Core Viewpoint - Morgan Stanley estimates that Hongteng Precision's AI revenue contribution will rise from less than 5% in FY2024 to approximately 25% in FY2027, driving a compound annual growth rate (CAGR) of 16% in revenue and over 40% in net profit [1] Group 1 - Morgan Stanley believes that Hongteng is well-positioned within the Hon Hai Group and is expected to benefit from the AI component trend [1] - The firm initiates coverage with an "Outperform" rating and sets a target price of HKD 8, which corresponds to 22 times and 17 times the expected price-to-earnings ratio for FY2026 and FY2027, respectively [1] - The expectation is that Hongteng's AI revenue will grow significantly in the next 2 to 3 years, and this positive development is not yet fully reflected in the current stock price [1]
大行评级丨大摩：首予鸿腾精密“跑赢大市”评级 预计AI收入将在未来2至3年内显著增长