FIT HON TENG(6088.HK)1H23 PREVIEW:EXPECT WEAKNESS IN-LINE; BACK-END LOADED IN 2H23E
FIT HON TENG(6088.HK)1H23 PREVIEW:EXPECT WEAKNESS IN-LINE; BACK-END LOADED IN 2H23E
FIT will announce its 1H23 results next week. We estimate 1H23E revenue of US$1,823mn (-13% YoY) and net loss of US$11.9mn, largely in-line with earlier guidance, given weak seasonality of consumer electronics, higher expense for digital transformation and overseas capacity expansion. Looking into 2H23E, we expect a back-end loaded 2H23E with QoQ recovery, backed by better product mix (CPU socket, DDR5 connector, acoustics, Prettl business) and new iPhone model launch. Despite near-term opex pressure, we think 1H23 earnings weakness has been reflected in share price, and we are positive on FIT's improving product mix and margin expansion trend in 2H23E. Trading at 8.1x/6.6x FY23/24E P/E (1-sd below 5-year average), we think risk-reward is attractive. Maintain BUY with TP HK$2.18 (11x FY24E P/E). Upcoming catalysts include new product ramp-up and TWS project wins.
FIT 將在下週公佈其上半年的業績。鑑於消費電子產品的季節性疲軟、數字化轉型支出增加和海外產能擴張，我們估計 1H23E 收入爲18.23億美元（同比下降13％），淨虧損爲1190萬美元，與先前的預期基本一致。展望 2H23E，我們預計後端將加載 QoQ 恢復的 2H23E，並以更好的產品組合（CPU 插槽、DDR5 連接器、聲學、Prettl 業務）和 iPhone 新機型的發佈爲後盾。儘管短期運營支出壓力，但我們認爲 2013 年上半年的收益疲軟已反映在股價上，我們對 FIT 在 2H23E 中改善產品組合和利潤增長趨勢持樂觀態度。我們認爲風險回報具有吸引力，交易價格爲23/24財年市盈率8.1倍/6.6倍（比5年平均水平低1秒）。維持買入，目標價爲2.18港元（11倍 FY24E 市盈率）。即將推出的催化劑包括新產品升級和TWS項目的勝利。
1H23 preview: expect weakness in-line with guidance. We estimate 1H23E revenue of US$1,823mn (-13% YoY) and net loss of US$11.9mn, largely in-line with its guidance announced in March. By segment, we expect smartphone/networking/computing/EV mobility/System product revenue to deliver -19%/-40%/-3%/-3%/+1% YoY, given weak smartphone demand along with product mix changes in networking segment. We also expect near-term earnings pressure on higher opex in 1H23E, which will improve HoH in 2H23E.
1H23 預覽：預計疲軟將與指導一致。我們估計，1H23E 收入爲18.23億美元（同比下降13％），淨虧損爲1190萬美元，與其3月份公佈的預期基本一致。按細分市場劃分，鑑於智能手機需求疲軟以及網絡領域的產品組合變化，我們預計智能手機/網絡/計算/電動汽車出行/系統產品收入將同比增長-19％/-40％/-3％/-3％/+1％。我們還預計，短期收益壓力將增加，1H23E 的運營支出將增加，這將改善 2H23E 的 HoH。
2H23E outlook: earnings poised to recover driven by Prettl business, iPhone launch, new CPU socket and DDR5 connectors. FIT announced the completion of Prettl M&A deal in early July, which will be consolidated in 2H23E. Mgmt. guided higher-margin Prettl business will drive margin recovery in 2H23E. We also expect revenue upside from new CPU socket, DDR5 connector, acoustic products, new iPhone and smart accessories in 2H23E. In terms of opex, we estimate FIT's opex ratio to peak at 14% in FY23E and then moderate to 13.2%/12.8% in FY24/25E.
2H23E 展望：在 Prettl 業務、iPhone 的推出、新的 CPU 插槽和 DDR5 連接器的推動下，收益有望恢復。FIT 於 7 月初宣佈完成 Prettl 的併購交易，該交易將在 2H23E 中合併。Mgmt. 引導利潤率更高的Prettl業務將推動 2H23E 的利潤回升。我們還預計，2H23E 中的新 CPU 插槽、DDR5 連接器、聲學產品、新款 iPhone 和智能配件將帶來收入增長。在運營支出方面，我們估計，FIT 的運營支出比率在 FY23E 中達到峯值 14%，然後在 24/25E 財年溫和至 13.2% /12.8%。
Attractive risk/reward; Maintain BUY. We maintain our TP of HK$2.18 based on 11x FY24E P/E (33% below 5-year hist. avg.). Trading at 8.1x/6.6x FY23E/24E P/E (1-sd below 5-year ave.), we think risk-reward is attractive, given multiple growth drivers and earnings recovery in FY24/25E. Catalysts include new product ramps and TWS order wins.
有吸引力的風險/回報；維持買入。根據11倍 FY24E 市盈率（比5年曆史平均值低33％），我們將目標價維持在2.18港元。鑑於多種增長驅動因素以及24/25E財年的收益回升，我們認爲風險回報具有吸引力，爲23E/24E財年市盈率爲8.1倍/6.6倍（比5年平均水平低1秒）。催化劑包括新產品發佈和TWS訂單獲勝。
譯文內容由第三人軟體翻譯。