The Zhitong Finance App learned that Hongteng Precision (06088) fell more than 5% in early trading. As of press release, it fell 4.27% to HK$1.12, with a turnover of HK$2.0512 million.

According to the news, Hongteng Precision recently announced its interim results for the six months ended June 30, 2023. The group achieved revenue of 1,784 billion US dollars during the period, a decrease of 15.1% over the previous year; shareholders' losses accrued to 8.952 million US dollars; shareholders should account for profit of 85.117 million US dollars in profit for the same period last year, with profit and loss of 0.13 cents per share.

CMB International believes that the company's worst profit level is over, and that the company's revenue and profits in the second half of the year will be driven by the traditional peak season of consumer electronics, the gradual increase in new CPU interface/DDR5 connector products, and the merger of Voltaira's automotive electronics business. CICC said that based on investors' demand for 2H23 consumer electronics still in the wait-and-see stage, the bank lowered the company's target price by 33.2% to HK$1.47.