Hongteng Precision (06088) increased by more than 5%, doubling its stock price within the month. As of press release, it rose 4.43% to HK$2.12, with a turnover of HK$17.7911 million.
The Zhitong Finance App learned that Hongteng Precision (06088) increased by more than 5%, doubling its stock price within the month. As of press release, it rose 4.43% to HK$2.12, with a turnover of HK$17.7911 million.
According to the news, Hongteng Precision previously announced its 2023 results. Net profit for the period fell 23.97% to US$129 million; revenue decreased by 7.4% to US$4.196 billion; smartphone components remained the main source of revenue for Hongteng Precision. CICC pointed out that there is short-term growth pressure on the company's network equipment and computer business revenue. However, the share of revenue from AI infrastructure construction may increase, and the company's active global layout may drive an increase in revenue from major North American customers.
CMB International pointed out that in 2024, several product lines of Hon Hai Precision ushered in new product launches and business breakthroughs. Growth momentum is showing, the product portfolio continues to be optimized, and the network connectivity business division's product portfolio adjustments are nearing completion. The target price was raised from HK$2.02 to HK$2.21 because it is optimistic that the company will achieve an increase in revenue and continued expansion of profit margins in 2024.