FIT HON TENG(6088.HK):UPBEAT 3-YEAR GUIDANCE REAFFIRMED OUR POSITIVE VIEW; RAISE TP TO HK$4.38
FIT HON TENG(6088.HK):UPBEAT 3-YEAR GUIDANCE REAFFIRMED OUR POSITIVE VIEW; RAISE TP TO HK$4.38
Promising growth with attractive valuation; Raise TP to HK$4.38. We believe the market reacted positively after FIT announced FY25-27E guidance and solid business outlook. We lift our FY25/26E EPS by 3%/5% to factor in 3Q results and stronger guidance. The stock now trades at 9.3x/7.1x FY25/26E P/E, which is attractive compared to 67%/31% EPS growth. Reiterate BUY with new TP of HK$ 4.38 ( the same 13x FY25E P/E).We raise TP to HK$4.38 (40% upside) following a strong set of three-year guidance (2025-27) announced for the first time: 1) 20% revenue CAGR during FY25-27E, 2) GPM/OPM target of 22%/8% by FY27E. Mgmt. reiterated key growth drivers into 2025-27: 1) AI server/networking: biz momentum backed by GB200 ramp and product portfolio expansion (e.g. backplane, optical modules), 2) consolidation of the Auto-Kabel Group deal and improving efficiency, and 3) AirPods: capacity ramp in India plant and order wins. We lift our FY25/26E EPS by 3%/5% to factor in 3Q results and stronger guidance. Reiterate BUY. Catalysts includes GB200 AI server component order wins, AirPods shipment progress and Auto-Kabel M&A progress.
在首次公佈了一系列強勁的三年期指引（2025-27年）之後，我們將目標股價上調至4.38港元（上行40％）：1）FY25-27E 期間收入複合年增長率爲20％，2）FY27E 將GPM/OPM的目標定爲22％/8％。管理層重申了2025-27年的關鍵增長動力：1）人工智能服務器/網絡：業務勢頭由 GB200 增長和產品組合擴展（例如背板、光學模塊）支持；2）整合Auto-Kabel集團的交易並提高效率；3）AirPods：印度工廠的產能增加和訂單的獲勝。考慮到第三季度業績和更強勁的指導，我們將25/26財年的每股收益提高了3％/5％。重申買入。催化劑包括贏得的 GB200 AI 服務器組件訂單、AirPods 的出貨進展和 Auto-Kabel 的併購進展。
3Q24 in-line with accelerated margin recovery. On the earnings call, mgmt. attributed solid 3Q24 results to solid growth of AI products offsetting overall weakness in consumer electronics. 3Q24 GPM came in at 21.7% despite a weaker EV segment, and core OPM reached 8.2% (vs. 1Q/2Q24 2.5%/4.1%), thanks to efforts to streamline production costs, efficiency improvements and better expense control. For 4Q24/2024E, mgmt. reiterated guidance of high single-digit revenue growth, GPM of 20%+, and OPM target of 4.5% (vs prior 5.0%). Overall, we estimate revenue/ net profit to grow 9%/43% YoY in FY24E.
24 年第三季度利潤率回升加速。在業績電話會議上，mgmt.將24年第三季度的穩健業績歸因於人工智能產品的穩健增長抵消了消費電子的整體疲軟。儘管電動汽車板塊疲軟，但24年第三季度GpM仍爲21.7％，核心OpM達到8.2％（而24年第一季度/第二季度爲2.5％/ 4.1％），這要歸功於精簡生產成本、提高效率和改善費用控制的努力。對於2024年第四季度，管理層重申了高個位數收入增長、20％以上的GPM和4.5％的OpM目標（相比之前的5.0％）的指導方針。總體而言，我們估計 FY24E 的收入/淨利潤將同比增長9％/43％。
FY25-27E 3-year guidance: 20% revenue CAGR, 22%/8% GPM/OPM target, backed by AI server/Mobility/Audio products. Mgmt. announced a solid set of 3-year guidance for the first time, which suggested their strong confidence in product roadmap and execution of the "3+3" strategy. Looking ahead to 4Q24E, for AI server, mgmt. expects power busbar and CDU liquid cooling connectors to start delivery in 4Q24E on the top of interconnectors/cables, while GB200 backplane connectors/cables are under evaluation with the customers. For EV mobility, integration with Auto- Kabel is about to close and contribute meaningful revenue in FY25E. For AirPods, the first production line in India is on track to start mass production in early FY25E, and the second line will begin construction in 1H25E.
FY25-27E 3年期指引：收入複合年增長率爲20％，GPM/OPM目標爲22％/ 8％，由人工智能服務器/移動/音頻產品支持。Mgmt. 首次公佈了一套可靠的3年期指導，這表明他們對產品路線圖和 「3+3」 戰略的執行充滿信心。展望人工智能服務器的 4Q24E，管理層預計電源母線和 CDU 液體冷卻連接器將開始在互連器/電纜頂部以 4Q24E 形式交付，而 GB200 背板連接器/電纜正在與客戶評估中。在電動汽車出行方面，與 Auto-Kabel 的整合即將完成，並將在 FY25E 中帶來可觀的收入。對於 AirPods 而言，印度的第一條生產線有望在 FY25E 初期開始批量生產，第二條生產線將在 1H25E 開始建造。
Promising growth with attractive valuation; Raise TP to HK$4.38. We believe the market reacted positively after FIT announced FY25-27E guidance and solid business outlook. We lift our FY25/26E EPS by 3%/5% to factor in 3Q results and stronger guidance. The stock now trades at 9.3x/7.1x FY25/26E P/E, which is attractive compared to 67%/31% EPS growth. Reiterate BUY with new TP of HK$ 4.38 ( the same 13x FY25E P/E).
增長前景看好，估值誘人；將目標價提高至4.38港元。我們認爲，在FiT公佈 FY25-27E 指導方針和穩健的業務前景之後，市場做出了積極的反應。考慮到第三季度業績和更強勁的指導，我們將25/26財年的每股收益提高了3％/5％。該股目前的交易價格爲25/26財年市盈率9.3倍/7.1倍，與67％/31％的每股收益增長相比，這具有吸引力。重申買入，新的目標價爲4.38港元（與13倍的 FY25E 市盈率相同）。
譯文內容由第三人軟體翻譯。
