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-20250306

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook on its future performance [4][6]. Core Insights - The company is a leading global connector supplier with a strong focus on technology research and development, positioning itself well in the interconnect technology sector [1][11]. - The company's revenue for the first three quarters of 2024 reached $3.241 billion, a year-on-year increase of 9.90$101 million, up 119.57% year-on-year [2][19]. - The company is actively expanding its business across five major sectors, including network facilities, smartphones, computers and consumer electronics, electric vehicles, and system terminal products, which are expected to drive future growth [3][4]. Summary by Sections 1. Company Overview - The company was established in 2013 and has a diverse business scope covering communication, computing, and automotive industries [1][11]. - It has a stable shareholding structure, with a significant portion of shares held by Foxconn, ensuring strong backing and resources [16]. 2. Business Performance - The company has shown a recovery in performance, with a notable increase in net profit and a stable gross margin trend, indicating improved profitability [2][19]. - The "3+3" strategy focuses on leveraging core technologies to enhance competitiveness in electric vehicles, AIoT, and audio applications [24][25]. 3. Revenue Breakdown - The company’s revenue sources include network facilities, smartphones, computers and consumer electronics, electric vehicles, and system terminal products, with significant growth in electric vehicle and system terminal product segments [37][28]. - The electric vehicle segment has seen substantial growth, particularly after acquisitions that strengthened its market position [70]. 4. Future Outlook - The company is expected to benefit from its strategic positioning in the AI server interconnect market, with projected net profits of $169 million,$237 million, and $313 million for 2024, 2025, and 2026 respectively [4][5]. - The anticipated growth in AI and electric vehicle markets presents significant opportunities for the company to enhance its revenue and profitability [39][70].