系统终端产品收入同比增长3%且超出指引，主要系消费需求反弹。受需求反弹推动，公司系统产品出货量提 升。公司预计25Q4系统终端产品收入保持稳定（同比-5%～+5%），指引25全年系统终端产品营收同比下降 （同比-5%～-15%）。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 点评： 25Q3收入、净利润同比上升。1）收入、净利润：25Q3公司实现收入13.24亿美元，同比+13%。净利润0.74亿 美元，同比+9%；净利率5.62%，同比-0.2pct，净利润上升主要系：a）AI服务器相关产品的贡献度提升；b） 生产流程/效率持续优化；c）高毛利产品稳定出货。2）云端数据中心与电动汽车业务收入高速增长，智能手 机业务收入下降：25Q3智能手机/云端数据中心/电脑及消费性电子/电动汽车业务/系统终端产品收入分别为 ...

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 net profit is attributed to increased contributions from AI server-related products, ongoing optimization of production processes, and stable shipments of high-margin products [1] - The company has seen rapid revenue growth in its cloud data center and electric vehicle (EV) businesses, while smartphone revenue has declined [1] Revenue Breakdown - Q3 2025 revenue from various segments: - Smartphones: $210 million (down 20% YoY) - Cloud Data Centers: $215 million (up 34% YoY) - Computers and Consumer Electronics: $221 million (no change YoY) - Electric Vehicles: $240 million (up 116% YoY) - System Terminal Products: $382 million (up 3% YoY) [1] - 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 Focus and Growth Areas - The company is focusing on three key areas: 5G AIoT, EV, and Audio, which are expected to continue contributing to revenue growth [1] - The data center business revenue increased by 34% YoY, driven by rising demand for AI server-related products [2] - The automotive business revenue surged by 116% YoY, attributed to the One Mobility strategic integration and increased demand for data connectivity and high-power solutions in the automotive sector [2] Future Projections - The company anticipates that data center business revenue will maintain double-digit growth (YoY > +15%) in Q4 2025 and for the full year [2] - The automotive business is also expected to see double-digit growth (YoY > +15%) in Q4 2025 and for the full year [2] - System terminal products revenue is projected to remain stable in Q4 2025, with guidance indicating a potential decline of 5% to an increase of 5% for the full year [3] Profit Forecast and Valuation - The company maintains a net profit forecast of $171 million for 2025, with upward revisions for 2026 and 2027 net profit estimates by 23% and 29% to $297 million and $400 million, respectively [3] - The company's market capitalization corresponds to a price-to-earnings ratio of 29x for 2025, 17x for 2026, and 12x for 2027 [3] - The company is expected to benefit from the growing demand for AI data centers and automotive cables, maintaining a "buy" rating [3]

Core Viewpoint - The report from Everbright Securities maintains the net profit forecast for Hongteng Precision (06088) at $171 million for 2025, with upward revisions for 2026 and 2027 net profit forecasts by 23% and 29% to $297 million and $400 million respectively, driven by substantial progress in the high-speed interconnection sector and recognition from clients [1] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of $1.324 billion, 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%, down 0.2 percentage points [1] - The increase in net profit is attributed to the higher contribution from AI server-related products, continuous optimization of production processes, and stable shipments of high-margin products [1] Group 2: Business Segment Performance - Revenue from the cloud data center and electric vehicle (EV) businesses grew significantly, while smartphone revenue declined; Q3 2025 revenues for smartphones, cloud data centers, computers and consumer electronics, EVs, and system terminal products were $210 million, $215 million, $221 million, $240 million, and $382 million respectively, with year-on-year changes of -20%, +34%, +0%, +116%, and +3% [2] - The company raised its revenue growth guidance for system terminal products for Q4 2025, while maintaining the full-year revenue growth guidance unchanged [2] Group 3: Growth Areas - The data center business saw a 34% year-on-year revenue increase in Q3 2025, driven by rising demand for AI server-related products; the company launched the industry's first 102.4Tbps CPO connector in September 2025 and showcased a full suite of AI solutions at the Open Compute Project global summit in October 2025 [3] - The company expects double-digit growth (year-on-year > +15%) for data center business revenue in Q4 2025 and for the full year [3] Group 4: Automotive Business - The automotive business revenue surged 116% year-on-year in Q3 2025, driven by the advancement of the One Mobility strategy and increased demand for data connectivity and high-power solutions in the automotive sector; the company launched the One Mobility brand and partnered with Al Bassami Transport Group to promote EV charger deployment [4] - The company anticipates double-digit growth (year-on-year > +15%) for automotive business revenue in Q4 2025 and for the full year [4] Group 5: System Terminal Products and Consumer Electronics - Revenue from system terminal products grew 3% year-on-year, exceeding guidance, due to a rebound in consumer demand; the company expects stable revenue for Q4 2025 (year-on-year -5% to +5%) [5] - Smartphone revenue declined 20% year-on-year in Q3 2025, primarily due to changes in product specifications, with guidance indicating a double-digit decline (over 15%) for Q4 2025 and the full year [5] - Revenue from computers and consumer electronics accounted for 16% of total revenue in Q3 2025, with guidance for Q4 2025 and the full year indicating stability (year-on-year -5% to +5%) [5]

