招银国际发布研报称，鸿腾精密(06088)第二季业绩大致符合该行预期，收入及净利润同比升9%及 13%。该行下调公司今年至2027年每股盈利预测5%至15%，反映上半年业绩、新业务指引及取得项目， 目标价由3.48港元上调至4.96港元，相当于明年预测市盈率16倍，与八年平均水平一致，评级"买入"。 该行对管理层指出公司业务在第二季加快转型感到鼓舞，战略云及汽车部门占季度销售36%，两者各录 得28%及115%同比增长。该行指，纵使公司基于关税及宏观不确定性，下调智能手机、消费者互联及 系统产品指引，但基于云与人工智能服务器产品及AirPod生产提速，对公司3+3战略在明年及2027年表 现持正面观点。 ...

Core Viewpoint - 招银国际's report indicates that 鸿腾精密 (06088) achieved second-quarter results that largely met expectations, with revenue and net profit increasing by 9% and 13% year-on-year respectively [1] Financial Performance - The company has adjusted its earnings per share forecast for 2023 to 2027 down by 5% to 15%, reflecting the performance in the first half of the year, new business guidance, and project acquisitions [1] - The target price for the company has been raised from HKD 3.48 to HKD 4.96, which corresponds to a projected price-to-earnings ratio of 16 times for next year, aligning with the eight-year average [1] Business Strategy and Growth - The management's indication of accelerated business transformation in the second quarter is viewed positively, with the strategic cloud and automotive sectors accounting for 36% of quarterly sales, showing year-on-year growth of 28% and 115% respectively [1] - Despite a downward adjustment in guidance for smartphones, consumer internet, and system products due to tariffs and macro uncertainties, the outlook remains positive for the company's cloud and AI server products, as well as the accelerated production of AirPods, supporting the company's 3+3 strategy for performance through 2027 [1]

Core Viewpoint - 招银国际's report indicates that 鸿腾精密's Q2 performance aligns with expectations, with revenue and net profit increasing by 9% and 13% year-on-year respectively [1] Group 1: Financial Performance - 鸿腾精密's revenue and net profit for Q2 increased by 9% and 13% year-on-year [1] - The company's strategic cloud and automotive sectors accounted for 36% of quarterly sales, with year-on-year growth of 28% and 115% respectively [1] Group 2: Strategic Outlook - The management's acceleration in business transformation during Q2 is viewed positively [1] - Despite lowering guidance for smartphones, consumer internet, and system products due to tariffs and macro uncertainties, the outlook remains positive for cloud and AI server products and AirPod production [1] Group 3: Earnings Forecast and Target Price - The earnings per share forecast for the company has been reduced by 5% to 15% for the years 2023 to 2027, reflecting the performance in the first half of the year and new business guidance [1] - The target price has been raised from HKD 3.48 to HKD 4.96, corresponding to a projected P/E ratio of 16 times for next year, with a "buy" rating maintained [1]