Group 1 - The core viewpoint of the report is that Hongteng Precision Technology (06088) is rated as "Buy" with a target price of HKD 6.6, anticipating 2025 as a pivotal year for business transformation, focusing on high-value products such as AI server connections, optical modules, and automotive high-voltage connectors, which will enhance gross margins and company valuation [1] - In Q3 2025, Hongteng Precision achieved a revenue growth of 13% year-on-year, reaching USD 1.3 billion, driven by demand for AI products. The cloud network infrastructure business saw a revenue increase of 33.5% to USD 215 million, while the automotive mobile segment grew by 116% to USD 240 million [1] - The company is expanding its business boundaries with a focus on the "3+3" strategy, which targets three major fields: 5G IoT, Audio, and EV, and emphasizes core technologies from copper to optical, wired to wireless, and components to system products [2] Group 2 - The long-term performance outlook for Hongteng Precision is improving, as the company transitions from being viewed as a traditional "consumer electronics assembly/cable factory" to a high-margin, high-barrier "connector and core component manufacturer" due to breakthroughs in AI server interconnects and electric vehicle businesses [3] - The company's advancements in high-margin new products such as optical modules, CPO technology, and automotive high-voltage connectors are crucial for optimizing product structure and improving overall gross margins [3]
国投证券国际：首予鸿腾精密科技(06088)“买入”评级 AI算力基建业务放量在即