FIT HON TENG(6088.HK):2Q24 IN-LINE; UPBEAT GUIDANCE ON POWER BUSBAR AND LIQUID COOLING ORDER WINS
FIT HON TENG(6088.HK):2Q24 IN-LINE; UPBEAT GUIDANCE ON POWER BUSBAR AND LIQUID COOLING ORDER WINS
Our FY25-26E EPS are 13-23% above consensus; Reiterate BUY. Following recent correction on potential delay of Blackwell series, the stock now trades at 11.2x/6.9x FY24/25E P/E, which is attractive vs 42%/63% YoY EPS growth in FY24/25E. Reiterate BUY with new TP of HK$ 4.25.FIT Hon Teng posted a strong set of 2Q24 results, in-line with prior positive profit alert. Following our NDR call with mgmt., we are constructive on rapid expansion of AI server product portfolio: 1) power busbar and liquid cooling CDU products certified by customers (1-3% of FY24E sales), 2) sampling of backplane connector solutions undergoing customer evaluation. Mgmt. raised FY24E guidance for networking business revenue to high double-digit YoY (vs prior +5- 15% YoY), partially offset by weaker system products (flattish vs prior low- double YoY), while lifted FY24E GPM guidance by 10-20 bps to 20.1-20.2% and maintained the OPM target. We adjusted FY24-26E EPS to reflect higher GPM offset by higher opex for new products. Reiterate BUY with new TP of HK$ 4.25 based on same 13x FY25E P/E. Catalysts include AirPods shipment and AI server product updates.
鴻騰精密發佈了強勁的2Q24業績，與之前的正向盈利預警保持一致。根據我們與管理層的NDR電話會議，我們對人工智能服務器產品組合的快速擴張持樂觀態度：1）電源母線和液冷CDU產品已通過客戶認證（佔FY24E銷售額的1-3％），2）背板連接器解決方案正在進行客戶評估。管理層將FY24E網絡業務收入指導提高至高雙位數同比增長（而不是之前的同比+5-15％），部分抵消了更弱的系統產品（與之前的低位雙位數同比持平），同時將FY24E毛利率指導上調10-20個點子至20.1-20.2％並保持OPm目標。我們調整了FY24-26E每股收益以反映新產品的更高GPm抵消了更高的運營支出。基於與同等13x FY25E P/E的估值，再次買入，目標價爲HK$4.25。催化劑包括AirPods的交付和人工智能服務器產品的更新。
2Q24 strong earnings driven by networking biz and Voltaira. FIT's 2Q24 revenue of US$ 1,102mn (+20% YoY) and net profit of US$ 22.3mn (vs US$0.35mn in 2Q23) were in-line with prior positive profit alert. Higher-ASP server products and better product mix led to a better GPM of 20.4% (vs 16.0% in 2Q23). By segment, EV segment jumped +231% YoY due to Voltaira merge, while networking segment grew 29% YoY on booming AI demand. Smartphone segment delivered better-than-expected results due to key customer's shipment improvements with sales strategy. 2Q OPEX ratio lowered to 16.3% (vs. 17.8% in 1Q24) due to higher efficiency, FIT maintained OPEX ratio target of below 15-16%/13% for FY24/25E.
2Q24的強勁業績得益於網絡業務和Voltaira。鴻騰精密2Q24的營業收入爲1,102萬美元（同比增長20％），淨利潤爲22.3萬美元（而2Q23爲0.35萬美元），與之前的正向盈利預警保持一致。高ASP服務器產品和更好的產品組合導致更好的毛利率爲20.4％（而2Q23爲16.0％）。根據業務板塊，由於Voltaira合併，EV板塊同比增長231％，而網絡板塊由於人工智能需求的繁榮增長了29％。由於銷售策略的改善，智能手機板塊因關鍵客戶的出貨改善而交付了超預期的結果。由於效率提高，2Q運營支出比例降至16.3％（而1Q24爲17.8％），鴻騰精密保持FY24 /25E運營支出比率目標低於15-16％/ 13％。
AI server update: order wins of new power busbar and liquid cooling CDU and backplane connectors sample under customer evaluation. During the earnings call, mgmt. highlighted new power busbar and liquid cooling CDU products have passed customer certifications, which should contribute to 1-3% of FY24E sales, and GB200 backplane connectors are currently sampling with customers. Mgmt. lifted FY24E networking business revenue guidance to high double-digit YoY growth (from +5-15% YoY). Overall, we expect FIT's revenue/net profit to rebound 12%/42% YoY in FY24E.
人工智能服務器更新：新的電源母線和液冷CDU訂單贏得和背板連接器正在客戶評估中。在業績會上，管理層強調新的電源母線和液體冷卻CDU產品已通過客戶認證，這應該有助於FY24E銷售額的1-3％，而GB200背板連接器目前正在進行客戶抽樣。管理層將FY24E網絡業務收入指導提高至高雙位數同比增長（而不是之前的同比+5-15％）。總的來說，我們預計鴻騰精密的營業收入/淨利潤將在FY24E中反彈12％/42％同比增長。
Our FY25-26E EPS are 13-23% above consensus; Reiterate BUY. Following recent correction on potential delay of Blackwell series, the stock now trades at 11.2x/6.9x FY24/25E P/E, which is attractive vs 42%/63% YoY EPS growth in FY24/25E. Reiterate BUY with new TP of HK$ 4.25.
我們的FY25-26E每股收益比市場預期高13-23％；再次買入。考慮到Blackwell系列潛在延遲所產生的最新調整，該股現在的FY24 / 25E P/E爲11.2x / 6.9x，與FY24 / 25E的42％/ 63％同比EPS增長相比具有吸引力。我們的目標價爲HK＄4.25，建議再次買入。
譯文內容由第三人軟體翻譯。
