2024 年 5 月 13 日 CMB 国际全球市场 | 股票研究 | 公司更新 FIT Hon Teng （ 6088 香港 ） 第 1 季度上线 ； AI 服务器 / 网络和 AirPods 在 2H24E 升级方面取得积极进展 目标价 2.40 港元 FIT Hon Teng 发布了可靠的第 1 季度业绩 ， 与其积极的利润预警和管理层保持一致。重申 （ 先前 TP 2.42 港元 ） 其 FY24E 指导 （ 年环比低两位数 ， GP 涨 / 跌 23.1% + 年环比两位数，OPM 5.5% ） 。使用 mgmt 托管结果后 NDR 调用后。5 月 10 日，我们认 现价 1.95 港元中国技术 为最近的股票调整主要是由于过去三个月上涨 101% 后的获利回吐，我们对其 2H24E 前景保 持乐观，这得益于 AirPods 的增长，Voltaira 汽车电子业务的整合以及 AI 服务器 / 网络产品的 亚历克斯 NG 订单获胜 （ 每个计算托盘的内容价值为 500 - 1, 000 美元 ） 。我们略微调整了 FY24 - 26E (852) 3900 0881 的预测，以反映更高的 GPM 和更好 ...

Investment Rating - FIT Hon Teng maintains a BUY rating with a new target price of HK$2 40 based on 11x FY24E P/E [2][13] Core View - FIT Hon Teng's 1Q24 results were in line with expectations driven by recovery in PC/server markets solid Voltaira business and strong Networking segment [2] - The company is expected to benefit from AirPods ramp-up integration of Voltaira auto electronics business and AI server/networking products in 2H24E [2] - Revenue and net profit are forecasted to rebound 12% and 52% YoY respectively in FY24E [2] - The stock's recent correction is attributed to profit-taking after a 101% rally in the past three months [2] Financial Performance - 1Q24 revenue reached US$965mn a 12% YoY increase while net profit was US$10 2mn compared to a loss of US$9 3mn in 1Q23 [2] - Gross profit margin improved by 450bps YoY to 20 3% due to a better product mix [2] - EV segment revenue surged 205% YoY driven by the Voltaira merger while Computing and Networking segments grew 6% and 9% YoY respectively [2] - FY24E revenue is projected at US$4 715mn with a 12 4% YoY growth and net profit is expected to reach US$199 6mn a 51 4% YoY increase [3][9] Segment Analysis - EV Mobility segment revenue jumped 205% YoY in 1Q24 due to the Voltaira merger [7] - Networking segment grew 9% YoY driven by AI demand and new CPU-related products [2] - Computing segment increased 6% YoY supported by market recovery [2] AI Server Opportunity - FIT Hon Teng expects US$500-1 000 content value per compute tray for AI servers in FY24E [2] - AI revenue share is projected to be 7-9% in FY24E up from 1% in FY23 [2] Valuation - The stock is trading at 8 9x/6 7x FY24/25E P/E which is considered attractive given multiple growth drivers [2][13] - The new target price of HK$2 40 is based on 11x FY24E P/E reflecting accelerated growth and profitability recovery [13] Growth Drivers - Key catalysts include AirPods shipments AI server product updates and continued revenue upside from auto business consolidation [13] - The company's "3+3 Strategy" is expected to drive accelerated growth and profitability recovery [13]

FIT Hon Teng Limited 鴻騰六零八八精密科技股份有限公司 （於開曼群島以鴻騰精密科技股份有限公司的名稱註冊成立的有限公司， 並以鴻騰六零八八精密科技股份有限公司於香港經營業務） 股份代號: 6088 二零二三年年度報告 VOLTAIRA | --- | --- | |-------|------------------| | | | | | | | | | | | 目錄 | | | | | | 公司資料 | | | 財務摘要 | | | 主席報告 | | | 管理層討論及分析 | | | 董事及高級管理層 | | | 董事會報告 | | | 企業管治報告 | | | 獨立核數師報告 | | | 綜合收入表 | | | 綜合全面收入表 | | | 綜合資產負債表 | | | 綜合權益變動表 | | | 綜合現金流量表 | | | 綜合財務報表附註 | | | 釋義 | | | | 2 4 5 8 17 24 50 71 77 78 79 81 83 85 210 公司資料 本公司之法定名稱 鴻騰六零八八精密科技股份有限公司（於開曼群島以鴻騰精密科技股份有限公司的名稱註冊成立的有限公司，並以鴻騰 ...

