External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>FIT Hon Teng 1Q25 revenue grew 14% YoY and net profit declined 38% YoY, below our expectations and tracking 22%/3% of our FY25E estimates.</li><li>The weaker-than-expected results were mainly due to lower GPM and FX headwinds in 1Q.</li><li>Looking ahead, given US tariff impact and macro uncertainties, mgmt. lowered 2025 guidance on smartphone (-15% YoY) and System products (-5% to +5% YoY), and guided higher opex for global supply chain alignment. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FIT Hon Teng 1Q25 revenue grew 14% YoY and net profit declined 38% YoY, below our expectations and tracking 22%/3% of our FY25E estimates.The weaker-than-expected results were mainly due to lower GPM and FX headwinds in 1Q.Looking ahead, given US tariff impact and macro uncertainties, mgmt. lowered 2025 guidance on smartphone (-15% YoY) and System products (-5% to +5% YoY), and guided higher opex for global supply chain alignment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FIT Hon Teng (6088 HK) - 1Q25 Results Below

<ul><li>FIT Hon Teng will report 4Q24/FY24E results in mid-March.</li><li>We estimate FY24E revenue/net profit of US$4,555mn/179mn (+9%/+39% YoY), and 4Q24E revenue/net profit of US$1,313mn/78.4mn (+5%/+6% YoY), largely in-line with guidance/consensus.</li><li>Looking into 2025, we are positive on FIT as the major beneficiary of GB200/300 AI server ramp-up and order wins in CPU sockets, liquid cooling components and NVLink copper backplane.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FIT Hon Teng will report 4Q24/FY24E results in mid-March.We estimate FY24E revenue/net profit of US$4,555mn/179mn (+9%/+39% YoY), and 4Q24E revenue/net profit of US$1,313mn/78.4mn (+5%/+6% YoY), largely in-line with guidance/consensus.Looking into 2025, we are positive on FIT as the major beneficiary of GB200/300 AI server ramp-up and order wins in CPU sockets, liquid cooling components and NVLink copper backplane.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FIT Hon Teng (6088 HK) - Robust Earnings Recovery; Expect AI Server Momentum to Drive Re-Rating

<ul><li>We raise TP to HK$4.38 (40% upside) following a strong set of three-year guidance (2025-27) announced for the first time: 1) 20% revenue CAGR during FY25-27E</li><li>2) GPM/OPM target of 22%/8% by FY27E. Mgmt. reiterated key growth drivers into 2025-27: 1) AI server/networking: biz momentum backed by GB200 ramp and product portfolio expansion (e.g. backplane, optical modules)</li><li>2) consolidation of the Auto-Kabel Group deal and improving efficiency, and 3) AirPods: capacity ramp in India plant and order wins. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise TP to HK$4.38 (40% upside) following a strong set of three-year guidance (2025-27) announced for the first time: 1) 20% revenue CAGR during FY25-27E2) GPM/OPM target of 22%/8% by FY27E. Mgmt. reiterated key growth drivers into 2025-27: 1) AI server/networking: biz momentum backed by GB200 ramp and product portfolio expansion (e.g. backplane, optical modules)2) consolidation of the Auto-Kabel Group deal and improving efficiency, and 3) AirPods: capacity ramp in India plant and order wins. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FIT Hon Teng (6088 HK) - Upbeat 3-Year Guidance Reaffirmed Our Positive View

<ul><li>FIT Hon Teng posted 3Q24 revenue/earnings growth of 1%/24% YoY, largely in-line with guidance and with 9M24 tracking 69%/55% of our FY24E estimates.</li><li>We are encouraged by continued NPM recovery to 5.8% in 3Q24 (vs 1.1%/2.0% in 1Q/ 2Q24) backed by higher-margin AI server products, better expense control and improving operating efficiency.</li><li>We maintain our positive view on GB200 server rollout and mobility M&amp;A progress into 4Q24/2025E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FIT Hon Teng posted 3Q24 revenue/earnings growth of 1%/24% YoY, largely in-line with guidance and with 9M24 tracking 69%/55% of our FY24E estimates.We are encouraged by continued NPM recovery to 5.8% in 3Q24 (vs 1.1%/2.0% in 1Q/ 2Q24) backed by higher-margin AI server products, better expense control and improving operating efficiency.We maintain our positive view on GB200 server rollout and mobility M&amp;A progress into 4Q24/2025E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FIT Hon Teng (6088 HK) - 3Q24 First Take: Earnings In-Line with Solid Margin Recovery

<ul><li>We identified FIT Hon Teng as the GB200 server winner in H-share tech space, given FIT is poised to benefit from GB200 server ramp in 2025, with Hon Hai being the first ODM shipping to major CSPs in 4Q24E.</li><li>As GB200 NVL72/36’s key component supplier for compute tray connectors/cables, NVLink copper cables, power busbar, liquid cooling components and GPU sockets, we estimate AI server revenue will reach US$484mn/823mn, accounting for 11%/16% of FIT’s earnings in 2025/26E, in our base case (40k NVL72-eq. racks in FY25E).</li><li>In our bull case (50k NVL72, US$80k NVLink cable ASP), we forecast revenue could reach US$886mn in FY25E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We identified FIT Hon Teng as the GB200 server winner in H-share tech space, given FIT is poised to benefit from GB200 server ramp in 2025, with Hon Hai being the first ODM shipping to major CSPs in 4Q24E.As GB200 NVL72/36’s key component supplier for compute tray connectors/cables, NVLink copper cables, power busbar, liquid cooling components and GPU sockets, we estimate AI server revenue will reach US$484mn/823mn, accounting for 11%/16% of FIT’s earnings in 2025/26E, in our base case (40k NVL72-eq. racks in FY25E).In our bull case (50k NVL72, US$80k NVLink cable ASP), we forecast revenue could reach US$886mn in FY25E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FIT Hon Teng (6088 HK) - Beneficiary of GB200 Server Ramp in 4Q24E

Taiwan

FIT Hon Teng Limited manufactures and distributes electrical components. The Company produces backplane connectors, memory cards, sockets, terminal blocks, and other products. FIT Hon Teng markets its products throughout Taiwan.

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FIT Hon Teng (6088 HK)