,投资者应仅依赖此发售之发行通函所载资料作出投资决定。版权归招银国际及相关内容提供方所有,免责 声明见招银国际官方网站:http://www.cmbi.com.hk。 责要 声披 明露 目 壹隆環球 招银国际互联网证券交易平台 港美股 / 极速开户 / 独家财经资讯 / 免费行情 ...
京东:预计第三季度收入增长 , 上行来自底线
招银国际· 2024-10-15 08:48
15 Oct 2024 收益汇总 CMB 国际全球市场 | 股票研究 | 公司更新 JD. com (JD US) 预计第三季度收入增长 , 上行来自底线 我们预计京东将在第三季度(2024年)实现与彭博一致的收入增长,并超出预 期的非GAAP净利润,这得益于有效的成本控制以及服务收入贡献的同比增长 。随着自九月以来消费情绪的改善,并受益于全国范围内家电以旧换新计划的 实施,京东正在逐步将重点从投资回报率和成本控制转向更多关注GMV和收入 增长。在近期市场反弹之后,我们认为核心业务的质量和可持续盈利增长以及 股东回报的提升将是推动京东股价进一步上涨的关键因素。基于DCF模型的目 标股价上调3%,至53.5美元(原为51.9美元)。维持买入评级。 京东零售 : 预计收入同比增长将连续复苏。 我们估计京东零售(JDR)在202 4年第三季度实现了223.6亿元人民币的收入,同比增长5%(2023年第三季度: 同比增长0%;2024年第二季度:同比增长1.5%),符合彭博一致预期。这一 增长主要得益于家用电器和家居用品(EH&A)部门的年同比收入增长 sequent ial 回升,这主要是由于二季度高基数效应的影响 ...
京东:Expecting inline 3Q revenue growth with upside coming from bottom line
招银国际· 2024-10-15 07:39
15 Oct 2024 CMB International Global Markets | Equity Research | Company Update JD.com (JD US) Expecting inline 3Q revenue growth with upside coming from bottom line We expect JD to deliver inline-with-Bloomberg consensus revenue growth and a better-than-expected non-GAAP net profit for 3Q24, aided by efficient cost control, and a YoY increase in revenue contribution from services revenue. Amid improving consumption sentiment since September, and benefiting from the implementation of home appliance trade-in ...
半导体:AMD “Advancing AI”大会回顾
招银国际· 2024-10-15 07:30
2024 年 10 月 15 日 招银国际环球市场 | 睿智投资 | 行业研究 半导体 AMD "Advancing AI" 大会回顾 AMD(AMD US,未评级)在美国当地时间 10 月 10 日举办的 "Advancing AI" 大会上发布了全新的 AI 加速器 Instinct MI325X,该产品旨在对标英伟达 (NVDA US,未评级)的 H200,前者预计将于 2024 年四季度出货。在本次 大会上,AMD 还推出了对标英伟达 Blackwell 系列的 MI350 系列芯片,但该系 列最快在 2H25 实现量产。据 AMD 首席执行官 Lisa Su 称,数据中心 AI 加速 器的潜在市场规模(TAM)将以超过 60% 的复合增长率增长,并于 2028 年达 到 5,000 亿美元,较此前的预测( Lisa Su 在 2024 年初曾预计 2027 年将达到 4,000 亿美元)大幅上调。总体而言,此次大会并未给投资者带来太多惊喜。 本次会上,我们注意到: 1)Meta 的 Llama 405B 模型已全面在 MI300X 上运 行,意味着 AMD 在 Meta 方面取得了良好的进展;2)A ...
安踏体育:All eyes on 4Q24E for the room of re-rating
招银国际· 2024-10-14 14:38
14 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Anta Sports (2020 HK) All eyes on 4Q24E for the room of re-rating Even though Anta results were a miss in 3Q24, thanks to robust performance during the 10-1 National Day holidays and rollout of many government stimulus, we are positive about its 4Q24E outlook. We are still cautious about its FY24E sales growth but remain confident on the net profit margin. Maintain BUY and raise TP to HK$ 126.68, based on 23x FY ...