FIT HON TENG(06088.HK):INDIA PRODUCTION FACILITIES ONLINE BY EARLY 2025 MAINTAIN "BUY"
FIT HON TENG(06088.HK):INDIA PRODUCTION FACILITIES ONLINE BY EARLY 2025 MAINTAIN "BUY"
For the first nine months of 2024, FIT's net profit from continuing operations increased 117.8% yoy to US$101 million. Revenue for the same period increased by 9.9% yoy to US$3,241 million.We maintain FIT Hong Teng's (FIT, or the "Company") investment rating as "Buy" and increase our target price from HK$2.42 to HK$4.87. Our new target price is based on 17.4x 2025 PER, which is what Hong Kong listed peers are currently trading at. We have increased our 2024-2026 EPS forecasts by 1.2%, 5.7% and 5.6% to US$0.025, US$0.036 and US$0.045, respectively.
我們維持FIt鴻騰（FIt，或稱"公司"）的投資評級爲"買入"，並將目標價從港幣2.42元上調至港幣4.87元。我們的新目標價基於2025年17.4倍的市盈率，這也是香港上市同行目前的交易水平。我們將2024-2026年的每股收益預期分別上調了1.2%、5.7%和5.6%，達到0.025美元、0.036美元和0.045美元。
FIT's 3Q2024 profit from continuing operations was in-line with expectations. FIT announced its unaudited consolidated results for 3Q2024.
FIT在2024年第三季度的持續經營利潤符合預期。FIt公佈了2024年第三季度的未經審計的合併財務業績。
Revenue was flat yoy (+0.8%) at US$1,174 million as strong demand for AI-related connectivity products was largely offset by weak demand for FIT's consumer electronics business and mobility business. Gross profit decreased 1.9% yoy to US$255 million as gross profit margin declined slightly by 0.6 ppt yoy to 21.7%. However, net profit from continuing operations increased 23.9% yoy to US$68 million as the expense to sales ratio decreased to 13.5%, attributable to better management efficiency.
營業收入同比持平（+0.8%），爲117400萬美元，因爲對人工智能相關連接產品的強勁需求在很大程度上被FIT消費電子業務和移動商務的需求疲軟所抵消。毛利潤同比減少1.9%，降至25500萬美元，毛利率同比略降0.6個百分點至21.7%。然而，持續經營的淨利潤同比增長23.9%，達到6800萬美元，銷售費用比率降至13.5%，得益於更好的管理效率。
For the first nine months of 2024, FIT's net profit from continuing operations increased 117.8% yoy to US$101 million. Revenue for the same period increased by 9.9% yoy to US$3,241 million.
在2024年頭九個月，FIT的持續經營淨利潤同比增長117.8%，達到10100萬美元。同一期間的營業收入同比增長9.9%，達到324100萬美元。
Catalysts: New production facilities in India are expected to be completed by early 2025. FIT's management gave guidance for gross margin and operating profit margin to improve to 22% and 8%, respectively, by 2027.
催化劑：位於印度的新生產設施預計將在2025年初完成。FIT的管理層預測，到2027年，毛利率和營業利潤率將改善至22%和8%。
Risks: Slowdown in demand for FIT's smartphone computing and system product segments could be greater than expected.
風險：對FIT智能手機計算和系統產品領域的需求放緩可能大於預期。
譯文內容由第三人軟體翻譯。
