Hongteng Precision (06088) once fell by more than 7%. As of press release, it was down 4.43% to HK$1.94, with a turnover of HK$23.934 million.
The Zhitong Finance App learned that Hongteng Precision (06088) once fell by more than 7%, and its stock price fell by more than 20% in the past four trading days. As of press release, it decreased by 4.43% to HK$1.94, with a turnover of HK$2.3934 million.
According to the news, CMB International's recent research report indicates that the bank previously held an NDR meeting with the company's management, and the company's recent stock price has been weak, partly because investors are concerned about the increase and distribution of Apple's TWS orders. Management said that the first AirPods production line began shipping in Vietnam in the first quarter of '24 and is expected to account for 5-7% of FY24E's sales. By 2025, its Indian plant will add six more production lines. The bank believes that the company's recent stock price adjustments provide a better buying opportunity.
Furthermore, Hongteng Precision announced yesterday that the Group's net profit for the three months ending March 31, 2024 is estimated to be between 7 million US dollars and 10 million US dollars, with a loss of about 9 million US dollars for the same period last year. The turning of losses into profit in the first quarter was mainly due to improvements in management efficiency and a gradual recovery in demand in the computer and consumer electronics and network equipment terminal markets.