鸿腾精密科技(6088.HK)半年报点评：毛利率短期承压影响业绩 持续丰富AI产品矩阵

Core Viewpoint - The company is a leading global manufacturer of precision components, with Hon Hai as the actual controller. The company is deepening its "3+3" strategic layout, with significant contributions from AI and electric vehicle businesses expected in the first half of 2025, driving overall revenue growth. The development of AI is promoting the construction of computing power infrastructure, and the company is focusing on enhancing its AI product portfolio in connectivity, power supply, and liquid cooling systems, which is expected to benefit from AI development. Currently, the AI business is already showing a positive impact on the company's performance, which is anticipated to strengthen further in the future. As the business scale expands and efficiency improvements continue, the company's profitability is expected to increase [1][5]. Financial Performance - In the first half of 2025, the company reported revenue of $2.305 billion, a year-on-year increase of 11.5%, while the profit attributable to the company's owners was $31.51 million, a decrease of 3.1%. The gross margin for the first half of 2025 was 18.59%, down 1.79 percentage points year-on-year, primarily due to pressure on gross margins from automotive electronics and system terminals, as well as the impact of changes in tariff-related policies. With the expansion of AI and other business scales and ongoing efficiency improvements, the company's future profitability is expected to enhance [2][3]. Segment Revenue Breakdown - In Q2 2025, the company achieved revenue of $1.202 billion, a year-on-year increase of 9.1%, with profit attributable to the company's owners at $25.27 million, up 13.2%. Revenue breakdown for Q2 2025 includes: - Smartphones: $176 million, down 18% year-on-year - Cloud/Datacenter: $188 million, up 28% year-on-year, driven by AI servers and next-generation platform connectivity solutions - Consumer Interconnects: $230 million, up 16% year-on-year - Auto Mobility: $240 million, up 116% year-on-year, mainly due to the consolidation of Auto-Kabel - System Products: $303 million, down 19% year-on-year - Others: $65 million, up 12% year-on-year [2]. Strategic Focus - The company continues to focus on opportunities in the AI industry, emphasizing connectivity, power supply, and liquid cooling systems. It offers a range of products related to electrical and optical connectivity, including chip-to-chip connectors, standard connectors for computing boards, backplane connectors, copper cable solutions, and optical modules. The company provides key hardware components required for the Broadcom Tomahawk-5 Bailly platform, including advanced solderless LGA-to-LGA sockets and specialized connector components. Recently, the company's subsidiary Huayun Optoelectronics launched a new generation 102.4T CPO ELSFP module, designed to natively support the Tomahawk-6 CPO liquid cooling switch. In terms of power systems, the company showcased vehicle-mounted solutions at the FIT Tech Day 2025, highlighting high-voltage power and high-speed information transmission technologies, with AI data centers expected to adopt an 800V HVDC architecture, which are important future technology directions for AI data centers. Additionally, the company's connectivity technology capabilities are also applied in liquid cooling systems [4][5]. Future Outlook - The company maintains its full-year guidance, projecting a revenue growth rate of 5%-15% year-on-year for 2025, with gross profit growth exceeding 15% year-on-year, and operating profit growth of 5%-15% year-on-year. The company expects Cloud/Datacenter and Auto Mobility segments to achieve year-on-year growth rates exceeding 15% in Q3 2025 [3]. Profit Forecast - The company is a leading player in the precision components sector, with Hon Hai as the actual controller. The development of AI is driving the construction of computing power infrastructure, and the company is continuously focusing on enhancing its AI product portfolio in connectivity, power supply, and liquid cooling systems, which are expected to become significant revenue drivers. With the expansion of business scale and ongoing efficiency improvements, the company's profitability is anticipated to increase. Revenue projections for 2025-2027 are $4.78 billion, $6.15 billion, and $7.53 billion, respectively, with net profits attributable to the parent company of $170 million, $300 million, and $450 million, corresponding to PE ratios of 33x, 18x, and 12x, respectively, maintaining a "buy" rating [5].