Core Viewpoint - FIT's 3Q25 revenue and net profit growth of 13% and 9% YoY is in line with expectations, driven by AI server momentum and automobility synergy, with a record-high gross profit margin (GPM) of 23.5% [1][2] Group 1: Financial Performance - 3Q25 revenue and net profit growth of 13% and 9% YoY, supported by strong AI product demand (+33% YoY) and automobility business (+116% YoY), while smartphone and consumer segments faced declines (-20% and flat YoY) [2] - Record-high GPM of 23.5%, an increase from 17.8% in 2Q25 and 21.7% in 3Q24, attributed to higher revenue contributions from AI server and automobile businesses [2] Group 2: Future Outlook - Management reiterated a positive 2025 outlook with high-single-digit revenue growth and GPM around 20%, detailing expectations for 4Q25 and FY25E [3] - Cloud/datacenter expected to deliver high-20% to 30%+ YoY growth in 4Q/FY25E due to new AI server rack ramp-up and general server upgrades [3] - Automobility projected to grow mid-double-digit to 40% YoY in 4Q/FY25E, while consumer interconnects are expected to remain flat YoY [3] Group 3: Long-term Guidance - Management provided updates on AI product launches, including advanced connectors and cooling solutions, indicating robust AI demand and a strong product pipeline [4] - Guidance for FY27-28E includes mid-20% YoY revenue growth and a cloud/datacenter sales mix of low/mid/high-20% in FY26/27/28E, enhancing long-term profitability [4]
FIT HON TENG(6088.HK)：SOLID 3Q25 AND STRONG AI REVENUE GUIDANCE IN FY26-28E; RAISE TP TO HK$6.77