The Zhitong Finance App learned that Hongteng Precision (06088) rose by more than 5%. As of press release, it had risen 5.05% to HK$2.08, with a turnover of HK$13.868,500.
According to the news, Hongteng Precision recently announced that the Group's net profit for the three months ending March 31, 2024 is estimated to be between 7 million US dollars and 10 million US dollars, with a loss of about 9 million US dollars for the same period last year. The turning of losses into profit in the first quarter was mainly due to improvements in management efficiency and a gradual recovery in demand in the computer and consumer electronics and network equipment terminal markets.
CMB International previously released a research report saying that the management of Hongteng Precision reiterated at the NDR meeting that the company's Apple AirPods production line had climbed very smoothly. The Vietnamese factory had already shipped in the first quarter, and that orders related to Apple TWS products would contribute 5-7% of the company's FY24E revenue. Management believes that in the future, the company will continue to increase production capacity for Apple TWS products and add 6 new production lines until 2025 to expand production capacity in India. The bank expects the company to become the world's two leading suppliers of Apple TWS products along with Lixun Precision starting in 2025.