鸿海精密-2025 年 12 月及 2025 年第四季度营收超预期；AI 服务器仍是 2026 年核心增长动力

Summary of Hon Hai Precision (2317.TW) Conference Call Company Overview - Company: Hon Hai Precision (also known as Foxconn) - Ticker: 2317.TW - Date of Report: January 5, 2026 Key Financial Highlights - December 2025 Revenues: NT$862.9 billion, representing a 2% month-over-month and 32% year-over-year increase - 4Q25 Revenues: NT$2.6 trillion, showing a 26% quarter-over-quarter and 22% year-over-year growth, exceeding consensus by approximately 8% and management's guidance from November 2025 [1] - 1Q26 Revenue Forecast: Expected to decline by 23% quarter-over-quarter but still show a 22% year-over-year increase, aligning with consensus expectations due to seasonal softness in consumer electronics [1] Growth Drivers - Key Growth Segment: Cloud and networking products accounted for over 40% of total revenues in 4Q25, driven by the ramp-up of GB200/300 rack production [1] - iPhone 17 Sales: Stronger-than-expected sell-through of iPhone 17 contributed positively to revenue growth [1] - AI Servers: Management indicates that revenues from AI servers are on a sequential uptrend and are expected to be a significant growth driver in 2026 [1] Market Position and Valuation - Industry Leadership: Hon Hai is well-positioned to capitalize on AI server product cycles across multiple platforms, supported by its scale, logistics capabilities, and vertical integration [1] - Valuation: Current valuation is considered attractive, with a target price set at NT$320, based on an 18x 2026E EPS, reflecting a strong sales growth and profit margin outlook [2][13] Investment Ratings - Current Rating: Buy - Expected Total Return: 39.8%, including a 3.3% expected dividend yield [2] Risks - Downside Risks: Potential risks that could hinder stock performance include: 1. Slower-than-expected demand for iPhones 2. Increased competition from peers 3. Weaker execution on new business initiatives 4. Adverse impacts from COVID-19 or other macroeconomic factors [14] Additional Insights - Market Capitalization: NT$3,274.61 billion (approximately US$104.37 billion) [2] - Earnings Summary: - 2023A Net Profit: NT$142.1 billion, EPS: NT$10.25 - 2024A Net Profit: NT$152.7 billion, EPS: NT$11.01 - 2025E Net Profit: NT$205.2 billion, EPS: NT$14.77 - 2026E Net Profit: NT$247.3 billion, EPS: NT$17.80 - 2027E Net Profit: NT$284.1 billion, EPS: NT$20.46 [4] This summary encapsulates the key points from the conference call regarding Hon Hai Precision, highlighting its financial performance, growth drivers, market position, investment outlook, and associated risks.