FIT HON TENG（06088）：——鸿腾精密（6088.HK）25Q3业绩点评：FIT HON TENG（06088）：25Q3业绩同比增长，AI业务收入贡献有望持续提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company reported a revenue of $1.324 billion in Q3 2025, representing a year-on-year increase of 13%, and a net profit of $74 million, up 9% year-on-year, with a net profit margin of 5.62% [1]. - The growth in revenue is attributed to increased contributions from AI server-related products, ongoing production efficiency improvements, and stable shipments of high-margin products [1]. - The data center and electric vehicle (EV) businesses experienced significant revenue growth, while smartphone revenue declined [1][2]. Summary by Sections Revenue and Profit Performance - In Q3 2025, revenue from various segments was as follows: smartphones $210 million (down 20%), data centers $215 million (up 34%), computers and consumer electronics $221 million (no change), electric vehicles $240 million (up 116%), and system terminal products $382 million (up 3%) [1][3]. - The company has raised its revenue growth guidance for system terminal products for Q4 2025, while maintaining the overall revenue growth guidance for the year [1]. Business Segments - The data center business is expected to maintain double-digit growth (over 15% year-on-year) in Q4 2025 and for the full year, driven by increased demand for AI server products [2]. - The automotive business saw a 116% year-on-year increase in revenue, supported by the One Mobility strategy and rising demand for data connectivity and high-power solutions [3]. - The system terminal products segment is projected to have stable revenue in Q4 2025, with a slight decline expected for the full year [3]. Financial Forecasts and Valuation - The net profit forecast for 2025 is $171 million, with subsequent years projected at $297 million for 2026 and $400 million for 2027, reflecting growth rates of 11.4% and 73.7% respectively [5]. - The company’s price-to-earnings (P/E) ratios are projected to be 29x for 2025, 17x for 2026, and 12x for 2027, indicating a favorable valuation outlook [4].