《大行》中金升鴻騰精密(06088.HK)目標價至6.4元 次季業績符預期 看好高毛利AI業務
中金發表研究報告,指鴻騰精密(06088.HK)今年上半年收入按年增長11.5%至23.05億美元,純利按年降7.5%至3,000萬美元,業績符合該行預期。對應次季收入按年升9.1%至12.02億美元,純利升4%至2,380萬美元。
中金表示,今年次季,公司淨利潤彈性小於收入,判斷主因兩方面因素綜合影響,包括由於產品結構變化及匯率波動影響,今年第二季公司毛利率按年下降2.7百分點至17.8%;公司持續精簡生產成本,次季費用率按年下降1個百分點至15.3%。展望未來,中金看好高毛利AI業務增長優化產品結構、及公司提升營運效率控費下盈利能力有望穩中向好。
中金表示,公司GB200出貨加速,GB300等新平台有望在下半年開始逐步量產,同時看好公司AI數據產品品類持續拓展帶來可觀業績增量。此外,公司指引AI基礎設施和平台升級的資本開支將持續,看好產能擴張後公司「3+3」戰略進一步推進。
中金維持公司2025年盈利預測不變,看好公司AI數據產品品類拓展有望在2026年貢獻較大業績增量,遂上調公司2026年盈利預測11%至3.01億美元。對應2025、2026年31.6倍、18.7倍市盈率。維持「跑贏行業」評級;綜合考慮盈利預測調整及行業估值中樞上移,上調目標價76.8%至6.4港元,分別對應今明兩年33.9倍及20倍市盈率,較當前股價有7.2%的上行空間。
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