Investment Rating - The report maintains a BUY rating for FIT Hon Teng with a target price (TP) of HK$ 2.42, indicating a potential upside of 12.6% from the current price of HK$ 2.15 [5][13]. Core Insights - Recent stock price corrections are viewed as overdone, primarily driven by investor concerns regarding Apple's TWS order allocation. Management has confirmed that the first production line of AirPods in Vietnam began shipments in February 2024, expected to contribute 5-7% of sales in FY24E. By 2025, additional production lines will be added in India, positioning FIT and Luxshare as the two largest AirPods suppliers with a projected market share of 30% and 70% respectively [2][3]. - The management has reiterated a solid outlook for 2024, projecting high-teens revenue growth, over 15% gross profit (GP) and operating profit (OP) growth year-on-year, driven by AirPods, AI server connectors, and the auto business [3][4]. Financial Summary - Revenue is projected to grow from US$ 4,196 million in FY23A to US$ 4,715 million in FY24E, reflecting a year-on-year growth of 12.4%. Net profit is expected to increase significantly from US$ 129.6 million in FY23A to US$ 201.2 million in FY24E, representing a growth of 55.3% [4][11]. - The earnings summary indicates a consistent improvement in profitability metrics, with gross profit margins expected to rise from 19% in FY23A to 20% in FY24E, and operating profit margins increasing from 6.3% to 7.5% over the same period [11][18]. Growth Drivers - Key growth drivers identified include the AirPods production ramp-up, AI server product launches, and consolidation in the auto business, with expected contributions of 5-7% from AirPods, 7-9% from AI server products, and 8% from the auto business in FY24E [3][4]. - The report highlights that the recent share price correction presents a buying opportunity, with the stock trading at attractive valuation multiples of 9.7x and 7.6x for FY24E and FY25E P/E respectively, compared to a historical average of 15x [3][13].

Investment Rating - The report maintains a "Buy" rating for FIT Hon Teng with a target price of HKD 1.65, based on a 9.0x 2024 P/E ratio [2][3][7] Core Views - FIT Hon Teng's 2023 financial performance met expectations, with revenue declining 7.4% YoY to USD 4.196 billion and net profit decreasing 23.5% YoY to USD 130 million [2][8] - The company's "3+3" strategy, focusing on electric vehicles (EV), 5G AIoT, and acoustic products, is expected to drive future growth [2][9] - EV business is seen as a major growth driver, with revenue contribution from EV, 5G AIoT, and acoustic products expected to reach 30% in 2024 and 40% in 2025 [2][9] - The acquisition of SWH (renamed FIT Volaira) is expected to accelerate the company's expansion in the EV market, particularly in Europe [2][10] Financial Performance - 2023 revenue: USD 4.196 billion (-7.4% YoY) [2][8] - 2023 net profit: USD 130 million (-23.5% YoY) [2][8] - 2023 gross margin: 19.2% (+2.3 ppts YoY) [8] - 2023 R&D expenses: 7.3% of revenue (+0.8 ppts YoY) [8] - 2023 administrative expenses: 4.5% of revenue (+1.6 ppts YoY) [8] Future Projections - 2024-2026 EPS forecast: USD 0.023 / USD 0.029 / USD 0.035 [2][7] - 2024-2026 revenue forecast: USD 4.673 billion / USD 5.074 billion / USD 5.472 billion [5] - 2024-2026 net profit forecast: USD 166 million / USD 208 million / USD 245 million [5] Business Strategy - The company is leveraging its global presence and MIH platform to expand its EV business, with a focus on high-voltage connectors and intelligent vehicle systems [9][10] - The acoustic business is benefiting from the company's position as a supplier of TWS products to North American customers [9] - The 5G AIoT and data center markets are expected to drive demand for high-speed connectors, benefiting the company's copper and optical-based products [9] Market Position - FIT Hon Teng is positioned to benefit from the growing EV, 5G AIoT, and data center markets, with a diversified product portfolio and strong R&D capabilities [9][10] - The company's acquisition of FIT Volaira enhances its position in the automotive sector, particularly in Europe [10]

