FIT HON TENG(6088.HK):1Q24 IN LINE; POSITIVE ON AI SERVER/NETWORKING AND AIRPODS RAMP-UP IN 2H24E
FIT HON TENG(6088.HK):1Q24 IN LINE; POSITIVE ON AI SERVER/NETWORKING AND AIRPODS RAMP-UP IN 2H24E
Our FY24-26E EPS are 13-33% above consensus; Reiterate BUY. We believe FIT's share price correction post 1Q24 results was mainly due to profit taking after a 101% rally in the past three month. Trading at 8.9x/6.7x FY24/25E P/E, we think the valuation is extremely attractive given multiple growth drivers into FY24-26E. Maintain BUY with new TP of HK$2.40FIT Hon Teng posted a solid set of 1Q24 results, in-line with its positive profit alert, and mgmt. reiterated its FY24E guidance (rev +low-double digit YoY, GP +mid-double digit YoY, OPM 5.5%) in earnings call. After hosting post-results NDR call with mgmt. on 10 May, we believe recent stock correction was mainly due to profit taking after a 101% rally in the past three months, and we remain positive on its 2H24E outlook backed by AirPods ramp-up, integration of Voltaira auto electronics business and order wins of AI server/networking products (US$500-1,000 content value per compute tray). We slightly adjust FY24-26E forecasts to reflect higher GPM and better sales mix offset by higher opex for new products. Reiterate BUY with a new TP of HK$2.40 based on same 11x FY24E P/E. Catalysts include AirPods shipments and AI server product updates.
FIT 鴻騰公佈了一系列穩健的24年第一季度業績，符合其積極的盈利預期，管理層在業績電話會議上重申了其 FY24E 指導方針（同比修正值+低兩位數，同比增長中兩位數，OPM 5.5％）。在5月10日與mgmt舉行業績公佈NDR電話會議後，我們認爲最近的股票調整主要是由於在過去三個月中上漲101％之後的獲利回吐，而我們對AirPods上漲、Voltaira汽車電子業務整合以及人工智能服務器/網絡產品（每個計算托盤的內容價值500-1,000美元）的訂單支持下的 2H24E 前景保持樂觀。我們略微調整了 FY24-26E 預測，以反映更高的GPM和更好的銷售組合，但被新產品更高的運營支出所抵消。根據同樣的11倍 FY24E 市盈率，新的目標價爲2.40港元，重申買入。催化劑包括AirPods出貨量和人工智能服務器產品更新。
1Q24 earnings in line. FIT's 1Q24 revenue of US$965mn (+12% YoY) and net profit of US$10.2mn (vs US$9.3mn of loss in 1Q23), were in line with its earlier positive profit alert, driven by recovery of PC/server markets, solid Voltaira business and a stronger Networking segment. GPM improved 450bps YoY to 20.3% thanks to a better product mix. By segment, EV segment jumped +205% YoY due to the Voltaira merge, while computing segment grew 6% YoY on market recovery and networking segment grew 9% YoY for AI demand and new CPU related products. Despite higher 1Q opex ratio of 17.8% for automotive modules and new audio products, FIT maintained opex ratio target of below 13% for FY25E (vs 14.4% in FY23).
24 年第一季度的收益保持一致。受個人電腦/服務器市場的復甦、穩健的Voltaira業務和更強的網絡板塊的推動，FIT24第一季度的收入爲9.65億美元（同比增長12％），淨利潤爲1,020萬美元（而23年第一季度的虧損爲930萬美元），與其先前的積極盈利預示一致。由於產品組合的改善，GPM同比增長450個點子至20.3％。按細分市場來看，由於Voltaira的合併，電動汽車板塊同比增長了205％，而由於市場復甦，計算板塊同比增長了6％，網絡板塊的人工智能需求和新的CPU相關產品同比增長了9％。儘管汽車模塊和新音頻產品的第一季度運營支出比率更高，達到17.8％，但FIT將 FY25E 的運營支出比率目標維持在13％以下（而23財年爲14.4％）。
AI server update: US$500-1,000 content value in compute tray. During the earnings call, mgmt. reiterated AI revenue share of 7-9% in FY24E (vs 1% in FY23), and shared business updates on AI-related products and new CPU platforms in 2H24E, such as certified MCIO, EDSFF, PCIe 6.0 and memory socket products. As for FIT's business opportunity in AI server like GB200 NVL36/72, mgmt. expected US$500-1,000 content value per compute tray (excl. copper cables) for the latest AI servers in FY24E. Overall, we expect FIT's revenue/net profit to rebound 12%/52% YoY in FY24E.
AI 服務器更新：計算托盤中的內容價值 500-1,000 美元。在業績電話會議上，管理層重申，FY24E 的人工智能收入份額爲7-9％（23財年爲1％），並分享了人工智能相關產品和2H24E 中新CPU平台的最新業務情況，例如經過認證的MCIO、EDSFF、PCIe 6.0和內存插槽產品。至於FIT在 GB200 NVL36/72等人工智能服務器領域的商機，管理層預計 FY24E 中最新的人工智能服務器每個計算托盤（不包括銅纜）的內容價值爲500-1,000美元。總體而言，我們預計，在 FY24E 中，FIT的收入/淨利潤將同比反彈12％/52％。
Our FY24-26E EPS are 13-33% above consensus; Reiterate BUY. We believe FIT's share price correction post 1Q24 results was mainly due to profit taking after a 101% rally in the past three month. Trading at 8.9x/6.7x FY24/25E P/E, we think the valuation is extremely attractive given multiple growth drivers into FY24-26E. Maintain BUY with new TP of HK$2.40
我們的 FY24-26E 每股收益比市場預期高出13-33％；重申買入。我們認爲，FIT在24年第一季度業績公佈後的股價調整主要是由於過去三個月上漲101％之後的獲利回吐。鑑於 FY24-26E 的多種增長驅動力，我們認爲估值極具吸引力，24/25財年的市盈率爲8.9倍/6.7倍。維持買入，新目標價爲2.40港元
譯文內容由第三人軟體翻譯。
