FIT HON TENG(6088.HK)NDR TAKEAWAY:FY24E GUIDANCE ON TRACK;EXPECT 20% REV CAGR IN FY25-27E
FIT HON TENG(6088.HK)NDR TAKEAWAY:FY24E GUIDANCE ON TRACK;EXPECT 20% REV CAGR IN FY25-27E
Multiple growth drivers in FY24-26E; Maintain BUY with TP of HK$4.38. The stock now trades at 15.8x/9.5x FY24/25E P/E, which we think is attractive compared to 42%/67% EPS growth in FY25/26E. Reiterate BUY with TP of HK$ 4.38, based on 13x FY25E P/E. Upcoming catalysts include Auto-Kabel deal progress, GB200/GB300 supply chain updates and GPU socket order wins.We hosted a series of NDR meetings with FIT's mgmt. this week, and we believe FIT is on track to deliver FY24E guidance of high single-digit revenue growth, 20%+ GPM, and 4.5% OPM. In 4Q24E, we expect FIT's AI server/networking products (compute tray connectivity/power busbar/CDU connectors) picked up meaningfully backed by GB200 ramp as well as optical modules shipment (400G/800G). Consolidation of Auto-Kabel Group deal is on track to boost FIT's topline growth in FY25/26E. Overall, we maintain our positive view on FIT's multiple growth drivers in FY24/25E backed by solid product roadmap and 3- year growth strategy. Maintain BUY with TP of HK$ 4.38. Upcoming catalysts include Auto-Kabel deal progress, GB200/GB300 supply chain updates and GPU socket applications.
我們本週與FIT管理層舉行了一系列NDR會議，我們相信FIT將按照高個位數營收增長、20%以上GPm和4.5% OPm的FY24E指引正常交付。在4Q24E，我們預計FIT的人工智能服務器/網絡產品（計算托盤連接/電源母線/CDU連接器）將受到GB200爬坡以及光模塊出貨（400G/800G）的有力支撐。Auto-Kabel集團交易的整合正如預期地爲FY25/26E FIT的營收增長提供助力。總體而言，我們對FIT在FY24/25E的多個增長動力保持積極看法，支持于堅實的產品路線圖和爲期3年的增長策略。維持買入評級，目標價爲HK$4.38。未來的催化劑包括Auto-Kabel交易進展、GB200/GB300供應鏈更新和gpu芯片-雲計算插座應用。
4Q24 AI server product shipment picked up. During the call, mgmt. reiterated their FY24E guidance of AI server related revenue (7-9% of revenue mix, US$ 500-1000 per compute tray) and 4Q mass production of power busbar and liquid cooling UQD products. 400G/800G optical modules is also on fast track to ramp up and expect next-gen product demand to pick up in 1H25E. Backplane cables/connectors are currently sampling and qualification results are expected in coming months. We also expect potential deployments of GPU sockets in next-gen GB300 AI servers to provide further upside in FY25-26E, considering its global dominant market position in CPU/GPU socket connectivity products.
4Q24人工智能服務器產品出貨增長。在電話會議中，管理層重申了他們對AI服務器相關營收（佔營收結構的7-9%，每個計算托盤的售價爲500-1000美元）和4Q的電源母線以及液冷UQD產品的大規模生產指引。400G/800G光模塊也正在加快推進，預計下一代產品需求將在1H25E增長。背板電纜/連接器目前正在取樣測試，預計未來幾個月將公佈鑑定結果。我們還預計下一代GB300人工智能服務器中gpu芯片-雲計算插座的潛在部署將在FY25-26E提供進一步增長空間，考慮到其在cpu/gpu插座連接產品全球市場的主導地位。
FY25/26E outlook: AI server products and auto business as key growth drivers. Mgmt. announced FY25-27E 3-year guidance in recent 3Q24 earnings call, which demonstrated FIT's confidence in product roadmap and execution of "3+3" strategy. For AI server/networking segment, we expect potential revenue upside from backplane cable/connectors, switch tray connectivity and GPU sockets. For EV mobility, integration with Auto-Kabel is expected to close by end of 2024, and will contribute meaningful revenue in FY25E. For AirPods, first production line in India is on track to start mass production in early FY25E, and second line will begin construction in 1H25E.
FY25/26E展望：人工智能服務器產品和汽車業務是關鍵增長動力。管理層在最近3Q24的業績會上宣佈了FY25-27E 3年指引，展示了FIT對產品路線圖的信心和「3+3」策略的執行。對於人工智能服務器/網絡業務板塊，我們預計背板電纜/連接器、交換機托盤連接和gpu芯片-雲計算插座有望帶來潛在的營收增長。對於電動車領域，與Auto-Kabel的整合預計將於2024年底完成，並將在FY25E貢獻可觀的營收。對於AirPods，印度首條生產線預計將在FY25年初批量生產，第二條生產線將於1H25E開始施工。
Multiple growth drivers in FY24-26E; Maintain BUY with TP of HK$4.38. The stock now trades at 15.8x/9.5x FY24/25E P/E, which we think is attractive compared to 42%/67% EPS growth in FY25/26E. Reiterate BUY with TP of HK$ 4.38, based on 13x FY25E P/E. Upcoming catalysts include Auto-Kabel deal progress, GB200/GB300 supply chain updates and GPU socket order wins.
FY24-26E年將有多個增長驅動因素； 以HK$4.38的目標價格維持買入評級。目前該股票以15.8x/9.5x FY24/25E市盈率交易，與FY25/26E年42%/67%的每股收益增長相比，我們認爲其具有吸引力。根據13x FY25E市盈率，重申HK$4.38的買入評級。即將到來的催化劑包括Auto-Kabel交易進展、GB200/GB300供應鏈更新以及gpu芯片-雲計算插座訂單的獲勝。
譯文內容由第三人軟體翻譯。
