Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company is a leading global connector supplier with a strong focus on technology development and a diversified business model that includes AI server interconnect solutions, which are expected to drive future growth [1][4]. - The company's revenue and net profit have shown significant recovery, with a projected increase in profitability driven by its strategic positioning in the AI server interconnect market [2][4]. Summary by Sections Company Overview - The company, established in 2013, operates in various sectors including communication, computing, and automotive, focusing on mobile and wireless device production, connector manufacturing, and sales [1][11]. - It has a strong technical team with extensive experience in the connector field, maintaining a leading position in interconnect technology [1][31]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 101 million, up 119.57% year-on-year [2][19]. - The company's revenue fluctuated from 2019 to 2023, with a notable recovery in 2024, driven by improved product structure and increased demand for high-margin products [2][19]. Business Segments - The company is expanding its business across five key segments: network facilities, smartphones, computers and consumer electronics, electric vehicles, and system terminal products [3][37]. - The network facilities segment is focusing on copper and optical solutions, with a strategic push into AI server interconnects, while the smartphone segment remains a major revenue source despite competitive pressures [3][37]. - The electric vehicle segment has seen significant growth, particularly after acquisitions that enhanced the company's technological capabilities and market reach [3][70]. Future Outlook - The company is expected to benefit from its strategic layout in the AI server interconnect field, with projected net profits of 237 million, and $313 million for 2024, 2025, and 2026 respectively [4][5]. - The report anticipates continued revenue growth driven by the increasing demand for high-performance interconnect solutions in data centers and AI applications [4][39].
FIT HON TENG：深度报告：互连技术领域领军者，AI带动第二成长曲线-20250305