FIT HON TENG(6088.HK):3Q24 FIRST TAKE:EARNINGS IN-LINE WITH SOLID MARGIN RECOVERY; FOCUS ON GB200 PRODUCTS IN 4Q24E
FIT HON TENG(6088.HK):3Q24 FIRST TAKE:EARNINGS IN-LINE WITH SOLID MARGIN RECOVERY; FOCUS ON GB200 PRODUCTS IN 4Q24E
4Q24E outlook: GB200 AI server products to kick off; further upside inoperating efficiency. For 4Q24E, we expect FIT's GB200 AI server products (e.g. connectors/cables, power busbar) to kick off with small volume shipments in 4Q and mass production to start in 1Q25E. We also expect more product qualifications for GB200 servers will be secured in 4Q24/1Q25E, driving revenue upside from connectivity/cooling/power- related products. We also believe opex ratio will reach 15-16% in FY24E, which will boost OPM to 5.5% in FY24E (vs. 4.9% in FY23). Overall, we expect FIT's revenue/net profit to rebound 12%/42% YoY in FY24E.FIT Hon Teng posted 3Q24 revenue/earnings growth of 1%/24% YoY, largely in-line with guidance and with 9M24 tracking 69%/55% of our FY24E estimates.
鴻騰精密發佈的第三季度24營收/盈利增長爲1%/24%同比，基本符合指引，並且以9M24追蹤我們FY24E估值的69%/55%。
We are encouraged by continued NPM recovery to 5.8% in 3Q24 (vs 1.1%/2.0% in 1Q/ 2Q24) backed by higher-margin AI server products, better expense control and improving operating efficiency. We maintain our positive view on GB200 server rollout and mobility M&A progress into 4Q24/2025E. Mgmt. will host an analyst call at 9:00am HKT on 13 Nov (link), and we will look for details on 1) GB200 AI server product updates and design wins, 2) 4Q24/2025 segment guidance updates, 3) Auto Kabel M&A progress, 4) AirPods project updates in Vietnam/ India plants.
我們對第三季度24淨利率持續恢復至5.8%感到鼓舞（相比第1季度/第2季度24的1.1%/2.0%），得益於更高毛利率的人工智能服務器產品、更好的費用控制和運營效率提升。我們對GB200服務器的推出和流動性M&A進展持續保持積極態度，預計繼續進展至第四季度24年/2025年。管理層將在11月13日上午9:00在香港時間舉辦分析師電話會議（鏈接），我們將關注以下細節：1）GB200人工智能服務器產品的更新和設計獲勝情況，2）第四季度24年/2025年部門指引的更新，3）Auto Kabel M&A進展，4）越南/印度工廠的AirPods項目更新。
3Q24 results in-line, with solid earnings growth. FIT Hon Teng posted3Q24 revenue/net profit growth of 1%/24% YoY, largely in-line with prior guidance, which is backed by a better product mix with AI server product rollout, improving cost control and operating efficiency. For 9M24, revenue/net profit grew 10%/119% YoY.
第三季度24年度業績基本符合預期，盈利增長穩健。鴻騰精密發佈的第三季度24年度營收/淨利潤增長同比1%/24%，基本符合先前指引，得益於AI服務器產品的更好產品組合，提高成本控制和運營效率改善。至於9M24，營收/淨利潤同比增長10%/119%。
4Q24E outlook: GB200 AI server products to kick off; further upside inoperating efficiency. For 4Q24E, we expect FIT's GB200 AI server products (e.g. connectors/cables, power busbar) to kick off with small volume shipments in 4Q and mass production to start in 1Q25E. We also expect more product qualifications for GB200 servers will be secured in 4Q24/1Q25E, driving revenue upside from connectivity/cooling/power- related products. We also believe opex ratio will reach 15-16% in FY24E, which will boost OPM to 5.5% in FY24E (vs. 4.9% in FY23). Overall, we expect FIT's revenue/net profit to rebound 12%/42% YoY in FY24E.
第四季度24年度展望：GB200人工智能服務器產品將推出；運營效率進一步提升。對於第四季度24年，我們預計FIT的GB200人工智能服務器產品（如連接器/電纜、電源導軌）將在第四季度開始小規模發貨，而大規模生產將於第25年第一季度開始。我們還預計更多GB200服務器產品資格將在第四季度24年/第一季度25年內獲得，從連接/冷卻/電源相關產品帶來營收增長。我們還相信運營支出率將在FY24E達到15-16%，這將推動FY24E的OPm至5.5%（相比FY23的4.9%）。總的來說，我們預計FIT的營收/淨利潤將在FY24E同比增長12%/42%。
Expect more updates on 4Q24/2025 guidance and AI server/AirPods/mobility business; Reiterate BUY. Overall, we maintain a positive view on FIT's FY24/25E business outlook. During analyst call at 9:00am HKT today, we will look for more colours on 1) GB200 AI server product updates and design wins, 2)4Q24/2025 segment guidance updates, 3) Auto Kabel M&A progress, 4) AirPods project updates in Vietnam/India. Maintain BUY with a target price of HK$4.25.
期待更多關於第四季度24年/2025年指引和人工智能服務器/AirPods/流動性業務的更新；重申買入。總體而言，我們對FIT的FY24/25E業務前景保持積極看法。在今天上午9:00舉行的分析師電話會議中，我們將密切關注以下方面的詳情：1）GB200人工智能服務器產品的更新和設計獲勝情況，2）第四季度24年/2025年部門指引的更新，3）Auto Kabel M&A進展，4）越南/印度的AirPods項目更新。保持買入，目標價爲HK$4.25。
譯文內容由第三人軟體翻譯。