M N 26 Mar 2024 CMB International Global Markets | Equity Research | Company Update FIT Hon Teng (6088 HK) NDR takeaways: Opportunities in US$1.7bn server connector/cable market; Lift TP to HK$2.42 Target Price HK$2.42 Maintain BUY and raise TP to HK$2.42 to reflect stronger demand of next-gen high-speed connectivity in AI servers in FY24/25E, backed by MCIO connectors (Previous TP HK$2.21) /cables and high-speed I/O products, recent launch of 224G high-speed Up/Downside 19.3% products at DesignCon (link), ...

h 股 c r a 票 e s e R 研 y [Table_Title] Gin Yu 余劲同 tiu Company Report: FIT Hon Teng (06088 HK) 究 q (852)2509 2113 E 公司报告： 鸿腾精密 (06088 HK) gin.yu@gtjas.com.hk 14 March 2024 R[Taebsleu_lStusm mWarey]r e in Line with Expectations, While Layout in EV Mobility to Bring Huge Expandable Market Space, "Buy" tr 公 o p  We maintain the investment rating as "Buy" but set TP to HK$1.65. We e [RTaabtlien_gR:a nk] Buy 司 R forecast FY24-FY26 EPS to be US$0.023/ US$0.029/ US$0.035, y Maintained 报 n respectively. Considering ...

M N 14 Mar 2024 CMB International Global Markets | Equity Research | Company Update FIT Hon Teng (6088 HK) FY23 in line; upbeat FY24E outlook on AI server/networking, EV and AirPods upside Target Price HK$2.21 FIT Hon Teng delivered in-line FY23 results and upbeat FY24E guidance. It (Previous TP HK$2.02) posted FY23 revenue of US$4,196mn (-7% YoY) and net profit of US$130mn (- Up/Downside 64.7% 24% YoY), largely in-line with guidance, mainly due to softer demand for Current Price HK$1.34 traditional servers ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島以鴻騰精密科技股份有限公司的名稱註冊成立的有限公司， 並以鴻騰六零八八精密科技股份有限公司於香港經營業務） （股份代號：6088） 截至二零二三年十二月三十一日止年度 全年業績公告 | --- | --- | --- | |-------|------------------|-----------------------------------------------------------------------------------------------------------------------------------| | | | | | | 財務摘要 | | | • | | 截至二零二三年十二月三十一日止年度的營收為 4,196 百萬美元，較截至二 零二二年十二月三十一日止年度的 4,531 百萬美元同比減少 7.4% 。 | | • | | 截至二零二三年十二月三十一日 ...

