鸿腾精密20251111

Summary of F.I.T Hong Teng Conference Call Company Overview - Company: F.I.T Hong Teng - Industry: Cloud Data Center and AI-related products Key Points and Arguments 1. Growth Projections: F.I.T Hong Teng anticipates a compound annual growth rate (CAGR) exceeding 20% from 2026 to 2028, driven primarily by the Cloud Data Center business, which is expected to account for nearly 20% of revenue by 2026 and close to 30% by 2028 [2][4] 2. AI Product Development: The company is experiencing robust growth in AI-related products, with the proportion of these products increasing from 13% to 16% year-over-year. The vertical search solutions are showing significant incremental growth, with expected single cabinet value ranging from $20,000 to $60,000 in the coming year [2][3][6] 3. Power Products: As a primary supplier of LC Bus Bar, the single cabinet value for power products is projected to rise from a few hundred dollars to several hundred dollars [2][6] 4. ASIC and GPU Market Outlook: F.I.T Hong Teng expects an increase in ASIC and other GPU chain volumes, although the growth may not match that of NVIDIA's customers. Demand for MCL Cable under the OCP architecture is anticipated to grow, albeit at a slower pace [2][7] 5. Capital Expenditure Plans: The company maintains its capital expenditure plan of $300 million to $400 million, focusing on utilizing existing facilities and new machinery to meet product demand. Adjustments will be made based on cabinet shipment volumes in 2025 [2][8] 6. Cost Control Initiatives: F.I.T Hong Teng aims to increase R&D expenses from the current 6-7% to 8% of revenue, while also considering overseas expansion and reducing EV costs. The target is to achieve a higher operating profit margin with a reference expense ratio of 16-17% for 2025 [2][9] Additional Important Information 1. Performance in Q3 2025: The company reported low single-digit revenue growth in Q3 2025, with a record high gross margin of 23.5%. The Cloud Data Center business grew by 33% year-over-year, and overall performance met expectations [3][5] 2. Connector Product Development: The Amphenol authorized connector products require validation before entering production, with a ramp-up period of approximately three months expected to stabilize by the second half of 2026 [2][10]