Core Viewpoint - 招银国际's report indicates that 鸿腾精密 (06088) is expected to benefit from market share growth and upgrades in AI server connectivity solutions due to its extensive product pipeline and synergies with 鸿海 [1] Financial Performance - 鸿腾精密's Q3 revenue and net profit increased by 13% and 9% year-on-year, respectively, aligning with guidance and expectations [1] - The company achieved a record gross margin of 23.5% [1] Future 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 revised upwards from low double-digit growth to mid double-digit growth [1] - AI/cloud business revenue is expected to account for 20% at low, mid, and high levels in 2026, 2027, and 2028, respectively [1] Target Price and Ratings - The target price for 鸿腾精密 has been raised from 4.96 HKD to 6.77 HKD, maintaining a "Buy" rating [1] - 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]
招银国际：升鸿腾精密目标价至6.77港元 维持“买入”评级 第三季表现符预期