【行业研究报告】FIT HON TENG-1Q2024 Results Were in Line with Expectations; 3+3 Strategy to Bring Continuous Increment, “Buy”

类型: 港股公司研究

机构: 国泰君安证券(香港)

发表时间: 2024-05-13 00:00:00

更新时间: 2024-05-14 12:10:45

Wemaintaintheinvestmentratingas"Buy"andsetTPtoHK$2.42.We
forecast2024-2026EPStobeUS$0.025/US$0.034/US$0.042,
respectively.Consideringfutureperformancegrowthrateandhistorical
valuationlevel,wegive12.5x2024PER,correspondingtoTPofHK$2.42
andmaintaintheinvestmentratingas"Buy".
FITHonTeng's(the“Company”)1Q2024resultswereinlinewithour
FITHonTeng's(the“Company”)1Q2024resultswereinlinewithour
expectations.Revenuein1Q2024increased12.0%yoytoUS$965million.
ThegrossprofitmarginoftheCompanyincreasedby4.5pptsyoyto20.3%,
whilegrossprofitincreasedby44%yoy.Shareholders'netprofitreached
US$10million.
TWSbusinessformajorcustomersinNorthAmericaisexpectedto
rampupin2H2024,andacceleratein2025.TheCompany'sfirstAirpods
productionlineisinVietnam,andhasalreadystartedshippingin1Q2024;
thecorrespondingbusinessisexpectedtoaccountfor5%-7%ofthe
Company’stotalrevenue.TheCompanyisplanningtoaddsixmore
productionlinesinIndiain2025.Thus,weexpectproductioncapacityto
surgeandthecorrespondingrevenuetogrowin2025.Weexpectthe
Company’sshareinAirpodswillexceed30%inthefuture.
WeexpecttheCompany’searningstorecovercontinuously.The
managementexpectsthe2024fullyearrevenuetoachieveadouble-digit
growth,whilegrossmargintostabilizeataround20%,andoperatingprofitto
increasesignificantly.TheCompanyalsowishestocontrolitsmajorthree
operatingexpensestolowerthan13%in2025(14.4%in2023).The
CompanyexpectsthatrevenuemixfromEVMobility,newGeneration5G
AIoTandAudiowillreach30%in2024and40%in2025.Promotedby
continuousproductionlineexpansionofAirpods,synergyfromacquisitionof
FITVoltaira,aswellasopportunitiesbroughtbyAI,weexpecttheCompany’s
revenuetoachieveadouble-digitgrowthin2024-2026,whileearningsto
growfaster.
Catalysts:ShareinAirpodsbusinessmayexceedmarketexpectations;
quicker-than-expectedexpansioninAImarket.
Risks:MoreintensethanexpectedmarketcompetitionofEVmobility
business;lessthanexpectedpenetrationofTWSproducts;lessthanexpected
demandforserversandstorage.
Rating:Buy
Maintained
6-18mTP目标价:HK$2.42
HK$1.65