Core Viewpoint - 招银国际's research report indicates that 鸿腾精密's third-quarter revenue and net profit grew by 13% and 9% year-on-year, respectively, aligning with guidance and expectations, driven by the momentum in AI servers, automotive business synergies, and a record gross margin of 23.5% [1] Financial Performance - Third-quarter revenue and net profit increased by 13% and 9% year-on-year, respectively [1] - Achieved a record gross margin of 23.5% [1] Management Outlook - Management remains optimistic about 2025, projecting high single-digit revenue growth and a gross margin of 20% [1] - Revenue guidance for 2026 to 2028 has been raised from a low 20% growth to a mid 20% growth [1] Business Segments - AI/cloud business revenue is expected to account for 20% at low, mid, and high levels in 2026, 2027, and 2028, respectively [1] - The company is expected to benefit from market share gains and upgrades in AI server connectivity solutions due to a rich product pipeline and synergies with 鸿海 [1] Earnings Estimates and Target Price - Earnings per share estimates for 2025 to 2027 have been adjusted: down by 1% for 2025, up by 9% for 2026, and up by 26% for 2027 [1] - Target price has been raised from HKD 4.96 to HKD 6.77, maintaining a "Buy" rating [1]
大行评级丨招银国际：鸿腾精密第三季业绩符合预期 上调目标价至6.77港元
Ge Long Hui·2025-11-12 08:20