FIT HON TENG(6088.HK):3Q23 EARNINGS BEAT ON BETTER PRODUCT MIX AND RECORD-HIGH GPM
FIT HON TENG(6088.HK):3Q23 EARNINGS BEAT ON BETTER PRODUCT MIX AND RECORD-HIGH GPM
FIT Hon Teng released better-than-expected 3Q23 results with revenue of US$ 1,165mn (-9% YoY) and net profit of US$ 55mn (+10% YoY), and margin recovery is ahead of our expectations. We believe better bottom-line was largely due to revenue contribution from Voltaira's deal completion and favourable FX impact. Looking into 4Q23E, we expect earnings recovery to continue with multiple new products ramp-up (DDR5/CPU socket/high speed connector) and upside from Voltaira's automotive electronics business. We reiterate BUY with target price under review. We will look for more details in the earnings call at 9 a.m HKT this morning.
FIT Hont Teng公佈的23季度業績好於預期，收入爲11.65億美元（同比下降9％），淨利潤爲5500萬美元（同比增長10％），利潤率回升超出了我們的預期。我們認爲，利潤率的提高在很大程度上歸因於伏爾塔拉完成交易所帶來的收入貢獻以及有利的外匯影響。展望 4Q23E，我們預計，隨着多款新產品的增加（DDR5/CPU 插槽/高速連接器）以及伏爾泰拉汽車電子業務的上行空間，收益將繼續復甦。我們重申買入，目標價格正在審查中。我們將在香港時間今天上午9點的業績電話會議上尋找更多細節。
3Q23 earnings beat with record-high GPM. FIT released its 3Q23 resultswith revenue of US$ 1,165mn (-9% YoY) and net profit of US$ 55mn (+10% YoY). GPM came in at 22.3% (vs. 16.0% in 3Q22), reaching a record high.
23 年第 3 季度的收益創下歷史新高。FIT發佈了23年第三季度業績，收入爲11.65億美元（同比下降9％），淨利潤爲5500萬美元（同比增長10％）。GPM爲22.3％（而22年第三季度爲16.0％），創下歷史新高。
We think the strong GPM was mainly due to better product mix from Voltaira's deal completion and favourable FX. Riding on solid execution of "3+3 Strategy", FIT guided new business segments (EV Mobility/5G&AIoT/Audio) will account for 40%+ of total revenue in FY25E (vs. 30% in FY23E). We expect 4Q23E net margin will continue to improve QoQ to 5.8% (vs. -1.1%/ 0.04% /4.7% in 1Q/2Q/3Q23) backed by improving product mix and better operating leverage.
我們認爲，強勁的GPM主要是由於Voltaira完成交易所帶來的更好的產品組合以及有利的外匯市場。在 “3+3戰略” 的穩健執行基礎上，以FIT爲指導的新業務領域（電動汽車出行/5G&AIOT/Audio）將佔總收入的40％以上（而FY23E 爲30％）。FY25E我們預計，在改善產品組合和提高運營槓桿率的支持下，4Q23E 的淨利潤率將繼續提高至5.8％（相比之下，第一季度/第二季度/第三季度爲-1.1％/0.04％/4.7％）。
FY24E outlook: Voltaira synergy, product launches (CPU socket/DDR5 connectors/high-speed connectivity, TWS ramp-up. We believe FIT willbenefit from Voltaira's auto business consolidation and multiple new product launches into FY24E. We think TWS orders from the US major customer will boost revenue upside and margin expansion in 2H24E. 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.
FY24E 展望：Voltaira 協同作用、產品發佈（CPU 插槽/DDR5 連接器/高速連接、TWS 的提升。我們相信，FIT 將受益於伏爾泰拉的汽車業務整合以及在 FY24E 中推出的多款新產品。我們認爲，美國主要客戶的TWS訂單將提高 2H24E 的收入上行空間和利潤率擴大。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，爲14％，然後在24/25E財年中適度至13.2％/12.8％。
Earnings recovery on track; Positive on multiple growth drivers inFY24E. Despite near-term overhang over recent authorities' inspection, we think current valuation at 8.3x/6.6x FY23/24E P/E remains extremely attractive (1-sd below 5-year avg.), given better 3Q earnings recovery and positive outlook into FY24E. We maintain BUY with target price under review. We will look for more information during the earnings call at 9 a.m HKT, including 1) 2024 business guidance, 2) progress of "3+3 Strategy", 3) TWS project status update, and 4) EV business outlook after Voltaira's integration.
收益復甦步入正軌；對Infy24e的多個增長驅動因素持樂觀態度。儘管近期當局的檢查存在近期懸而未決，但鑑於第三季度收益復甦較好以及 FY24E 前景樂觀，我們認爲，當前估值爲財年23/24E市盈率的8.3倍/6.6倍，仍然極具吸引力（比5年平均水平低1秒）。我們維持買入，目標價格正在審查之中。我們將在香港時間上午9點的業績電話會議上尋找更多信息，包括1）2024年業務指導，2）“3+3戰略” 的進展，3）TWS項目狀態更新，以及4）伏爾泰拉整合後的電動汽車業務前景。
譯文內容由第三人軟體翻譯。