Core Viewpoint - Zhaoyin International's report indicates that Hongteng Precision (06088) is expected to benefit from market share growth and upgrades in AI server connectivity solutions due to its rich product pipeline and synergy with Hon Hai [1] Financial Performance - In Q3, Hongteng Precision reported a year-on-year revenue growth of 13% and a net profit increase of 9%, aligning with guidance and expectations, primarily driven by momentum in AI servers, automotive business synergies, and a record gross margin of 23.5% [1] - The management reiterated an optimistic outlook for 2025, projecting high single-digit revenue growth and a gross margin of 20% [1] Earnings Forecast - Earnings per share estimates for 2025 to 2027 have been adjusted, with a 1% decrease for 2025, a 9% increase for 2026, and a 26% increase for 2027 [1] - The target price has been raised from HKD 4.96 to HKD 6.77, maintaining a "Buy" rating [1] Revenue Guidance - Revenue guidance for 2026 to 2028 has been revised upwards, from a low double-digit growth to a mid-double-digit growth of 20% [1] - It is anticipated that the revenue contribution from AI/cloud business will reach low, mid, and high levels of 20% in 2026, 2027, and 2028, respectively [1]
招银国际：升鸿腾精密(06088)目标价至6.77港元 维持“买入”评级 第三季表现符预期