Hongteng Precision (06088) increased by more than 8%, with a cumulative increase of more than 85% during the month. As of press release, it rose 7.95% to HK$1.9, with a turnover of HK$22.6681 million.
The Zhitong Finance App learned that Hongteng Precision (06088) increased by more than 8%, with a cumulative increase of more than 85% during the month. As of press release, it rose 7.95% to HK$1.9, with a turnover of HK$22.6681 million.
According to the news, Hongteng Precision recently announced that revenue for fiscal year 2023 fell 7.4% year on year to US$4.196 billion; shareholders' net profit fell 23.5% year on year to US$130 million. Guotai Junan said that the results were in line with expectations.
Guotai Junan also pointed out that with complete connector products, global layout and MIH assistance, the electric vehicle business will become a strong driving force for its development. In terms of the acoustics business, the company has a mature portfolio of acoustic products and has become a supplier of TWS products to North American customers. The explosive growth of AI servers has brought huge demand for high-speed connectors; therefore, we expect that the company will benefit from data center construction driven by AI development, and corresponding copper-based and optical-based products will face huge market demand
The bank also said that the depth of product expansion in the electric vehicle business is expected to exceed market expectations. The company has completed the acquisition of SWH and changed its name to FIT Volaira. The company's product matrix will be further enriched, and the company's layout in Europe will be greatly accelerated; the company is expected to gain more European and American customers. Additionally, the company will further develop partners and customers through MIH. The development of the electric vehicle business will exceed market expectations.