RT Tesla Owners Silicon Valley (@teslaownersSV)From X Takeover to TOFL’s camping trip, @DeCharge continues to build alongside the Tesla community!They've created the world's only community-owned EV charging network, allowing anyone to create their own EV charging business and:- 🪙 Earn each time their charger is used- 🔌 Expand their local charging network- ⚡️ Join a growing community of EV pioneers ...

RT nextbigfuture (@nextbigfuture)TESLA OUTSOLD IN EV REVENUE THE REST OF THE GLOBAL TOP 20TESLA Models had about $9 billion in monthly revenue in sept 2025 and outsold the rest of the global top 20 in revenue.EVEN MODEL Y ALONE OUTSOLD OR ALMOST OUTSOLD ON REVENUE REST OF THE GLOBAL TOP 20Tesla Model Y with FSD, autopilot and other premium add on sales outsold or almost outsold in monthly revenue in september 2025 all other non-Tesla models combined on the global Top 20. Tesla sold about $5.9 billion worth ...

NMG Provides a Quarterly Update on the Advancement of its Phase-2 North American Graphite Production Share The Honourable Tim Hodgson, Canada's Minister of Energy and Natural Resources, and Eric Desaulniers, NMG's Founder, President, and CEO, executed binding supply and marketing term sheets establishing a multiyear framework for an aggregate of 30,000 tpa of graphite concentrate from the Phase-2 Matawinie Mine, including a 15,000 tpa take-or-pay commitment by the Government of Canada, with the balance to b ...

InterestingSawyer Merritt (@SawyerMerritt):NEWS: J.D. Power Report Shows EV Interest Surging in the U.S. Despite End of Federal Tax Credit.The number of active car shoppers who say they are “very likely” to consider an EV rose to 24.2% in October—its highest level since January 2025. Overall, nearly 60% of potential https://t.co/2f2fSPEfH0 ...

AI and Technology Sector - SoftBank has completely sold its stake in Nvidia to raise cash for reinvestment in other holdings like OpenAI, leading to a 2.7% decline in Nvidia's shares on the day of the announcement [4][8][11] - AMD is holding its analyst day to present plans for AI chips and systems, aiming to capture market share from Nvidia, which is currently under pressure [7][8][22] - The concept of hybrid AI is emerging, where companies are investing in their own GPUs alongside public cloud resources, allowing for more control over proprietary data [12][14][20] Pharmaceutical Sector - Eli Lilly shares reached an all-time high following an upgrade from Link after a drug pricing deal with the White House, potentially opening access to obesity drugs for millions of Medicare beneficiaries [38][41] - The deal allows Medicare beneficiaries to access obesity medications at a $50 copay, significantly lower than previous prices, which could lead to an estimated 25-30 million new patients [41][42] - Eli Lilly's diverse portfolio in obesity treatments and other therapeutic areas positions it well for future growth, with expectations for continued strong performance into 2026 [51][56] Space Sector - Rocket Lab's shares rose after reporting a 48% increase in revenue due to its Electron rocket launches, despite announcing a delay in the launch of its reusable Neutron rocket [59][62] - The company is focusing on building a diverse portfolio, including satellite capabilities, to weather fluctuations in government spending and maintain a strong market position [61][66] - Rocket Lab's stock has nearly doubled this year, reflecting investor confidence in its growth potential and successful operations [68] Automotive Sector - Automakers have managed to absorb tariff impacts without significantly raising consumer prices, demonstrating resilience in navigating supply chain challenges [86][88] - The electric vehicle (EV) market is experiencing a slowdown in growth, with a decline in EV sales as a percentage of total sales in the U.S., indicating a potential pullback in electrification plans [91][92] - Automotive suppliers like Dana and Garrett are undergoing financial engineering to enhance their market positions, with Dana selling its off-highway business for $2.7 billion [94]

RT Tesla Owners Of San Joaquin Valley (@SjvTesla)As I approach 93k miles on COLOSSUS I had the pleasure of Meeting Travis @HustleMusclesAZ he just passed 100kmi on his Cybertruck taking the crown. When interviewed he had lots of information.The First Cybertruck to Hit 100K Miles And What He Has To Say Now!From the beginning, some asked if the Cybertruck was “really a truck.” One owner has answered that question definitively by driving it 100,000 miles and counting.We had a chance to interview the very first ...

Breaking: Ford considers terminating the electric version of its F-150 pickup, a move that would make the money-losing truck America's first major EV casualty. https://t.co/QU8wfDbFY2 ...