FIT HON TENG：公司业绩扭亏为盈，网络设施业务将受益于英伟达AI服务器和光模块的研发

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Viewpoints - The company has turned a profit after previously being in the red, with a net profit of $32.524 million in the first half of the year, compared to a loss of$ 8.952 million in the same period last year [1] - The company's revenue for the first half of the year was $2.07 billion, a year-on-year increase of 15.8%, with a gross margin of 20.4%, up 4.5 percentage points year-on-year [1] - The company's net profit margin is 1.6%, and the operating profit margin is 5.5% [1] - The company's management has provided guidance for full-year revenue growth in the high single digits, with gross margin expected to increase by 2.1 percentage points [1] - The company is advancing its "3+3" strategy, focusing on three key industries (EV, 5G AIoT, Audio) and three core technologies (copper to optical, wired to wireless, components to system products) [1] - The company plans to increase the revenue contribution from its "3+3" strategy to 30% in 2024 and 40% in 2025 [1] - The company's network infrastructure business is expected to benefit from NVIDIA's AI server and optical module development [1] - The company has secured orders from NVIDIA for compute trays, with a total value in the billions [1] - The company recently completed the acquisition of 70% of Huayun Optoelectronics to enhance its R&D capabilities in high-speed networks and optical markets [1] - The company is collaborating with MediaTek to develop CPO sockets, which will provide low-power solutions for AI servers [1] - The company's EV business is expected to grow by more than 50% for the full year, benefiting from synergies from acquisitions [1] - The company's Belkin brand business is expected to generate revenue of$ 700-800 million this year, with stable revenue and improving gross margins [1] Industry and Market Performance - The company operates in the TMT (Technology, Media, and Telecommunications) industry [1] - The company's stock price is currently at HKD 2.98, with a market capitalization of HKD 21.724 billion [1] - The company's 52-week high/low is HKD 3.95/HKD 0.88 [1] Strategic Developments - The company has been actively integrating resources through mergers and acquisitions, such as acquiring Belkin and Prettl SWH (renamed Voltaira) [1] - The company's network infrastructure business is expected to benefit from NVIDIA's AI server developments, with management raising guidance for network infrastructure revenue growth from mid-double digits to high double digits [1] - The company is focusing on expanding its presence in the EV market, particularly through its involvement in Tesla's supply chain and the production of CPD products [1] - The company is also working on developing 800G DR8 and SR8/DR8 optical products, with completion expected by the end of 2025 [1]