FIT HON TENG（06088）：FITHONTENG（06088）2025年半年报点评：1H25业绩承压，服务器液冷放量可期

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [4]. Core Views - The company reported a revenue of $2.305 billion for the first half of 2025, reflecting a year-on-year growth of 11.5%, while gross profit increased by 1.7% to $429 million. However, net profit attributable to shareholders decreased by 7.53% to $30 million, indicating pressure on profitability despite revenue growth [1][2]. - The traditional segments of the business are under pressure, with smartphone and system terminal product revenues declining by 12.07% and 12.37% respectively. In contrast, the cloud network and automotive segments showed significant growth, with automotive revenue doubling by 102.20% [2][3]. - The company is focusing on AI-driven growth in its cloud network facilities, with several products ready for shipment and a strong pipeline for future AI server solutions. This positions the company to benefit from the increasing demand for AI-related technologies [3]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of $2.305 billion, a growth of 11.5% year-on-year. Gross profit was $429 million, up 1.7%, while net profit fell to $30 million, down 7.53%. The earnings per share (EPS) decreased by 3.4% to $0.44, with a gross margin of 18.6%, down 1.8% from the previous year [1][2]. Business Segments - Revenue breakdown by segment shows: - Smartphones: $365 million, down 12.07% - System terminal products: $588 million, down 12.37% - Cloud network facilities: $354 million, up 35.74% - Computer and consumer electronics: $432 million, up 14.32% - Automotive: $459 million, up 102.20% [2]. Future Outlook - The company is expected to see net profits of $192 million, $239 million, and $285 million from 2025 to 2027, with corresponding price-to-earnings (P/E) ratios of 21, 17, and 14. The growth in AI server-related business is anticipated to enhance revenue and profitability [4][5].