FIT HON TENG（06088）：FITHONTENG（06088）25Q1业绩点评：25Q1受汇率影响净利润同比下降，AI算力和汽车业务双轮驱动收入增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [4]. Core Insights - The company experienced a year-on-year revenue growth of 14% in Q1 2025, reaching $1.103 billion, but net profit declined by 38% to $6.24 million, primarily due to adverse currency fluctuations [1]. - The revenue from the automotive and network businesses showed significant growth, while smartphone revenue decreased. The company has adjusted its revenue growth guidance for smartphone and system terminal products downward for the full year 2025 [1][2]. - The company aims to increase the revenue contribution from its three main business areas—5G AIoT, EV, and Audio—from 33% in 2024 to 40% by 2025 [2]. Summary by Sections Q1 2025 Performance - Revenue for Q1 2025 was $1.103 billion, a 14% increase year-on-year, while net profit was $6.24 million, a 38% decrease year-on-year, with a net profit margin of 0.56% [1]. - Revenue breakdown: smartphone (-6%), network infrastructure (+46%), computers and consumer electronics (+13%), electric vehicles (+89%), and system terminal products (-4%) [1]. Business Growth Areas - The network infrastructure segment is expected to maintain double-digit growth (>15%) in Q2 2025, driven by demand for AI servers and platform upgrades [2]. - The automotive business is also projected to grow at a double-digit rate (>15%) in Q2 2025, aided by localization efforts to mitigate tariff impacts [2]. Acoustic and Consumer Electronics - The acoustic production line's yield exceeded expectations, and a new production line in India is expected to be operational by 2025 [3]. - Smartphone revenue accounted for 17% of total revenue in Q1 2025, with a decline in average selling price (ASP) attributed to an increase in low-end models [3]. Financial Forecasts - The net profit forecasts for 2025-2027 have been revised down to $224 million, $292 million, and $341 million, respectively, reflecting a decrease of 8%, 10%, and 13% from previous estimates [4]. - The projected revenue for 2025 is $5.046 billion, with a growth rate of 13.4% [5].