50 萬元倉 - 加注6088 FIT HONG TENG

已加FIT HONG TENG

6088 FIT HONG TENG               100,000 股 4.24均價

已動用資金: 424,000
未動用資金: 76,000

小子今日俾老細捉住, 姑且無腦貼住格隆滙的口水文同埋今日出的蕉傷錢莊報告

鸿腾精密科技（6088.HK）登顶之路，万物互联时代数据基建龙头 
https://www.gelonghui.com/p/163758.html

FIT Hon Teng(6088HK)：Optical module and mobile


机构：招商证券
评级：BUY
Solid growth momentum on optical/ mobile biz in FY17-19E  We forecast FIT to deliver sales/NP CAGR of 18%/26% in in FY18/19E mainly backed by mobile/ comm. infrastructure momentum. We believe FIT is set to benefit from the emerging trend of wireless charging and wireless acoustics accessories, while newly acquired optical module will continue to ride on data center/ cloud computing. We slightly trimmed FY17E/ 18E EPS by 4%/5% mainly to reflect weak PC demand and nearterm pricing pressure in optical module as evidenced by major competitors Finisar (FNSR US) and Lumentum (LITE US)’s recent 3Q/4Q weak results (figure 5).

Rising data demand to drive secular growth in comm. infra. We estimate comm. infra. segment to deliver 27%/22% YoY in FY18E/19E, given optical module’s strong growth of 40%/30% in FY18E/ 19E. Backed by increasing data traffic and cloud computing adoption, we believe this segment will continue to benefit from rising demand after 5G pre-commercialization in FY19E. For mobile and wireless devices, we expect 17%/7% revenue growth in FY18E/19E, mainly driven by wireless charging/ acoustics accessories. In particular, we expect wireless charging to be the next upgrade trend for Android smartphones in FY18E. We forecast PC softness to continue with 3%/3% YoY growth in FY18E/19E, while EV charging and rising electronic content in vehicles will drive auto segment to grow 80%/80% YoY growth in FY18E/19E.

Reiterate BUY on attractive valuation We remain positive on FIT's long-term prospect given leading position in PC/mobile and increasing share gains in comm. infrastructure after Avago deal. We slightly revised down TP to HK$5.6 (from HK$6.0) for lower estimates and unchanged 16.4x FY18E target P/E. We believe FIT’s current valuation of 12.9x FY18E P/E is attractive, compared to peers’ 16.4x FY18E P/E. Catalysts include new iPhone product launch in Sept. 2018 and spec upgrade in USB Type-C/ optical modules.