FIT HON TENG(6088.HK)：SOLID 3Q25 AND STRONG AI REVENUE GUIDANCE IN FY26-28E; RAISE TP TO HK$6.77

3Q25 largely in-line with higher cloud/automobility revenue mix. FIT's 3Q revenue/NP growth of 13%/9% YoY is largely in-line with prior guidance and our expectations, driven by strong AI product demand (+33% YoY) and automobility business (+116% YoY), offsetting smartphone/consumer weakness (-20%/flat YoY). In addition, we are encouraged by record-high GPM of 23.5% (vs 17.8%/21.7% in 2Q25/3Q24) thanks to higher revenue contribution of AI server/automobile businesses. 4Q25/2025 outlook: AI server rack ramp-u ...