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1Q2024 Results Were in Line with Expectations; 3+3 Strategy to Bring Continuous Increment, “Buy”

原文出处: 国泰君安证券(香港)   贡献者:研报专业户
FIT HON TENG(06088)\r

We maintain the investment rating as \Buy\ and set TP to HK$2.42. Weforecast 2024-2026 EPS to be US$0.025/ US$0.034/ US$0.042,respectively. Considering future performance growth rate and historicalvaluation level, we give 12.5x 2024 PER, corresponding to TP of HK$2.42and maintain the investment rating as \Buy\.\r

FIT Hon Teng's (the “Company”) 1Q2024 results were in line with ourexpectations. Revenue in 1Q2024 increased 12.0% yoy to US$965 million.The gross profit margin of the Company increased by 4.5 ppts yoy to 20.3%,while gross profit increased by 44% yoy. Shareholders' net profit reachedUS$10 million.\r

TWS business for major customers in North America is expected toramp up in 2H2024, and accelerate in 2025. The Company's first Airpodsproduction line is in Vietnam, and has already started shipping in 1Q2024;the corresponding business is expected to account for 5%-7% of theCompany’s total revenue. The Company is planning to add six moreproduction lines in India in 2025. Thus, we expect production capacity tosurge and the corresponding revenue to grow in 2025. We expect theCompany’s share in Airpods will exceed 30% in the future.\r

We expect the Company’s earnings to recover continuously. Themanagement expects the 2024 full year revenue to achieve a double-digitgrowth, while gross margin to stabilize at around 20%, and operating profit toincrease significantly. The Company also wishes to control its major threeoperating expenses to lower than 13% in 2025 (14.4% in 2023). TheCompany expects that revenue mix from EV Mobility, new Generation 5GAIoT and Audio will reach 30% in 2024 and 40% in 2025. Promoted bycontinuous production line expansion of Airpods, synergy from acquisition ofFIT Voltaira, as well as opportunities brought by AI, we expect the Company’srevenue to achieve a double-digit growth in 2024-2026, while earnings togrow faster.\r

Catalysts: Share in Airpods business may exceed market expectations;quicker-than-expected expansion in AI market.\r

Risks: More intense than expected market competition of EV mobilitybusiness; less than expected penetration of TWS products; less than expecteddemand for servers and storage.
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