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【鸿腾精密(6088.HK)】25Q1受汇率影响净利润同比下降,AI算力和汽车业务双轮驱动收入增长——25Q1业绩点评(付天姿)
光大证券研究· 2025-05-11 13:28
点击注册小程序 查看完整报告 特别申明: 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 声学业务:声学产线良率超公司预期,印度新产线有望于2025年内落地 网络基础设施营收高速增长,主要系AI服务器和平台更新需求增加 根据25Q1业绩会,受AI服务器市场和平台更新需求驱动,该业务板块营收录得高速增长。此外,新款前端 连接器的量产爬坡,将有助于增强公司在AI产业链的市场地位。于2025年3月英伟达GTC大会上,公司展 示了AI加速器连接器、服务器背板和互联线缆等产品解决方案,以及英伟达MGX平台的高速高压线缆方 案。公司预计网络基础设施业务收入25Q2将保持双位数增长(>15%)。 事件: 1)25Q1年收入、净利润不及预期: 25Q1公司实现收入 11.03亿美元,同比+14%。净利润624万美元,同 比-38% ...
25Q1业绩点评25Q1受汇率影响净利润同比下降,AI算力和汽车业务双轮驱动收入增长
EBSCN· 2025-05-11 10:40
Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [4]. Core Insights - The company's revenue for Q1 2025 reached $1.103 billion, representing a year-on-year growth of 14%, while net profit decreased by 38% to $6.24 million, primarily due to adverse currency fluctuations [1]. - The company has adjusted its revenue growth guidance for smartphone and system terminal products for the full year 2025, expecting a decline of over 15% in smartphone revenue compared to previous forecasts [1]. - The network and automotive segments showed significant revenue growth, with automotive revenue expected to maintain double-digit growth in Q2 2025 [2]. Summary by Sections Financial Performance - Q1 2025 revenue was $1.103 billion, up 14% year-on-year, while net profit was $6.24 million, down 38% [1]. - The net profit margin was 0.56%, a decrease of 0.49 percentage points year-on-year [1]. - Revenue from smartphones, network infrastructure, computers and consumer electronics, and electric vehicles showed varied growth rates, with smartphone revenue declining by 6% [1]. Business Segments - The network infrastructure segment experienced rapid growth driven by increased demand for AI servers and platform upgrades, with expectations of over 15% growth in Q2 2025 [2]. - The automotive business is focusing on localization to mitigate tariff impacts, with revenue also expected to grow by over 15% in Q2 2025 [2]. - The acoustic segment is seeing improved production yields, and a new production line in India is expected to be operational within 2025 [3]. Profitability Forecast - The net profit forecasts for 2025-2027 have been revised downwards to $224 million, $292 million, and $341 million, respectively, reflecting a decrease of 8%, 10%, and 13% from previous estimates [4]. - The company is projected to benefit from the growing demand for AI data centers, maintaining a "Buy" rating despite the adjustments in profit forecasts [4]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 9x, 7x, and 6x, respectively, based on the stock price of HKD 2.05 as of May 9 [4].