金吾财讯 | 招银国际发研报指，鸿腾精密(06088)2024年收入同比增长6%基本符合预期；而净利润同比增长19%, 低于市场预期，因运营支出和并购相关一次性费用增加。展望2025年，该行认为管理层指引符合预期：其中收入增速低两位数、毛利增速高达 15%、营业利润率为 5%（因运营支出较低）。该行认为公司股价下跌主要由于：1）2025年的收入增速低于未来3年复合增速20%，2）2025年网络/Airpods增长能见度下降，3）OPM改善较弱。在昨天该行与管理层举行NDR会议之后，该行认为公司订单前景和新项目 on track，随着过去一个月股价下跌 25%（而恒生指数增幅4%），该行认为长期买入时点已浮现。基于此前的14x FY25E市盈率，维持“买入”评级，新目标价为3.86港元（前值：4.79港元）。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.