The Zhitong Finance App learned that Hongteng Precision (06088) has increased by more than 10%, with a cumulative increase of more than 160% since the beginning of March. As of press release, it rose 9.35% to HK$2.69, with a turnover of HK$687.442 million.

CMB International pointed out that Hongteng Precision is one of the world's leading server connector manufacturers. Management expects server/interconnection business revenue to increase by 15-20% year-on-year in 2024, and AI server-related product revenue will account for 8-10% of revenue, a significant increase compared to 1% in 2023. It is mainly driven by increased shipments of copper connector products, as well as the rapid release of MCIO and high-speed I/O products.

Furthermore, this year, the company ushered in new product launches and business breakthroughs: shipments of high-speed connector products for the Internet connection business will increase significantly; Voltaira automotive electronics for the EV business is expected to bring three-digit year-on-year growth; Airpods products will be shipped at 3Q24, and production has now begun at factories in Vietnam and India. The bank pointed out that the company has multiple growth momentum this year, the product portfolio continues to be optimized, and it is optimistic that the company's revenue and profit growth will accelerate in 2024.