Investment Rating - The report maintains a "Buy" rating for FIT Hon Teng with a target price of HKD 2.40, reflecting a 23.1% upside from the current price of HKD 1.95 [2][10]. Core Insights - FIT Hon Teng reported a solid Q1 performance, aligning with positive profit warnings and management expectations. The company reiterated its FY24E guidance, projecting a year-over-year revenue decline in the low double digits, a gross profit margin (GPM) increase, and an operating profit margin (OPM) of 5.5% [1][10]. - The recent stock adjustment is viewed as profit-taking after a 101% increase over the past three months, with an optimistic outlook for 2H24E driven by growth in AirPods, integration of Voltaira's automotive electronics business, and successful orders for AI server/network products [1][10]. Financial Performance Summary - Q1 revenue reached USD 965.06 million, a 12% year-over-year increase, with a net profit of USD 10.2 million, compared to a loss of USD 9.3 million in Q1 of the previous year. This performance was supported by a recovery in the PC/server market and strong results from the Voltaira business [1][5]. - The GPM improved by 450 basis points year-over-year to 20.3%. The electric vehicle (EV) segment saw a remarkable 205% year-over-year growth, while the computing segment grew by 6% and the networking segment by 9% [1][5]. Revenue and Profit Forecasts - For FY24E, revenue is expected to rebound by 12% year-over-year, with net profit projected to increase by 52%. The FY24E earnings per share (EPS) is estimated at USD 2.81, with subsequent years showing continued growth [1][6][9]. - The report indicates that the FY24E revenue forecast remains unchanged at USD 4.715 billion, with gross profit expected to be USD 984 million, maintaining a GPM of 20.9% [8][9]. Market Opportunities - The management highlighted a significant opportunity in AI servers, with expected revenue contribution of 7-9% in FY24E, up from 1% in FY23. The anticipated value per compute tray is estimated between USD 500 and USD 1,000 [1][6]. - The integration of Voltaira's automotive electronics is expected to contribute positively to revenue growth, alongside the anticipated increase in AirPods shipments and enhancements in AI server product offerings [1][10].
第 1 季度上线 ； AI 服务器 / 网络和 AirPods 在 2H24E 升级方面取得积极进展