Financial Performance - For the six months ended June 30, 2023, revenue decreased by 15.1% to $1,784 million compared to $2,101 million in the same period of 2022[7]. - Gross profit declined by 19.4% to $283 million, resulting in a gross margin of 15.9%, down from 16.7% in the previous year[6]. - Operating profit fell by 60.8% to $47 million, leading to an operating margin of 2.6%, down from 5.7%[6]. - The net loss attributable to the company was $9 million, a significant decrease from a profit of $85 million in the same period last year, representing a 110.6% decline[7]. - Revenue for the first half of 2023 was $1,784 million, a decrease of 15.1% compared to $2,101 million in the same period of 2022[13]. - The company reported a loss of $9 million for the six months ended June 30, 2023, compared to a profit of $85 million for the same period in 2022, resulting in a profit margin decline from 4.1% to -0.5%[21]. - The company reported a total comprehensive loss of $74,630 thousand for the period, compared to a loss of $23,050 thousand in the previous year[41]. Revenue Breakdown - Revenue from the smartphone segment decreased by 22.8% due to a decline in shipments of high-end smartphones[10]. - Revenue from the network infrastructure segment dropped by 41.3%, impacted by inventory destocking in the server downstream[10]. - Revenue from the computer and consumer electronics segment decreased by 6.6%, despite opportunities in acoustic components[10]. - Revenue from the electric vehicle segment decreased by 5.9% due to product updates affecting component sales[10]. - Revenue from system terminal products increased by 1.3%, driven by higher demand for wireless charging products in new smartwatches[10]. - Smartphone revenue decreased by 22.8% to $445.9 million, primarily due to a decline in shipments of high-end smartphones[14]. - Network infrastructure revenue decreased by 41.3% to $218.9 million, impacted by changes in product mix and inventory destocking in the server downstream[15]. - Electric vehicle revenue decreased by 5.9% to $71.6 million, mainly due to product updates and reduced sales of automotive components[15]. - System terminal products revenue increased by 1.3% to $578.9 million, driven by higher demand for wireless charging products for new smartwatches[16]. Expenses and Costs - Total expenses for the six months ended June 30, 2023, amounted to $1,757,560 thousand, down 12.6% from $2,012,955 thousand in the prior year[82]. - The cost of goods sold was $1,052,310 thousand, a decrease of 13.3% from $1,213,514 thousand in the same period of 2022[82]. - R&D expenses increased by 2.2% to $139 million, attributed to higher costs related to molds and materials[18]. - Employee benefits expenses totaled $358 million for the six months ended June 30, 2023, down from $399 million for the same period in 2022, reflecting a reduction in workforce from 53,544 to 52,488 employees[32]. - Legal and professional expenses increased to $33,788 thousand, up 59.5% from $21,226 thousand in the same period of 2022[82]. Cash Flow and Liquidity - Cash and cash equivalents increased from $914 million as of December 31, 2022, to $1,384 million as of June 30, 2023, while total bank borrowings rose from $1,027 million to $1,402 million[22]. - The net cash flow from operating activities for the six months ended June 30, 2023, was $202,743 thousand, compared to $205,829 thousand for the same period in 2022[47]. - Cash and cash equivalents increased by $504,074 thousand for the six months ended June 30, 2023, compared to an increase of $131,160 thousand for the same period in 2022[47]. - The company incurred capital expenditures of $93,560 thousand for the purchase of property, plant, and equipment during the six months ended June 30, 2023[47]. Inventory and Receivables - The average inventory turnover days increased to 105 days, compared to 94 days in the previous year[8]. - Trade receivables decreased from $720 million as of December 31, 2022, to $615 million as of June 30, 2023, attributed to reduced product shipments from declining global demand for consumer electronics[27]. - Trade payables decreased from $661 million as of December 31, 2022, to $535 million as of June 30, 2023, mainly due to reduced procurement linked to lower global demand for consumer electronics[28]. - Inventory decreased to $792,037 thousand from $966,793 thousand, indicating a reduction in stock levels[42]. Strategic Initiatives - The company plans to strategically pursue opportunities in the electric vehicle market and expand its customer base through acquisitions[12]. - The overall market demand is expected to decline in the second half of 2023 due to economic uncertainties and inflation[12]. - The company aims to maintain product competitiveness and expand its global footprint despite a soft consumer electronics market[12]. Shareholder Information - The board did not declare any interim dividend for the six months ended June 30, 2023[36]. - The company did not declare any interim dividends for the six months ended June 30, 2023, consistent with the previous year[104]. - The company recognized share-based payment expenses of $862,000 for the six months ended June 30, 2023, down from $1,582,000 in the same period of 2022[122]. - The company had four subsidiaries in China eligible for a preferential income tax rate of 15% for the six months ended June 30, 2023[85]. Financial Position - Total assets as of June 30, 2023, amounted to $4,619,705 thousand, an increase from $4,547,183 thousand at the end of 2022[42]. - As of June 30, 2023, total equity amounted to $2,272,203 thousand, a decrease from $2,346,939 thousand as of January 1, 2023[44]. - The company’s total liabilities decreased from $979,030,000 to $798,852,000, a reduction of about 18.4%[120]. - The company reported total sales of $225,226,000 to related parties for the six months ended June 30, 2023, down from $296,672,000 in the same period of 2022[136].