FIT HON TENG(6088.HK):CMBI CORP DAY TAKEAWAYS:MULTIPLE GROWTH DRIVERS IN AI SERVER AI PC/PHONE AND AIRPODS IN FY24/25E
FIT HON TENG(6088.HK):CMBI CORP DAY TAKEAWAYS:MULTIPLE GROWTH DRIVERS IN AI SERVER AI PC/PHONE AND AIRPODS IN FY24/25E
We hosted FIT Hon Teng (FIT) at CMBI Technology Corporate Day on 25 Jun. After 50% rally post-Computex and WWDC in early June, investors expressed strong interests in 1) AI server upside in 2H24/2025, 2) AirPods ramp-up in Vietnam/India, 3) new EV JV and opportunities, and 4) AI PC/phone cycle in 2H24E. Mgmt. stated 2Q24 rev/GPM guidance on track with upside potential in smartphone/networking segments. Overall, we maintain our positive view on FIT's multiple growth drivers in FY24/25E (AI server connectors, AirPods, EV biz), and expect further upside in AI server content value, general server recovery and AI PC/smartphone upcycle. Maintain BUY with TP under review. n 2Q24/FY24E guidance on track with potential upside in smartphone and networking segments. Mgmt. stated that 2Q24 rev/GPM was on track with guidance with further upside in networking and smartphone segments. For 2H24E, FIT is positive on iPhone replacement cycle backed by Apple Intelligence, and potential order wins in AI server connectivity (e.g. copper cartridge, switch tray) apart from US$500-1,000 content value on compute tray which will present significant revenue upside in networking segment ahead.
我們在6月25日舉辦了CMBI科技公司日活動，FIT鴻騰精密公司參與了此活動。6月初Computex和WWDC後股價漲了50%，投資者對1）下半年2024/2025年度的人工智能服務器潛力、2）在越南/印度AirPods的增長、3）新的電動汽車合資企業和新機會、4）人工智能PC/手機週期在2024年下半年有興趣。管理層表示，2Q24收入/毛利率指導將在智能手機/網絡領域有提升的潛力。總體而言，我們維持對於FIT在FY24/25E的增長驅動力（人工智能服務器連接器、AirPods和電動汽車業務）的正面觀點，並預計在人工智能服務器內容價值、一般服務器復甦和人工智能PC/智能手機週期方面會有更多上漲。繼續買入，目標價待確認。2Q24/FY24E的指導符合指引，智能手機和網絡領域存在提升的潛力。管理層表示，在2Q24收入/毛利率方面符合指引，在網絡和智能手機領域還有進一步的提升潛力。對於2024年下半年，FIT看好受到蘋果智能技術支持的iPhone替換週期，以及在人工智能服務器連接領域的潛在訂單贏得（例如，銅彈殼、交換機托盤），除了計算托盤500美元-1000美元的內容價值之外，這將在網絡領域帶來顯着的收入潛力。
2025 growth drivers: AirPods, AI server connectors/cables and auto business. Mgmt. highlighted three major growth drivers in 2025: AirPods, AI server connectors/cables and auto business. Following ramp-up of first AirPods production line in Vietnam, mgmt. expected six more lines in India to roll out gradually in 2025. In auto biz, FIT recently established a joint venture with XYPower Technology Co., Ltd. to enter EV charger market in Europe. Leveraging the technology know-how and strong client base of global tier-1s from Voltaira, mgmt. expected the new JV will launch new product series including fast charging station and AC/DC chargers, and start to expand new projects with local governments in Europe in 2025.
2025年的增長驅動力包括：AirPods、人工智能服務器連接器/電纜和汽車業務。管理層強調了2025年的三個主要增長驅動力：AirPods、人工智能服務器連接器/電纜和汽車業務。在越南第一條AirPods生產線的產能提高之後，管理層預計2025年將在印度推出另外六條生產線。在汽車業務方面，FIT鴻騰精密最近與XYPower Technology Co.，Ltd.建立了一家合資企業，進軍歐洲的電動汽車充電樁市場。利用來自Voltaira的全球一線品牌的技術和客戶基礎，管理層預計，新的合資企業將推出包括快速充電站和交流/直流充電器在內的新產品系列，並開始在2025年與當地政府擴大新項目。
More business upside in 2H24/2025; Reiterate BUY. We believe FIT's "3+3 strategy" in 5G+AIoT, EV and audio will continue to drive business growth in 2024/25E, backed by AI servers/PC/phone upcycle, Honhai's leadership in AI server/iPhone, and M&A expansion in auto connectors. Trading at 14.3x/10.8x FY24/25 P/E, we think valuation remains attractive, vs 51%/33% EPS growth in FY24/25E. Near-term catalysts include AI server order wins, AirPods progress, and AI iPhone/PC upcycle.
下半年2024/2025年度有更多的業務增長潛力；再次重申買入。我們認爲FIT鴻騰精密的“5G+人工智能物聯網（AIoT）”、“電動汽車”和“音頻”“3+3”戰略將在2024/2025年的業務增長方面繼續帶動業務增長，得到人工智能服務器/PC/手機週期的支持，得到鴻海在人工智能服務器/iPhone方面的領導，並享受了在汽車連接器領域的併購擴張。我們認爲FIT的估值在FY24/25 P/E的14.3倍/10.8倍交易，相對於FY24/25E的51%/33%的EPS增長，我們認爲FIT的估值仍然具備吸引力。短期策略包括人工智能服務器訂單的獲得、AirPods的進展和人工智能iPhone/PC週期。
譯文內容由第三人軟體翻譯。