FIT HON TENG(6088.HK):FY23 IN LINE; UPBEAT FY24E OUTLOOK ON AI SERVER/NETWORKING EV AND AIRPODS UPSIDE
FIT HON TENG(6088.HK):FY23 IN LINE; UPBEAT FY24E OUTLOOK ON AI SERVER/NETWORKING EV AND AIRPODS UPSIDE
FIT Hon Teng delivered in-line FY23 results and upbeat FY24E guidance. It posted FY23 revenue of US$4,196mn (-7% YoY) and net profit of US$130mn (- 24% YoY), largely in-line with guidance, mainly due to softer demand for traditional servers/PCs and optimization in networking segment. Gross margin recovered to 19.2% thanks to a better product mix and strong execution of the "3+3 Strategy". For FY24E, mgmt. guided double-digit YoY growth for revenue and gross profit, backed by multiple new product ramp-up (DDR5/CPU sockets/high-speed connectors/TWS) and integration of Voltaira auto electronics business. We expect FIT's revenue/net profit to rebound 12.2%/41.6% YoY in FY24E. We lift our FY24-25E EPS by 4-9% to factor in the strong business outlook and better margin recovery. Reiterate BUY with new TP of HK$2.21 based on the same 11x FY24E P/E.
FIT Hon Teng 公佈了 23 財年業績和樂觀的 FY24E 指導方針。該公司公佈的23財年收入爲41.96億美元（同比下降7％），淨利潤爲1.3億美元（同比下降24％），這在很大程度上符合預期，這主要是由於對傳統服務器/PC的需求疲軟以及網絡領域的優化。毛利率回升至19.2％，這要歸功於更好的產品組合和 “3+3戰略” 的強勁執行。在 FY24E 方面，mgmt. 的收入和毛利同比增長了兩位數，這得益於多項新產品的上漲（DDR5/CPU插槽/高速連接器/TW）和伏爾泰拉汽車電子業務的整合。我們預計，在 FY24E 中，FIT的收入/淨利潤將同比反彈12.2％/41.6％。考慮到強勁的業務前景和更好的利潤回升，我們將 FY24-25E 每股收益提高了4-9％。根據同樣的11倍 FY24E 市盈率，以2.21港元的新目標價重申買入。
FY23 earnings mostly in line. FIT released FY23 results with revenue of US$4,196mn (-7% YoY) and net profit of US$130mn (-24% YoY). The revenue growth was mainly driven by EV segment (+100% YoY) due to Voltaira merger, but was offset by a decline in networking segment (-44% YoY) for product portfolio optimization and traditional server weakness. GPM came in at 19.2% (vs. 16.9% in FY22) thanks to an improving product mix and strong execution of the "3+3 Strategy". An opex ratio of 14.4% was slightly higher than its original target of 14.0%.
23財年的收益基本持平。FIT發佈了23財年業績，收入爲41.96億美元（同比下降7％），淨利潤爲1.3億美元（同比下降24％）。由於Voltaira的合併，收入增長主要由電動汽車板塊（同比增長100％）推動，但被產品組合優化和傳統服務器疲軟導致的網絡板塊（同比下降44％）的下降所抵消。GPM爲19.2％（22財年爲16.9％），這要歸功於產品組合的改善和 “3+3戰略” 的強勁執行。14.4％的運營支出比率略高於其最初的14.0％的目標。
Strong FY24E outlook: Voltaira synergy, AI servers/networking (CPU sockets/DDR5 connectors/high-speed connectivity) and AirPods ramp-up. Mgmt. guided double-digit growth for topline and gross profit, driven by sales synergy from Voltaira auto business and multiple new product launches into FY24E. Mgmt also expected US key customer's TWS orders to be delivered in 3Q24E in Vietnam and India factories. Overall, we expect FIT's revenue/net profit to rebound 12.2%/41.6% YoY in FY24E.
強勁的 FY24E 前景：Voltaira 協同作用、人工智能服務器/網絡（CPU 插槽/DDR5 連接器/高速連接）和 AirPods 的崛起。在 Voltaira 汽車業務的銷售協同效應以及 FY24E 中推出的多款新產品的推動下，Mgmt. 的收入和毛利潤實現了兩位數的增長。管理層還預計，美國主要客戶的TWS訂單將通過越南和印度工廠的 3Q24E 交付。總體而言，我們預計，在 FY24E 中，FIT的收入/淨利潤將同比反彈12.2％/41.6％。
Solid growth with margin recovery in FY24E; positive on multiple growth drivers. FIT's share price reacted positively to the strong guidance after earnings. Trading at 6.6x/5.2x FY24E/25E P/E, its valuation remains attractive in our view, given higher earnings visibility and solid growth drivers. We maintain BUY with new TP of HK$2.21, based on the same 11x FY24E P/E. Near-term catalysts include progress of TWS shipments and AI server product updates.
FY24E 實現穩健增長，利潤率回升；多個增長驅動因素均爲正值。業績公佈後，FIT的股價對強勁的指引做出了積極的反應。鑑於更高的收益知名度和穩健的增長動力，其估值在24E/25財年市盈率爲6.6倍/5.2倍，在我們看來，其估值仍然具有吸引力。根據同樣的11倍 FY24E 市盈率，我們維持買入，新目標價爲2.21港元。短期催化劑包括TWS出貨進展和人工智能服務器產品更新。
譯文內容由第三人軟體翻譯。