FIT HON TENG(06088.HK):RESULTS WERE IN LINE WITH EXPECTATIONS WHILE LAYOUT IN EV MOBILITY TO BRING HUGE EXPANDABLE MARKET SPACE "BUY"
FIT HON TENG(06088.HK):RESULTS WERE IN LINE WITH EXPECTATIONS WHILE LAYOUT IN EV MOBILITY TO BRING HUGE EXPANDABLE MARKET SPACE "BUY"
We maintain the investment rating as "Buy" but set TP to HK$1.65. We forecast FY24-FY26 EPS to be US$0.023/ US$0.029/ US$0.035, respectively. Considering future performance growth rate and historical valuation level, we give a 9.0x 2024 PER, corresponding to TP of HK$1.65 and maintain the investment rating as "Buy".
我們將投資評級維持爲 “買入”，但目標價設定爲1.65港元。我們預測，FY24-FY26 每股收益將分別爲0.023美元/0.029美元/0.035美元。考慮到未來的業績增長率和歷史估值水平，我們給出2024年的市盈率爲9.0倍，相當於1.65港元的目標價，並將投資評級維持爲 “買入”。
FIT Hon Teng's (the "Company") FY23 results were in line with our expectations. Operating revenue in FY23 decreased 7.4% yoy to US$4,196 million. Shareholders' net profit decreased 23.5% yoy to US$130 million.
FIT Hon Teng（“公司”）23財年的業績符合我們的預期。23財年的營業收入同比下降7.4％，至41.96億美元。股東的淨利潤同比下降23.5％，至1.3億美元。
"3+3" strategy will provide strong impetus for the Company's development. The Company implements "3+3" strategy, promoting the development of EVs, 5G AIoT and acoustics. In terms of EV business, the trend of electrification and intelligentization is putting forward higher requirements for the number and quality of automotive connectors. With a complete range of connector products, global layout and the assistance of MIH, EV business will become a strong driving force for its development. In terms of audio business, the Company has a mature acoustic product portfolio and it has become a supplier of TWS product of North American customer. Explosion of AI server brings huge demand for high-speed connection; thus, we expect the Company to benefit from the construction of data centers promoted by AI development, and the corresponding copper-based and optical-based products will face a huge market demand. The Company expects that Revenue Mix from EV Mobility, new Generation 5G AIoT and Audio will reach 30% in 2024 and 40% in 2025.
“3+3” 戰略將爲公司的發展提供強勁動力。該公司實施 “3+3” 戰略，促進電動汽車、5G AIoT和聲學的發展。在電動汽車業務方面，電氣化和智能化的趨勢對汽車連接器的數量和質量提出了更高的要求。憑藉完整的連接器產品、全球佈局和MIH的協助，電動汽車業務將成爲其發展的強大推動力。在音頻業務方面，該公司擁有成熟的聲學產品組合，並已成爲北美客戶的TWS產品的供應商。人工智能服務器的爆炸帶來了對高速連接的巨大需求；因此，我們預計公司將受益於人工智能發展推動的數據中心建設，相應的銅基和光基產品將面臨巨大的市場需求。該公司預計，電動汽車出行、新一代5G AIoT和音頻的收入組合將在2024年達到30％，在2025年達到40％。
Product expansion depth of EV mobility business is expected to exceed market expectation. The Company has completed the acquisition of SWH and renamed it as FIT Voltaira, one of the leading manufacturers of sensor, connectivity and electrification solutions and has long served automotive OEMs, global large-scale tier-1 and tier-2 automotive system suppliers. The Company's product matrix will be further enriched, and the Company's layout in Europe will greatly accelerate; the Company is likely to obtain more European and American customers. In addition, the Company is expected to further develop partners and customers through MIH. Therefore, we believe that the development of EV mobility business will exceed market expectations.
電動汽車出行業務的產品擴張深度預計將超過市場預期。該公司已完成對SWH的收購，並將其更名爲FIT Voltaira，這是傳感器、連接和電氣化解決方案的領先製造商之一，長期爲汽車原始設備製造商、全球大型一級和二級汽車系統供應商提供服務。該公司的產品矩陣將進一步豐富，公司在歐洲的佈局將大大加快；公司可能會獲得更多的歐美客戶。此外，預計該公司將通過MIH進一步發展合作伙伴和客戶。因此，我們認爲電動汽車出行業務的發展將超出市場預期。
Catalysts: Further expansion of customer base; massive production of new EV mobility products; expansion in AI market.
催化劑：進一步擴大客戶群；大規模生產新的電動汽車出行產品；擴大人工智能市場。
Risks: Slower than expected expansion of EV mobility business; less than expected penetration of TWS products; less than expected demand for servers and storage.
風險：電動汽車出行業務的擴張速度低於預期；TWS產品的滲透率低於預期；對服務器和存儲的需求低於預期。
譯文內容由第三人軟體翻譯。