Core Viewpoint - 招银国际's report indicates that 鸿腾精密 (06088) is expected to benefit from market share growth and upgrades in AI server connectivity solutions due to its extensive product pipeline and synergies with 鸿海 [1] Financial Performance - 鸿腾精密's Q3 revenue and net profit increased by 13% and 9% year-on-year, respectively, aligning with guidance and expectations [1] - The company achieved a record gross margin of 23.5% [1] Future Outlook - Management remains optimistic about 2025, projecting high single-digit revenue growth and a gross margin of 20% [1] - Revenue guidance for 2026 to 2028 has been revised upwards from low double-digit growth to mid double-digit growth [1] - AI/cloud business revenue is expected to account for 20% at low, mid, and high levels in 2026, 2027, and 2028, respectively [1] Target Price and Ratings - The target price for 鸿腾精密 has been raised from 4.96 HKD to 6.77 HKD, maintaining a "Buy" rating [1] - Earnings per share estimates for 2025 to 2027 have been adjusted, with a 1% decrease for 2025, a 9% increase for 2026, and a 26% increase for 2027 [1]

Core Viewpoint - Zhaoyin International's report indicates that Hongteng Precision (06088) is expected to benefit from market share growth and upgrades in AI server connectivity solutions due to its rich product pipeline and synergy with Hon Hai [1] Financial Performance - In Q3, Hongteng Precision reported a year-on-year revenue growth of 13% and a net profit increase of 9%, aligning with guidance and expectations, primarily driven by momentum in AI servers, automotive business synergies, and a record gross margin of 23.5% [1] - The management reiterated an optimistic outlook for 2025, projecting high single-digit revenue growth and a gross margin of 20% [1] Earnings Forecast - Earnings per share estimates for 2025 to 2027 have been adjusted, with a 1% decrease for 2025, a 9% increase for 2026, and a 26% increase for 2027 [1] - The target price has been raised from HKD 4.96 to HKD 6.77, maintaining a "Buy" rating [1] Revenue Guidance - Revenue guidance for 2026 to 2028 has been revised upwards, from a low double-digit growth to a mid-double-digit growth of 20% [1] - It is anticipated that the revenue contribution from AI/cloud business will reach low, mid, and high levels of 20% in 2026, 2027, and 2028, respectively [1]

Core Viewpoint - 招银国际's research report indicates that 鸿腾精密's third-quarter revenue and net profit grew by 13% and 9% year-on-year, respectively, aligning with guidance and expectations, driven by the momentum in AI servers, automotive business synergies, and a record gross margin of 23.5% [1] Financial Performance - Third-quarter revenue and net profit increased by 13% and 9% year-on-year, respectively [1] - Achieved a record gross margin of 23.5% [1] Management Outlook - Management remains optimistic about 2025, projecting high single-digit revenue growth and a gross margin of 20% [1] - Revenue guidance for 2026 to 2028 has been raised from a low 20% growth to a mid 20% growth [1] Business Segments - AI/cloud business revenue is expected to account for 20% at low, mid, and high levels in 2026, 2027, and 2028, respectively [1] - The company is expected to benefit from market share gains and upgrades in AI server connectivity solutions due to a rich product pipeline and synergies with 鸿海 [1] Earnings Estimates and Target Price - Earnings per share estimates for 2025 to 2027 have been adjusted: down by 1% for 2025, up by 9% for 2026, and up by 26% for 2027 [1] - Target price has been raised from HKD 4.96 to HKD 6.77, maintaining a "Buy" rating [1]